Paterson, N.J. (November 1st, 2021) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of 64,377 square feet of industrial space at 730 Madison Avenue in Paterson, N.J.
NAI James E. Hanson’s Team Lizzack-Horning led by Darren Lizzack, MSRE, and Randy Horning, MSRE, represented the seller, Paterson Card and Paper Company and JBJB Realty, LLC, in the transaction with 109 Isabella, LLC, and 730 Madison YB, LLC.
The deal includes 730 Madison Avenue a 59,427-square-foot industrial building located in Paterson’s Opportunity and Urban Enterprise Zones featuring quick access to Routes 46, 80, and the Garden State Parkway. In addition to its highly accessible location, this property features abundant parking with adequate space for an additional lot along with six drive-ins and four loading docks. Also included in the sale is a 4,950-square-foot building across the street.
730 Madison Avenue had served as the home of the seller’s family business, Paterson Paper, since 1914. However, as the seller was hoping to retire and sell the company, he retained Lizzack and Horning to secure a buyer for the two properties. 109 Isabella, LLC, and 730 Madison YB, LLC plan to repurpose 19,377 square feet of 730 Madison Avenue to house its commercial painting business while making the remaining 45,000 square feet available for lease.
“We are pleased to have secured a buyer on behalf of our client as he prepares for retirement,” said Horning. The sale of this historic building poses a tremendous opportunity for its new owners and reflects the strength of Northern New Jersey’s industrial market.”
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About NAI James E. Hanson
Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.
NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 300 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company’s Teterboro office at 201-488-5800 or visit www.naihanson.com