12 Sullivan St. in Westwood — Courtesy: NAI James E. Hanson
By Joshua Burd
An investor has acquired an 11,360-square-foot industrial building in Bergen County, in a deal that comes six months after a long-term renewal by the property’s only tenant.
NAI James E. Hanson, which brokered both transactions, said it represented the buyer and seller in the recent trade of 12 Sullivan St. in Westwood. A buyer identified as James Bogush purchased the asset for an undisclosed price.
“For commercial real estate investors searching for stability, rent growth and future appreciation, industrial properties stand out among other sectors due to the projected long-term high demand for these assets, particularly in Bergen County,” NAI Hanson’s Andrew Somple said. “After negotiating a long-term lease on behalf of our client last year, we were pleased to continue to work with them and leverage our local market expertise to secure a suitable buyer that recognized the tremendous investment opportunity this property offers.”
Somple and John Schilp worked on behalf of the seller, 12 Sullivan Street LLC. The duo also represented the client in securing a full-building lease renewal from Laguna 2 LLC, a consumer electronics reseller, which was announced late last year.
They subsequently marketed the building as an investment opportunity, touting its proximity to major highways in Bergen County and other thoroughfares. The property has 2,060 square feet of dedicated office space, 19-foot ceiling heights and two tailgates for streamlined warehousing and transportation.