17 Salem St. in Hackensack – Courtesy: NAI James E. Hanson
By Joshua Burd
Wells Fargo has sold a quarter-acre lot near Hackensack’s rapidly growing downtown, in a newly completed transaction by NAI James E. Hanson.
Brokers with the firm represented the bank in the sale of the parcel at 17 Salem St., touting its proximity to many of the city’s mixed-use residential and retail projects. The team, which included NAI Hanson’s Joan Cenicola and John Schilp, also cited the property’s flexibility.
Terms were not disclosed.
“The key to successfully marketing and negotiating the sale of a property like 17 Salem Street relies heavily upon truly understanding the asset’s best possible usage,” Cenicola said. “In an evolving and in-demand location such as Hackensack, our local knowledge is vital as it provides us with an unmatched understanding of all factors and conditions at play, enabling us to facilitate a sale that represents the highest possible value for this kind of asset.”
The deal is the latest sale of a Wells Fargo property for Cenicola, whose relationship with the bank goes back several years and who has helped the company sell assets that no longer align with its long-term real estate strategy. Over the last five years, she has represented the bank in 28 transactions valued at $38 million.
Gary Lippert, a vice president with Wells Fargo, affirmed the bank’s long relationship with NAI Hanson and Cenicola in particular.
“No one expected the quantity of excellent opportunities you have continually brought to the table for us, and you have certainly earned the respect of our organization,” Lippert said.
