Redevelopment site near Essex County Airport trades in Fairfield

A two-acre redevelopment site zoned for retail across the street from Essex County Airport sold last week for an undisclosed sum to an unnamed buyer, according to ROI-NJ. NAI James E. Hanson brokered the sale of 212 Passaic Avenue in Fairfield from Passaic Ave Realty LLC. The brokerage firm said the buyer intends to build a medical facility on the site. The property is situated three miles from the Wayne Route 23 Transit Center and the Little Falls NJ Transit stations. According to research from Colliers International, asking rents for the West Essex submarket reached $25.39 per-square-foot during the fourth quarter of 2018, well above the North Jersey average of $22.70 per-square-foot. The submarket saw a 90,816-square foot net absorption for the year. Colliers stated that the West Essex submarket consists of 13.2 million square feet of total inventory. The area’s median household income, according to the U.S. Census Bureau, was $110,303 between 2013 and 2017. [ROI-NJ]