435 Midland Ave. in Saddle Brook — Courtesy: NAI James E. Hanson
By Joshua Burd
An investor has purchased two adjacent flex industrial buildings in Saddle Brook as part of a recent 1031 exchange, brokers with NAI James E. Hanson said Wednesday.
The real estate services firm said the buildings include 431 Midland Ave., a 10,200-square-foot property, and 435 Midland Ave., which measures 24,000 square feet. Both are fully leased and were acquired by the undisclosed buyer as part of a long-term investment opportunity.
NAI Hanson’s Anthony Cassano represented the seller, while Kenneth Lundberg and Patrick Lennon represented the buyer. Terms were not disclosed.
“Amidst uncertainty in other investment sectors, commercial real estate, particularly in Bergen County, continues to provide unique flexibility to investors,” Cassano said. “Sellers have been able to attract a premium price for their assets if they feel the time is right for a sale while buyers looking for stable, long-term income streams are presented with a wide range of opportunities in buildings such as 431 and 435 Midland Avenue.”
Cassano said 431 North Midland Ave. features 3,300 square feet of office space, 4,700 square feet of high-tech space and 2,200 square feet of warehouse space. The building also has 12-foot ceiling heights and two overhead doors, while 435 North Midland Ave. features 4,000 square feet of office space, two tailgate loading docks and 14-foot ceilings.
Both buildings are in the thriving Bergen County industrial market with easy access to the Garden State Parkway, Interstate 80 and routes 4, 17, 46 and 208, NAI Hanson said.
