Lee & Associates Closes $6.1 Million Deal for Beacon Looms Inc. in Teaneck
Torrance, CA – August 14, 2012 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed a $6.1 million deal for a Teaneck, N.J. industrial property that was owned by curtain and bedspread importer Beacon Looms.
Michael Schaible of Lee & Associates New Jersey represented the seller, the Sadinoff family, who founded the home textile company in 1914 in New York City. According to an article by North Jersey News, after 98 years, Beacon will close its doors as the third-generation owner and company CEO Sy Sadinoff retires. The buyer, Grant & Joy Lee Family, LLC, was represented by Bowen Pak of Eastern International Realty.
According to Schaible, the property will serve as a company headquarters and primary distribution center for Grant Electrical Distributors. “Grant purchased the building because of its excellent location near the George Washington Bridge with convenient access to all of New York and New Jersey due to the proximity of major highways such as I-95 and Route 80,” he said. “The building traded for a comparatively low number because of the amount of deferred maintenance and functional obsolescence, thereby allowing Grant Electric to extract significant value by re-working the site and updating the various components of the building.”
Built in 1956 and expanded in 1976, the 184,000-square-foot property is located on 5.25 acres at 411 Alfred Ave. in Teaneck and in a market area where most of the inventory is of much smaller size. Schaible adds, “The building’s value is further enhanced by very robust construction and a high degree of visibility from Route 4. Remarkably, the seller went through due diligence in a 14-day period and closed 30 days later in an all-cash transaction. It would seem that they recognized great potential value and were willing to step in and move quickly.”
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
