The deal was brokered by Curtis Nassau and Florian Suserman, along with Chuck Lanyard of the Glen Rock-based Goldstein Group. Attorney Steven Weisfeld of Beattie Padavano of Montvale, represented the buyer, and Scott Klatsky attorney Philip Brody represented the seller.
The sale price was not released, with the parties involved describing it only as "a multimillion-dollar sale." An industry source with knowledge of the transaction tells GlobeSt.com that the building traded for a number "well in excess of $10 million." Buyer Safavieh Inc., a Port Washington, NY-based manufacturer and importer of carpets, has not indicated the use of its new building, specifically whether it will be utilized as a retail outlet.
"Route 10 is one of New Jersey's strongest retail markets, and it's rare that a retail building like this is available for sale in this area," Lanyard says. "Safavieh recognized this retail opportunity and moved quickly to purchase the building."
According to the Goldstein Group's most recent numbers the Route 10 retail corridor had a vacancy rate of just 3.7%. In addition, almost 200,000 sf of new retail space is slated for development in the market.
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