Westwood, N.J. (October 10, 2022) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces the sale of three buildings at 661-665 Broadway in Westwood N.J. NAI James E. Hanson’s Anthony Cassano, vice president, and Dick Hecker, vice president, represented both the buyer, Eagle Rock Investments, LLC, and the seller, FNF Property Associates, in the transaction.
Positioned on the northern edge of Westwood, 661-665 Broadway is a one-acre, L-shaped lot containing three buildings including a single-family housing unit, a garage/warehouse and an auto repair center. The property also features ample on-site parking and 300’ frontage along one of Westwood’s most trafficked roads offering premier visibility to the over 238,000 residents within five miles.
Tapped to sell the property, NAI James E. Hanson used their extensive list of local contacts and secured a buyer interested in adding to their investment portfolio. The buyer plans to refurbish the three existing buildings on the property and place them on the market for lease.
“It can be a challenge to secure a buyer for a property that is in need of substantial investment,” said Cassano. “Many buyers simply aren’t interested in having an added expense and the headaches that come with a rehabilitation project. In this case, we were able to leverage our contacts to secure a buyer who was able to envision the investment potential for this property and help both of our clients realize value from the transaction.”