10 Elizabeth St. in River Edge — Courtesy: NAI James E. Hanson
By Joshua Burd
A two-story office building in River Edge has changed hands after several years on the market, following a transaction brokered by NAI James E. Hanson.
The firm this week said that it represented Crestview Associates LLC in its sale of the 16,500-square-foot building at 10 Elizabeth St. The seller will lease back a portion of the property from its new owner, NJCF Property LLC, a Chicago-based check cashing company that is currently in Englewood Cliffs but had been searching for a building to buy.
NAI Hanson’s Andrew Somple and Anthony Cassano handled the assignment.
The property is located near the River Edge train station and routes 4 and 17, NAI Hanson said in a news release. With the desire to focus solely on its medical testing business instead of the additional rigors of being a landlord, Crestview Associates had been attempting to sell the building for almost five years.
“Unable to secure a suitable buyer, Crestview Associates, LLC then engaged us to sell the property utilizing our marketing strategies, which included a sale-leaseback to allow Crestview Associates LLC to continue to occupy 3,000 square feet of space and remain at its current location,” Somple said.
NCF Property will now embark on a series of renovations to bring the building, which was constructed in 1983, up to modern standards.
“The sale of 10 Elizabeth Street exemplifies the importance in selecting a broker who understands the local marketplace and has substantial experience in marketing office buildings in order to quickly complete a sale,” Cassano said. “Our experience in the Bergen County office market and our knowledge of prevailing market conditions makes us uniquely suited among our peers for these types of deals.
“Although this building had been on the market for a number of years prior, we were able to generate new interest in the property and negotiate a deal that enabled Crestview Associates LLC to continue to occupy the space while securing a premium price for their asset.”
