PATERSON, NJ—Looman Associates has sold three properties occupying 1.66 acres on Broadway in Paterson, NJ. NAI Hanson's Louis Tapia represented the buyer, Paramount Assets. NAI Hanson's Kenneth Lundberg, SIOR, Patrick Lennon, Darren Lizzack and Randy Horning represented the seller.
The properties consist of a three-story, 32,277-square-foot office building located at 370 Broadway, an 11,253-square-foot, single-story building located at 362 Broadway and an adjacent vacant lot located at 386 Broadway, prime for redevelopment. The building at 370 Broadway, the former Department of Labor complex, occupies 1.43 acres and has 34'x28' column spacing and a complete wet sprinkler system. The single-story office building located at 362 Broadway encompasses a half-acre.
“This was a perfect example of an owner who knew when to liquidate and a buyer who has the vision and ability to maximize a property in a unique submarket,” says Lundberg. “This property is located exceptionally well on a main county road and the ability for the buyer to acquire all three lots will allow for a better utilization of the properties for both the landholder and the community.”
362-386 Broadway is convenient to Route 80 as well as Routes 46, 19 and 208. The property is located only 30 minutes from New York City and Newark International Airport.
PATERSON, NJ—Looman Associates has sold three properties occupying 1.66 acres on Broadway in Paterson, NJ. NAI Hanson's Louis Tapia represented the buyer, Paramount Assets. NAI Hanson's Kenneth Lundberg, SIOR, Patrick Lennon, Darren Lizzack and Randy Horning represented the seller.
The properties consist of a three-story, 32,277-square-foot office building located at 370 Broadway, an 11,253-square-foot, single-story building located at 362 Broadway and an adjacent vacant lot located at 386 Broadway, prime for redevelopment. The building at 370 Broadway, the former Department of Labor complex, occupies 1.43 acres and has 34'x28' column spacing and a complete wet sprinkler system. The single-story office building located at 362 Broadway encompasses a half-acre.
“This was a perfect example of an owner who knew when to liquidate and a buyer who has the vision and ability to maximize a property in a unique submarket,” says Lundberg. “This property is located exceptionally well on a main county road and the ability for the buyer to acquire all three lots will allow for a better utilization of the properties for both the landholder and the community.”
362-386 Broadway is convenient to Route 80 as well as Routes 46, 19 and 208. The property is located only 30 minutes from
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
