50 Craig Road in Montvale — Courtesy: NAI James E. Hanson
By Joshua Burd
The buyer of a 14,000-square-foot office building in Montvale plans to convert the property to medical space, following a sale arranged by NAI James E. Hanson.
The real estate services firm represented Premier Associates LLC in the sale of 50 Craig Road. Located near the Garden State Parkway, the 3.8-acre site offers enough parking, size and flexibility for the buyer to repurpose it as a diagnostic center, NAI Hanson said.
John J. Schilp completed the assignment for the Teterboro-based brokerage team. Terms were not disclosed.
“We’re continuing to see strong demand for medical office space in the northern New Jersey market, yet not enough buildings currently exist in the market that fulfill the unique needs of medical clients,” Schilp said. “With an ideal location and highly flexible layout, we recognized that 50 Craig Road provided superior adaptive reuse potential for medical office users, especially given the shortage of medical office space in Bergen County.
“The building’s flexibility coupled with strong local demographics, allowed us to work on behalf of our client to secure a premium price for this asset in line with its ideal usage.”