TETERBORO, NJ- On the heels of a massive industrial portfolio acquisition last week, The Hampshire Companies sold a modest-sized retail/office space across from Teterboro Airport here this week.
The 13,100-square-foot property at 502 Route 46 West was traded for an undisclosed price to Marcus Fair Lawn Associates.
“The property has reputable, long-standing tenants and is in a prime location within the heart of Bergen County, providing the investor with a proven, stabilized cash flow and steady annual yields,” said Igor Derbaremdiker, a senior investment manager for Hampshire, who worked on the deal.
NAI James E. Hanson represented Morristown-based Hampshire in the transaction.
Route 46 West is one of the most heavily traveled roadways in New Jersey; Teterboro is one of the busiest private airports in the United States.
The property offers easy access to Route 80, the New Jersey Turnpike, and the Garden State Parkway.
An adjacent 60-acre parcel is currently being redeveloped into a retail center that is expected to attract national tenants.
See previous story here.
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