NEW JERSEY—Grant & Joy Lee Family L.L.C. has purchased a Teaneck industrial property for $6.1 million. The property was owned by curtain and bedspread importer Beacon Looms. Michael Schaible of Lee & Associates New Jersey represented the seller, the Sadinoff family.
The buyer 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 reworking the site and updating the various components of the building.”
Built in 1956 and expanded in 1976, the 184,000-sq.-ft. property is located on 5.25 acres at 411 Alfred Avenue in Teaneck.