South Hackensack, N.J. (December 15, 2020) – NAI James E. Hanson announces it has negotiated the sale of a 20,000-square-foot industrial building at 130 Wesley Street in South Hackensack, N.J. NAI James E. Hanson’s Team Lizzack-Horning led by Darren Lizzack, MSRE, and Randy Horning, MSRE, represented the seller, Wesley Lab, LLC, and Friedberg Properties represented the buyer, PPF Jersey, LLC, in the transaction. Team Lizzack-Horning has also been retained by Wesley Lab, LLC to assist in identifying an acquisition opportunity to complete a 1031 exchange.
Located immediately off of Exit 65 on Interstate 80 West and less than a quarter of a mile from Interstate 80 East in the in-demand Central Bergen industrial submarket, 130 Wesley Street’s location made it a rare opportunity in the current industrial market. However, the property had not undergone significant renovations since 1984 and Team Lizzack-Horning understood that a substantial investment would be required to bring it up to modern industrial standards and attract fair market value for the asset.
Leveraging their deep contacts in the industry, Team Lizzack-Horning retained the services of Eric Gatti and Steven Williard of G Williams Group (GWG), a regional construction services leader, to conduct a Property Condition Assessment (PCA). Through the PCA, GWG’s highly trained commercial building experts documented and assessed 130 Wesley Street’s current conditions and provided detailed descriptions, photos, evidence, and estimates. The PCA ensured that buyers could confidently conduct their due diligence to explore the purchase of the building with a thorough account of its condition in hand from a reliable third-party firm.
“The creation of Team Lizzack-Horning was underpinned by the knowledge that those with complex real estate needs are not just looking for a broker but also might require a diverse array of other professionals throughout the life cycle of their transaction,” said Lizzack. “The sale of 130 Wesley Street once again shows how we can deploy the complete end-to-end services of our team and network of trusted local companies to meet our clients’ needs while fostering successful, long-term relationships throughout the commercial real estate industry.”
Founded in 2014, Team Lizzack-Horning is an expert brokerage team that specializes in healthcare, office and investment property transactions. Leveraging a holistic and analytical approach to working with clients, Team Lizzack-Horning’s expertise and experience is augmented by a trusted network of real estate service providers, like GWG, that help clients of any size navigate an increasingly complex healthcare real estate transaction process. Together, the team has successfully closed more than 100 deals over the past five years. The team’s expertise in healthcare transactions has also earned it a spot on GlobeSt. Real Estate Forum’s Influencers in Healthcare list for the last two consecutive years.