FAIRFIELD, NJ — Lee & Associates NJ announced the sale of 350 Passaic Ave., a 30,000 s/f, two-story class B office building located just south of a full interchange with Route 46 and a half interchange of Route 80. The owner sold the property to local investor SGP Century, LLC for just under $3.3 million. SGP Century, LLC also owns a large portfolio of office and industrial properties in the Fairfield area. Located in the heart of Fairfield, the property has plenty of amenities nearby including numerous restaurants, hotels, stores and transportation to New York City from the nearby Willowbrook Mall. Other amenities at the office building include an onsite property manager to ensure the property is meticulously maintained and to serve tenants’ needs, a dedicated visitor parking lot located in the front of the building, card key access, flexible floor plates, and monument signage. The building was originally constructed by V & R Partnership as the headquarters for Electro-Nucleonics, but transitioned into multi-tenant occupancy in 2003. Ownership has invested in improvements and capital expenditures in recent years to maintain the attractiveness and functionality of the building. The property is well positioned to attract tenants seeking the features and amenities that come with a class A office building without the higher rent. Notable tenants at 350 Passaic Ave. include Poggen Pohl, Stavitsky & Associates, Hulse & Phillips and A.C. Marmo. “There was a great deal of interest from both users and investors in this asset, as evidenced by the multiple purchase offers we received,” said Peter Rasmusson, CCIM. The property was 66% leased upon sale and still has approximately 8,300 s/f of available space on the second floor. Rasmusson, CCIM, senior vice president, with Lee & Associates’ Elmwood Park office represented the seller in the transaction. Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is one of the largest broker-owned firm in the country with 52 locations across the nation. With 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
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