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Fairfield Real Estate LLC Acquires Office Building In Fairfield For $3.6M From Glassman Family

Property Image
SOLD
$3,600,000

New Jersey

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Office34,445 SF
Sold 05/05/2025
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Property Image
SOLD

Fairfield Real Estate LLC Acquires Office Building In Fairfield For $3.6M From Glassman Family

383 Us Route 46

See Similar Deals
Office34,445 SF
Sold 05/05/2025
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Office
Price Per Square Foot:$104
Total Square Footage:34,445 SF
Transaction Type:Sale

Fairfield Real Estate LLC has acquired an office asset located at 383 US Route 46 in Fairfield for $3,600,000. The property encompasses 34,445 square feet and is situated on a 1.6-acre lot within the Fairfield market. The purchase price translates to a price per square foot of $105. The building has been owner-occupied since 1985.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $3,600,000
  • Address: 383 US Route 46
  • Market: Fairfield
  • Square Footage: 34,445
  • Price per Square Foot: $105
  • Buyer: Fairfield Real Estate LLC
  • Seller: Glassman Family
  • Broker: Peter Rasmusson - Lee & Associates – WBE
  • Acres: 1.6

Peter Rasmusson of Lee & Associates – WBE acted as the broker in this transaction. The property includes tenants such as Medimetriks Pharmaceuticals and Fair Home Healthcare, and it will continue functioning as an owner-user asset following the purchase.

Players

Peter Rasmusson
Lee & Associates
Peter Rasmusson
3 deals$4.7M volume(973) 985-0265
BROKER

Details

SOLD
IMAGE: Peter Rasmusson DATE: 05/05/2025 ADDRESS: 383 US Route 46 MARKET: Fairfield ASSET TYPE: Office ~ ACRES: 1.6 BUYER: Fairfield Real Estate LLC SELLER: Glassman Family BROKER: Peter Rasmusson - Lee & Associates – WBE SALE PRICE: $3,600,000 SF: 34,445 ~ PPSF: $105 NOTE: Fairfield Real Estate LLC acquired a 34,445 SF office building at 383 Route 46 in Fairfield, NJ, for $3.6M in a deal brokered by Lee & Associates – WBE’s Peter Rasmusson. The landmark glass-walled property, owner-occupied since 1985, will continue as an owner-user asset with tenants including Medimetriks Pharmaceuticals and Fair Home Healthcare.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$192,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$12,790.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$17,065.84
Annual Debt Service$204,790.04