17-10 River Road in Fair Lawn — Courtesy: NAI James E. Hanson
By Joshua Burd
A manufacturer is expanding its presence with the acquisition of a 6,100-square-foot office condo in Fair Lawn, under a transaction completed by NAI James E. Hanson.
The real estate services firm represented RPM 1, the seller, in the transaction at 17-10 River Road, to Ho-Ho-Kus Inc. The buyer, which designs and manufactures complex latching and clamping systems for commercial, business and military aerospace applications, is based in Paterson but was searching for a larger space to support its growing office.
NAI Hanson’s Darren M. Lizzack and Randy Horning completed the assignment, noting that Ho-Ho-Kus Inc. has a manufacturing facility in Richmond, Virginia. Its new Fair Lawn location, which comprises Suites 3A and 3E within the building, provides easy access to route 4, 17 and 46, along with interstates 80 and 287.
The space includes a kitchenette and an executive office with private restroom, according to a news release. NAI Hanson said the building’s location and flexible vicinity made this an atypical acquisition opportunity in the current market.
“For growing companies in the northern New Jersey market, it is often hard to find inventory for sale that is not overpriced and actually offered at its intrinsic value,” Horning said. “With this deal, market value was in alignment with the property’s intrinsic value and as a result both buyer and seller were satisfied with the outcome. We were happy to work on behalf of our client to negotiate a fair deal for all parties involved and help yet another New Jersey-based business grow.”