POMPTON LAKES, NJ—Ocean Lake Realty LLC has paid approximately $6 million to acquire 226-247 Wanaque Ave., a mixed-use property located in Pompton Lakes, N.J. Marcus and Millichap’s Mark Gjonbalaj, senior associate in the company’s New Jersey office, represented the buyer in the transaction, while Barbara Dansker, associate in Marcus & Millichap’s Manhattan office, represented the seller, Alrose Pompton LLC.
“The Wanaque Avenue properties comprise a four-building mixed-use package situated in the main local business district of Pompton Lakes,” Gjonbalaj said. “The properties are 100 percent leased and one tenant has 11-plus years remaining on the lease, which has a 3 percent annual rental escalation.”
Totaling 79,062 sq. ft. of space, the properties are located in close proximity to schools in Passaic County. Pompton Lakes is approximately 20 miles northwest of Manhattan.