Two-Story MXD Sells for $222 Per SF

PATERSON, NJ-The 20,000-square-foot, two-story building at 158-168 Market St. in this city’s downtown area has been sold for just less than $4.5 million, which factors out to about $222 per square foot. The building, which combines office and retail tenants, has been traded by 160 Market Street Associates to an unidentified buyer, described as a local real estate investor.

The buyer is assembling a portfolio of properties located at the gateway to the city’s downtown Market Street district,” says Jaime Weiss, president of the Moonachie, NJ-based Weiss Realty, whose firm brokered the deal. “The area has redevelopment potential and is in fact in the process of being revitalized. The property is located in a densely populated area, near federal and county offices and Passaic Community College. We were able to coordinate the goals of both the buyer and the seller.”

Current retail and office tenants at the building include Radio Shack, AP Fashion, Eyes for America, Taco Bell, Pizza Hut, McDonalds and St. Joseph’s Hospital.

Separately, Weiss Realty, through its new Weiss Realty and Development LLC, is building a new Starbucks and Bank of America at 2215 Route 4 East in Fort Lee. The Starbucks is replacing a unit on Route 4 in nearby Englewood that closed last year to make way for an expansion of the service road to a new residential development.

The new unit, including the Bank of America banking station, totals 1,800 square feet. The bank is opening this month, and the Starbucks unit is expected to follow with an opening in early 2009, according to Weiss. The Bilow Group of Ridgefield Park is the architect, and Poppe Construction of Franklin Lakes is the general contractor. The project marks the first ground-up development in Bergen County for the father-and-son team of Jaime and Matthew Weiss.