238 High St. in Hackensack — Courtesy: NAI James E. Hanson
By Joshua Burd
An electrical contractor has acquired a 7,800-square-foot industrial and flex property in Hackensack, under a transaction arranged by NAI James E. Hanson.
The real estate services firm on Monday announced the sale of 238 High St., a property east of Interstate 80 and Route 17. Vanore Electric acquired the building from High Street Hackensack LLC for an undisclosed price, with NAI Hanson representing both parties.
Vice President Anthony Cassano completed the assignment for the Teterboro-based firm.
“Hackensack continues to be a hot market for industrial assets even though constrained supply is pushing sales prices for quality industrial spaces to record highs,” Cassano said. “Despite high pricing, we’re still seeing strong demand from buyers who recognize the value in investing in the market over the long term, as rental rates in the area have also reached all-time highs and show no signs of slowing.”
Cassano touted the building’s flexible layout, 16-foot ceiling heights and three overhead doors, along with a double lot that offers on-site parking in the front and rear of the property. Vanore Electric had been searching for a larger facility that would allow it to grow yet remain in the area to service both new and current clients, he said.