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Two-Story MXD Sells for $222 Per SF

PATERSON, NJ-The 20,000-square-foot asset has traded for a number just shy of $4.5 million.

By Eric Peterson | Updated on December 22, 2008

PATERSON, NJ-The 20,000-square-foot, two-story building at 158-168 Market St. in this city’s downtown area has been sold for just less than $4.5 million, which factors out to about $222 per square foot. The building, which combines office and retail tenants, has been traded by 160 Market Street Associates to an unidentified buyer, described as a local real estate investor.

The buyer is assembling a portfolio of properties located at the gateway to the city’s downtown Market Street district,” says Jaime Weiss, president of the Moonachie, NJ-based Weiss Realty, whose firm brokered the deal. “The area has redevelopment potential and is in fact in the process of being revitalized. The property is located in a densely populated area, near federal and county offices and Passaic Community College. We were able to coordinate the goals of both the buyer and the seller.”

Current retail and office tenants at the building include Radio Shack, AP Fashion, Eyes for America, Taco Bell, Pizza Hut, McDonalds and St. Joseph’s Hospital.

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