362-386 Broadway in Paterson – Courtesy: NAI James E. Hanson
By Joshua Burd
Two office buildings and a nearby lot in Paterson have changed hands after a sale brokered by NAI James E. Hanson, the commercial real estate firm said.
The Hackensack-based brokerage said the three properties, which sit on 1.66 acres, were sold by Looman Associates to Paramount Assets. They include a three-story, 32,277-square-foot office building at 370 Broadway and an 11,253-square-foot, single-story building at 362 Broadway.
The third is an adjacent vacant lot located at 386 Broadway, which NAI Hanson said is primed for redevelopment. The overall site is a former Department of Labor complex.
NAI Hanson’s Louis Tapia represented Paramount Assets, while the firm’s Kenneth Lundberg, Patrick Lennon, Darren Lizzack and Randy Horning represented the seller.
“This was a perfect example of an owner who knew when to liquidate and a buyer who has the vision and ability to maximize a property in a unique submarket,” Lundberg said in a prepared statement. “This property is located exceptionally well on a main county road and the ability for the buyer to acquire all three lots will allow for a better utilization of the properties for both the landholder and the community.”
The site is convenient to Route 80 and routes 46, 19 and 208, the firm said in a news release. The property also sits only 30 minutes from New York City and Newark Liberty International Airport.