By Joshua Burd
A well-known office building in Ridgewood has changed hands for $2 million, following a transaction arranged by Marcus & Millichap.
The brokerage firm represented both parties in the sale of 166 Franklin Ave., a 6,000-square-foot property. Marcus & Millichap identified both the buyer and seller as limited liability companies.
Marcus & Millichap Investment Specialist David Thurston closed the deal out of the firm’s New Jersey office. He touted the building’s on-site parking and proximity to the village’s main shopping district and train station.
“The demand by users/investors has increased in this market,” Thurston said. “Many small to medium size users have decided that control of their space is as important as the tax benefits from ownership of their own building.”