The Plaza at Mountain Lakes at 60 Midvale Road in Mountain Lakes — Courtesy: NAI James E. Hanson
By Joshua Burd
An investor has acquired and will occupy a portion of an 11,000-square-foot office building in Mountain Lakes, under a recent sale brokered by NAI James E. Hanson.
The real estate services firm marketed the property at 60 Midvale Road, known as The Plaza at Mountain Lakes, ahead of its sale to Giovanna Levato, according to a news release. Its new owner will take over a two-story, multitenant property that has ample parking and zoning to allow for both office and retail uses.
NAI Hanson’s Andrew Kirshenbaum, Barry Mayer, Arthur Hixson, Josh Levering and Nicholas DePaolera represented the seller, 60 Midvale LLC. The Law Offices of Antonietta L. Milelli LLC represented the buyer.
“The buyer recognized an opportunity to own a well-located investment while also being able to occupy a small unit for their business,” Kirshenbaum said. “Historically low interest rates and sustained demand for well-located commercial buildings throughout northern New Jersey creates the perfect opportunity for investors and users looking to purchase assets.
“Because of this, we focused early in our marketing process to position the building towards these types of opportunistic investors. Our experience with similar buildings supported us with our negotiations on behalf of our client to secure an acceptable price, terms and conditions for the building.”
