491 Grand Ave. in Englewood — Courtesy: NAI James E. Hanson
By Joshua Burd
A retail building near Route 4 has changed hands in Englewood, following a sale announced Thursday by NAI James E. Hanson.
In a news release, the firm said it represented the seller of the 3,321-square-foot building at 491 Grand Ave. NWR Realty Corp. acquired the unoccupied, two-story building with two retail storefronts on the main level.
Terms were not disclosed.
NAI Hanson’s Pablo Castro represented 491 Grand Ave. LLC in the sale, noting that the spaces have the potential to be opened into one large space and a two-bedroom apartment on the second floor. The buyer plans on converting the retail space into offices for his business, the news release said.
“With rapidly rising rents across all commercial real estate sectors in Bergen County, we continue to see business owners looking to purchase buildings to ensure favorable long-term real estate costs,” Castro said. “The size of the building and the ability to open the two storefronts into one space provided the buyer with the flexibility and desired location they were seeking.
“Our experience working with sellers in this competitive marketplace ensured we were able to secure a fair market value for the asset and enable them to capitalize on strong property values in the local market.”
