PARAMUS, NJ-A 25,000-square foot retail building on Route 4 has been sold for $7.95 million, says Marcus & Millichap Real Estate Investment Services, which represented the seller and procured buyer
AJA Partners. The price, of nearly $400 per square for the 20,000-square foot rentable space, is the highest per square foot for a property on Route 4 or Route 17 in Paramus, the company says.
Big-box retailer Staples vacated the building in August at the end of its 20-year triple-net lease, says David E. Thurston, an associate vice president of investments for Marcus & Millichap, who arranged the transaction. “This is a very unique sale,” Thurston tells GlobeSt.com. “Most ground properties on Routes 17 and 4 are ground-leased. There is rare opportunity for a fee building.”
Other comparable properties had been selling in the low $300s per square foot, Thurston says. The premium for the Route 4 building comes through its location. “It is accessible from the east and the west from Route 4 because of a jughandle,” Thurston tells GlobeSt.com. “It’s also near the newly renovated Bergen Town Center and the heart of Route 4.”
The seller, a private New York investor, had owned the property for 20 years, but never visited it. The new owner now will be searching for a new tenant for the building.
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