212 Passaic Ave. in Fairfield — Courtesy: NAI James E. Hanson
By Joshua Burd
The new owner of a two-acre redevelopment site in Fairfield is slated to build a medical facility on the parcel, following a sale arranged by NAI James E. Hanson.
The real estate services firm on Tuesday announced that it represented the seller, Passaic Ave Realty LLC, in the transaction at 212 Passaic Ave. NAI Hanson’s Dominic Fittizzi, who completed assignment, touted the property’s location directly across from the Essex County Airport and its proximity to Route 46 and multiple mass transit options.
The redevelopment site is zoned for retail, he said, noting that its high-traffic location, size and adaptability make it well-suited for the planned medical building.
“When marketing this property, we recognized early on that this parcel’s size and prime location would appeal to a range of prospective buyers,” Fittizzi said. “With this in mind, we were able to leverage our experience and market knowledge to work with the seller and attract a qualified buyer that not only saw a long-term investment value in the property but would also make a significant contribution to the local community with the addition of a medical facility.”
Terms were not disclosed.