48 South Franklin Turnpike — Courtesy: Brown Commercial Real Estate Services
By Joshua Burd
A private investment firm has acquired a 30,000-square-foot office building in Ramsey, in a $7 million transaction brokered by Brown Commercial Real Estate Services.
The firm said Tuesday that it represented both parties in the trade of 48 South Franklin Turnpike, a 100 percent occupied, multitenant building. Mark Brown, president of Brown Commercial Real Estate Services, handled the sale on behalf of his Woodcliff Lake-based firm.
The transaction was the second half of a 1031 exchange that began with the $6.6 million sale of a 20-unit multifamily site on Mulberry Street in the Little Italy section of New York City, Brown said. It was the fifth successful 1031 exchange handled by Brown in the last eight months.
Brown said that “a 1031 exchange can be complicated and is always time-sensitive. Having multiple properties designated for exchange prior to the sale of the original property and assembling a team that will control every aspect of both transactions is essential to a successful 1031 exchange sale.”