Randolph, N.J. (July 21, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 18,729-square-foot industrial building at 246 South Salem Street in Randolph, N.J. NAI James E. Hanson’s Team of Jonathan Kristofich and John Schilp represented the buyer, Salem Enterprises, LLC, and seller, a private Estate administered through JP Morgan Chase’s Estates & Trusts group, in the NAI James E. Hanson exclusive transaction.
Located at the signalized intersection of Route 10 and South Salem Street, 246 South Salem Street boasts a tremendous location with easy access to Interstates 80 and 287 and Routes 46, 53, and 206. Leased by Verizon since 1974 as a regional storage yard and repair shop for its fleet of service vehicles, the building’s strategic location and highly flexible layout have provided an essential space to service the Morris County market over the last 46 years.
NAI James E. Hanson was retained by the Co-Executors of the Estate to secure a buyer for the property prior to the pandemic. Through their the marketing of the rare opportunity to purchase a well-located industrial building with a strong credit tenant, NAI James E. Hanson’s team quickly generated several competitive offers. However, the emergence of the pandemic and disruption to the economy caused several additional hurdles, which caused the NAI James E. Hanson team to shift to a backup bidder. Additionally, NAI James E. Hanson was able to leverage their deep banking relationships in the local market to work closely with the buyer and their lender to close the deal within the provided closing period.
“Transactions like this showcase why it is important to work with a brokerage that not only possesses a wide range of in-house capabilities but possesses the local market knowledge and contacts to service their clients all the way to the closing table,” said Kristofich. “Throughout the entire transaction we drew upon our experience and leveraged our firm’s long-term relationship with the buyer’s lender to quickly solve problems and closed this transaction in the midst of an unprecedented economic and health crisis.”