"This property's affordable price point and ideal location in the populous Bergen County, which is situated just seven miles outside New York City, attracted a buyer all the way from the other side of New York City in Brooklyn," says Stravitz.
The property, located on 1.4 acres, encompasses a showroom, warehouse and office building and is zoned for light industrial and automotive use. Located near 20 other retail stores in Downtown Bergenfield, it is within close proximity to Routes 4 and 17, the Palisades Interstate Parkway and Interstate 80, as well as the New Jersey Turnpike. Amenities include 18-foot ceilings, 35 parking spaces and a loading area with six tailgates and eight drive-ins.
According to the brokerage firm he tenant was attracted to the building's retail exposure and unique warehousing capabilities. It plans to take occupancy early this year.In another recent retail transaction, NAI Hanson completed a five-year lease agreement for 1,330 square feet of retail space at 370 River Rd. in New Milford. NAI Hanson sales associate Michael Jamgotchian represented the lessee, SmartWorld Coffee, while NAI Louis Tapia, also a sales associate, represented the landlord, Lucerne-New Milford. The first year will fall under a gross lease, followed by four years of triple-net terms.
"It's a sign of the times that the tenant negotiated a year of gross-lease terms, which is unique to the retail sector," Jamgotchian tells GlobeSt.com. "Tenants are in the driver's seat nowadays. Louis and I worked together to find terms that would not only benefit the tenant but also fill the space with a quality occupant for the owner, all in a pretty competitive market."
SmartWorld Coffee will occupy the end-cap space of a strip shopping center that is surrounded by residences and sits near New Milford High School. In addition to the ideal location and ample customer base, the tenant will also benefit from the recent addition of a drive-through lane and window, a renovation that helps this center stand out from competing locations.
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