270 Market St. in Saddle Brook — Courtesy: Key Properties LLC
By Joshua Burd
A real estate investor and developer has completed its 25-year quest for full ownership of a 78,000-square-foot warehouse and retail property in Saddle Brook.
Key Properties LLC announced recently that it had closed on the fee-simple acquisition of four acres at the property, located at 270 Market St. The parcel, which is home to a building occupied by United Supply Corp., had been under a long-term lease and was among the Teaneck-based firm’s first investments in the mid-1980s.
“This property had a very complex, multilayered ownership structure including the land lease, a master tenant and multiple subtenants,” said David Schlussel, co-managing partner. “Over the years, we have purchased these different layers — one piece at a time — to gain greater long-term control.
“The last hurdle involved the acquisition of 270 Market Street’s fee position.”
The property offers proximity to Interstate 80, the Garden State Parkway and routes 17 and 46, along with restaurants, retailers and public transportation, according to a news release. Key Properties also touted the building’s flexibility for many potential uses.
“We are pleased to have come ‘full circle’ with this asset,” Schlussel said. “270 Market Street always has been a valued piece of our portfolio.”
