The building, located at 159-16 Union Turnpike, was built in 2008 and features a modern glass façade. It has a combination of retail and office tenants, including the local politician, who wasn’t initially aware the building was listed, but confirmed to The Courier that her office has no intention on moving.
Benton Management, LLC, which partially owns the building according to city records, purchased the land for $2.5 million in 2007, before the building’s construction.
The three-story building has 37,814 square feet of space, and is fully-leased with six retail units and 11 office spaces, according to Massey Knakal Realty Services, which is listing the property.
Current tenants may see rent increases from potential buyers.
“There is a tremendous opportunity to add significant value by increasing the rents which are currently on average at 50 percent market value,” said Stephen Preuss of Massey Knakal. “Additionally, the asset is being offered well below replacement cost.”