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PASSAIC, NJ-The building at 629-657 Main Ave. in this city’s Downtown has been sold for $12 million, marking the second time in two years that the 100,000-sf office/retail mix has changed hands. Brokers from the Kislak Co., Woodbridge, represented both the buyer and seller this time around, but declined to identify the two local investor groups involved. The seller was identified only as a long-time Kislak client, the buyer as a first-time participant. Morris Diamond of Meridian Capital Group arranged the financing for the buyer.

“In March of 2005, we sold it to the current seller,” says Kislak’s Barry Waisbrod, who spoke for the seller. Colleague Robert Squires represented the buyer. “This property drew a substantial amount of interest from prospective buyers because of its location.”

The building includes a 20,000-sf retail component, as well as a 500-car parking garage. The top floor of the latter facility is utilized as a playground for the Passaic County School System. Approximately 98% leased at the time of sale, the building’s tenants include the county school system, as well as PNC Bank and local medical professionals.

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