25 Styertowne Road in Clifton — Courtesy: Lee & Associates New Jersey
By Joshua Burd
A private investor has purchased a 20,000-square-foot industrial building in Clifton, in a newly announced deal by Lee & Associates New Jersey.
Josh Krantz, a senior vice president with the brokerage firm, represented Kessler-Schwartz Associates in its disposition of the property at 25 Styertowne Road, which is fully leased to Pereg Gourmet. The trade comes after he recently represented the seller, a multigeneration, multifamily ownership entity based in Wyckoff, in the sale of nearby buildings at 31 and 35 Styertowne Road, accounting for 125,000 square feet in dispositions in the area in recent months.
Both parties in the latest deal are longtime clients. Terms were not disclosed.
“The buyer was drawn to this property’s quality construction and ideal location proximate to the Garden State Parkway and Route 3,” Krantz said. “The greater Clifton submarket, with its limited supply, continues to see strong demand. This created an attractive opportunity for Kessler-Schwartz to sell the final building in this portfolio, and for the buyer to acquire a desirable, stabilized asset.”
Krantz’s recent activity in the area also includes a new, 28,000-square-foot lease at 31 Styertowne Road, which followed the sale of the building late last summer.