Weiss and Singh of Besen & Associates handle $7.5 million N.J. sale

Raunaq Singh, Besen & Associates

Wayne, NJ Besen & Associates has completed the sale of 465-479 Rte. 46.

Ben Weiss, managing director, represented the seller, RK Real Estate, a NJ based investor that had originally entered into contract to purchase the site and Raunaq Singh, associate broker, represented the purchaser in this transaction.

The commercial property consists of two single-story corner retail buildings. The sale price was $7.5 million.

These buildings were constructed on 3.24 acres and have a total of built 67,367 s/f for retail space. Ethan Allen and Bloomingdales are the two tenants that occupy the space. “The strong retail location at the crossroads of Rte. 46, Rte. 80, Rte. 287 and the Garden State Parkway coupled with highly recognizable national tenants and a desirable cap rate provided for a perfect acquisition opportunity for the purchaser,” said Singh. The sales price equates to a gross rent multiplier of 10.7, $131 per built s/f, and an 8.7% capitalization rate.

The property is near the Wayne – Rte. 23 Station on the Montclair-Boonton Branch of New Jersey Transit. It is also near the Willowbrook Mall and provides access throughout the New Jersey area via the multiple highways nearby.

“It was absolutely a collaborative effort. Without the invaluable assistance of Lew Finkelstein of The Goldstein Group and Shimon Weiner of Oakwood Capital, this transaction would not have been possible,” said Weiss. “Shimon was able to navigate several last minute hurdles that would have otherwise rendered the deal impossible to close.”