13-14 River Road in Fair Lawn — Courtesy: Marcus & Millichap
By Joshua Burd
A net-leased Bank of America branch in Fair Lawn has changed hands for nearly $5 million, in a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented both parties in the deal at 13-14 River Road, a 4,216-square-foot building about a half-mile west of Route 208. An undisclosed buyer paid $4.75 million for the property.
“Net leased properties in New Jersey remain in high demand, especially due to today’s low interest rate environment,” Marcus & Millichap’s Alan Cafiero said. “All types of credit tenant leases are a safe haven for many investors who wish to park their equity into a passive investment while the uncertainty of the pandemic wanes.”
Cafiero represented the seller alongside fellow investment sales specialists Ben Sgambati, David Cafiero and John Moroz. Alan and David Cafiero, along with Moroz, also represented the buyer.