387 Passaic Ave. in Fairfield — Courtesy: Cushman & Wakefield
By Joshua Burd
An investor has purchased a nearly 4,600-square-foot bank property in Fairfield for $4.6 million, under a deal arranged by Cushman & Wakefield.
In a news release, the brokerage team said it represented Indian Ridge Investments LLC in its sale of 387 Passaic Ave., which is fully leased to Chase Bank. An undisclosed buyer purchased the 4,560-square-foot, drive-thru property.
C&W’s Andy Merin, Brian Whitmer, Andy Schwartz, Jordan Sobel and André Balthazard completed the assignment.
“387 Passaic Avenue offered investors the opportunity to acquire a long-term, fully leased retail property to a great credit tenant,” Schwartz said. “We saw significant interest in this property because of its ideal location adjacent to Interstate 80 and Route 46.”
Built in 2017, the asset sits on one of the region’s top retail corridors and is a mile from the Willowbrook Mall and Wayne Towne Center.
