Park 80 East at 160 Pehle Ave. in Saddle Brook — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has paid more than $2.3 million to acquire a leasehold interest in an 83,160-square-foot office building in Saddle Brook, Marcus & Millichap said Wednesday.
The firm announced the sale at Park 80 East, located at 160 Pehle Ave., after representing both parties in the transaction. Brian C. Hosey, regional manager of the firm’s New Jersey office, said the property has undergone recent updates to its signage, entryway and lobby but is a value-add opportunity with 50 percent occupancy.
Ben Sgambati and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, which was also a private investor.
