550 Commerce St. in Franklin Lakes — Courtesy: Lee & Associates New Jersey
By Joshua Burd
An investor has purchased a nearly 18,000-square-foot flex warehouse in the Bergen County borough of Franklin Lakes, according to a team with Lee & Associates New Jersey.
In a news release, the brokerage firm said Westwood Investments LLC paid $3.8 million for the property at 550 Commerce St. Lee & Associates New Jersey’s Douglas Rowe represented the buyer in the deal with Prestige Services, a vending, refreshment and dining services provider.
“The industrial market in suburban markets has continued a strong trajectory throughout 2022,” said Rowe, a senior vice president with the firm. “We are thrilled that we were able to assist our longtime client Westwood Investments in acquiring this property.”
Rowe noted that the two-story, 17,752-square-foot building is fully occupied by a tenant with a long-term lease. Westwood plans to use it as an investment property.
