217 Hergesell Ave. in Maywood — Courtesy: NAI James E. Hanson
By Joshua Burd
An industrial user has purchased the site of an adult daycare center in Bergen County, with plans to occupy the nearly 17,500-square-foot building after completing a retrofit of the space.
According to NAI James E. Hanson, which announced the deal, the property at 217 Hergesell Ave. in Maywood changed hands after a competitive bidding process for an amount 10 percent above the asking price, with limited contingencies. The buyer, 217 Realty LLC, is now slated to restore the 17,316-square-foot building to its original industrial use, resulting in an additional 15 percent of capital expenditure relative to the purchase price.
NAI Hanson’s Jonathan Kristofich represented the seller, Maywood Realty Corp., while David Williams of Weichert Commercial represented the buyer. The new owner will have to remove partition walls and drop ceilings that were part of the adult daycare center, while also raising sprinkler heads, completing HVAC duct work and installing new LED lighting.
“This transaction exemplifies just how little industrial space is available on the market today and the competition that is seen whenever any industrial product, no matter the current configuration, becomes available on the market,” Kristofich said. “Our expertise in the market has consistently positioned us to navigate the competitive bidding process in deals just like this to continue to secure top dollar for our clients.”