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(To read more on the industrial market, click here.)

FAIR LAWN, NJ-Owner Hadco, a local group, has put the 90,000-sf industrial building at 18-35 River Rd. here on the market and has hired NAI James E. Hanson to either find a buyer or tenants. For NAI Hanson, sales associate Darren Lizzack and corporate services exec Hal Messer are handling the exclusive assignment.

According to the brokers, the property is on the market for sale with an asking price of $7 million, or for rent at $6 per sf. For a potential buyer, the seven-acre property offers the potential for an investor to redevelop the site with mixed uses, potentially including retail and residential components, according to Lizzack. With a location along this city’s border with Hawthorne, “development opportunities such as this are highly desirable in Bergen County,” he says.

Brokers from NAI Hanson were involved this month in the sale of another industrial building in North Jersey. In that instance, Messer and colleagues Craig Levitan and Anthony Cassano represented both the buyer and the seller in the sale of the 77,350-sf building at 20 E. Halsey Rd. in Parsippany, Morris County. The Yogi Divine Society bought the building and its seven-acre site from United States Land Resources for $7.8 million, which factors out to just more than $100 per sf.

“Industrial vacancy rates in Morris County are currently less than 7%,” Messer says. “And industrial sales activity remains strong through the Northern New Jersey marketplace, as illustrated by this transaction.”

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