475 Mola Blvd. in Elmwood Park — Courtesy: NAI James E. Hanson
By Joshua Burd
An industrial flex building that is home to a fitness center has changed hands in Elmwood Park, following a sale brokered by NAI James E. Hanson.
The firm said Tuesday that it represented the seller, 475 Boulevard LLC, in the transaction at 475 Mola Blvd. The buyer, Millstein Acquisitions, plans to subdivide about 33,000 square feet of vacant space in the building into two 5,000-square-foot units and one 23,000-square-foot unit.
Achieve 24 Fitness occupies the balance of the space.
NAI Hanson’s Jeff DeMagistris, Tom Vetter and Tom Ryan completed the assignment on behalf of the Hackensack-based real estate services firm. They touted the building’s easy access to routes 4, 17 and 46 and the Garden State Parkway and Interstate 80.
“To date, one of the emerging trends of the 2018 industrial market has been investors searching for opportunities to purchase well-located buildings near New Jersey’s most-heavily trafficked transportation arteries,” DeMagistris said. “These types of investments remain more favorably priced than similar buildings to the east yet are positioned for considerable long-term growth as industrial tenants look to the west for more affordable leasing opportunities.
“Over the next several quarters we expect sellers will be able to attract a premium price as investors continue to chase quality product and enhanced accessibility to major highways.”
The property includes 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces, NAI Hanson said in a news release.
