ARTICLE
NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of a 28,000-square-foot multitenant industrial building at 59-71 Oak Street in Hackensack, N.J. NAI James E Hanson’s Jonathan Kristofich represented the seller, 59-71 Oak Street LLC, and the buyer, Oak Street Realty LLC, in the transaction. 59-71 Oak Street is ideally situated in the heart of one of New Jersey’s most desirable industrial markets located less than a mile from Route 4 with easy access to Interstate 80, the New Jersey Turnpike, Garden State Parkway and Route 17. The building is currently fully leased to six tenants and features 18’ clear ceiling heights as well as dedicated drive-ins and mezzanine office space for each unit. NAI James E. Hanson represented the seller and procured the purchaser to help them capitalize on the highly attractive northern New Jersey industrial investment market. According to the recent NAI James E. Hanson 4Q 2021 Northern and Central New Jersey Industrial Report, industrial sale prices in the market now stand at $202-per-square-foot, an increase of 35 percent from 2020. In addition to record-high sales pricing, the Central Bergen industrial submarket has one of the most competitive leasing environments in the region. Rents in the submarket are up $2.28-per-square-foot since 4Q 2020 – a 23 percent increase – and now stand at $12.02-per-square-foot. The market also has seen sustained low vacancy, currently standing at 3.2 percent. “Whether an investor is hoping to redeploy capital tied up in real estate or looking for long-term value through the ownership of a stabilized asset in a market with strong long-term fundamentals, the northern New Jersey industrial market’s current pricing environment continues to provide both buyers and sellers with significant opportunities for value creation,” said Kristofich. “We were happy to leverage our deep industrial sales expertise in this competitive market to help both sides of this deal reach their investment goals.”