In its third transaction in recent months in the same area for a family ownership entity, Lee & Associates New Jersey has brokered the off-market sale of a 20,000-square-foot Passaic County warehouse. Kessler-Schwartz Associates sold 25 Styertowne Rd. in Clifton, New Jersey to a private investor.
Lee & Associates’ Josh Krantz, senior vice president, represented the seller and procured the buyer in the transaction; he maintains long-standing relationships with both parties. Last fall, Krantz represented Kessler-Schwartz, a multi-generation, multi-family ownership entity based in Wyckoff, New Jersey, in the sale of 31 and 35 Styertowne Rd. Now, with 25 Styertowne, he has assisted the firm with a total of 125,000 square feet in dispositions for that neighborhood portfolio. Subsequently, Krantz and team arranged a new, 28,000-square-foot tenant at 31 Styertowne Rd.
Situated on nearly one acre, 25 Styertowne Road is a single-tenant property fully leased to Pereg Gourmet.
“The buyer was drawn to this property’s quality construction and ideal location proximate to the Garden State Parkway and Route 3,” Krantz said. “The greater Clifton submarket, with its limited supply, continues to see strong demand. This created an attractive opportunity for Kessler-Schwartz to sell the final building in this portfolio, and for the buyer to acquire a desirable, stabilized asset.”
