110,000-SF Industrial Building Sells for $3.3M

"This sale included a number of complex issues," according to Lerman. "The pressures of bankruptcy, environmental-associated contamination and EDA financing were all obstacles that had to be overcome."

The sale also highlights a string of four separate sales and three leases concluded by Sanders in the last several weeks. Six of the transactions took place in Paterson, NJ. In the largest of them Sanders sold the 20,000-sf Appollo Construction facility to R&R Sample of Saddle Brook, NJ for $565,000; the 17,000-sf building at 105 State Street was sold by Kruse Development for VKG LLC for $525,000; and the 23,000-sf former Sonny Chevrolet dealership was sold to Trinity Press of Paterson for $775,000. In Clifton, NJ, meanwhile, Sanders arranged the sale of the 20,000-sf New World Press facility at 1410 Main Ave. to the Clifton-based New Jersey Wire Cloth for $975,000.

In other recent Lerman Sanders-arranged deals, the company's Peter Caraballo arranged the long-term lease of 15,500 sf of flex space at 14 Madison Rd. in Fairfield, NJ, representing the tenant, EMSE Corp. of Passaic, NJ. The transaction was a direct deal with the property owner, the Richards & Robins Group of Morristown, NJ, which was represented in-house by Robert Miller.

Finally, Lerman Sanders Realty associate Gene Baldecchi exclusively represented both the buyer, Russo Development, and the seller, RF Realty, in the sale of a 5,000-sf building at 1211 Black Oak Ridge Rd. in Wayne, NJ. Terms of the sale were not disclosed.