LEONIA, NJ-NAI James E. Hanson has sold off a 15,000-square-foot commercial retail lot at 381 Broad Ave. here. NAI Hanson associate vice president Anthony Cassano represented the seller, Yamato Transport USA Inc., and the buyer, the Borough of Leonia. The lot sold for $412,500.

"After spending close to a million dollars cleaning up this lot of its own volition, Yamato Transport sold it to the borough of Leonia," Cassano tells GlobeSt.com. "The borough plans to use it as a parking lot, in the near future, to accommodate new retail development along the Downtown/Broad Avenue business district."

Zoning for the lot, which is located in Leonia's Central Business District at the corner of Beechwood Place and Broad Avenue, allows for retail or professional office use. The property can accommodate a building as tall as three stories, pending approval. It is currently undergoing cleanup monitored by the New Jersey Department of Environmental Protection. The borough bought the property in "as is" condition.