HACKENSACK, NJ−The Canaan Korean Community Church has acquired a 30,000-square-foot office/flex building here that drew strong interest from local and regional companies and investors, according to CBRE, which marketed the property.
The property at 80 Commerce Way had been acquired as a joint venture of New Boston Fund and Prism Capital Partners in 2005, along with the adjacent 60 Commerce Way. The partnership sold 60 Commerce Way in early 2010.
Noah Balanoff of CBRE said there was considerable interest in 80 Commerce for “alternative uses, like gaming and entertainment, food manufacturing, fitness centers and, ultimately, a local church looking to expand their presence in the area.”
Gary Hofstetter of New Boston Fund said the property had performed well over the years, but, “We felt that current market conditions made it the right time to sell.”
The property is located just off of Route 4, close to I-80 and the Garden State Parkway. It is six miles from Manhattan.
The Canaan Korean Community Church was represented by Oksoon “Olivia” Yang of Weichert Realtors. Thomas F. Monahan, David Opper and Balanoff of CBRE represented New Boston, which does not disclose sales prices for its transactions.
New Boston is a privately owned real estate investment manager.
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