Millstein Acquires 45K SF Elmwood Park Industrial/Flex Building
Investors are still searching for well-located industrial buildings near New Jersey’s most-heavily trafficked transportation arteries, according to NAI Hanson's Jeff DeMagistris.
ELMWOOD PARK, NJ—Millstein Acquisitions acquired 475 Mola Boulevard, Elmwood Park, NJ, a 45,000-square-foot industrial/flex building, in a transaction brokered by NAI James E. Hanson’s Jeff DeMagistris, SIOR, Tom Vetter, SIOR, and Tom Ryan, who represented the seller, 475 Boulevard.
“To date, one of the emerging trends of the 2018 industrial market has been investors searching for opportunities to purchase well-located buildings near New Jersey’s most-heavily trafficked transportation arteries,” says DeMagistris. “These types of investments remain more favorably priced than similar buildings to the east yet are positioned for considerable long-term growth as industrial tenants look to the west for more affordable leasing opportunities. Over the next several quarters we expect sellers will be able to attract a premium price as investors continue to chase quality product and enhanced accessibility to major highways.”
475 Mola Boulevard has 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the remaining vacant space in the building into two 5,000 square feet units and one 23,000-square-foot unit. 475 Mola Boulevard is minutes from Routes 4, 17 and 46, the Garden State Parkway and Interstate 80.