Real Estate Journal — Northern New Jersey — December 9 - 22, 2016 — 13B
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M id A tlantic
N orthern N ew J ersey
CBRE’s Professionals facilitate key transactions totaling more than 70,000 s/f CBRE Group Inc. announces string of sale transactions totaling over $4.75 million S ADDLE BROOK, NJ — CBRE Group Inc. announced that its Tri-
State Investment Properties professionals have completed four property sales in the region across several product types, including multifamily, retail and industrial, totaling more than 70,000 s/f through- out New Jersey and NewYork. The team of Charles Berg- er and Mark Silverman of CBRE’s New Jersey office, and Elli Klapper of the firm’s Long Island City office, repre- sented the seller in the follow- ing New Jersey transactions: • The fully-occupied, six- unit apartment building lo- cated at 150 Midland Ave. in Kearny, NJ sold for $729,000, making it the highest price per unit sale in Kearny in the last 24 months. The property has been completely revitalized and now provides residents with luxury apartments situ- ated between two of the hot- test markets in the New York Metropolitan area. • In Stirling, NJ, the CBRE team completed the sale of 355 Warren Ave., a vacant 2.3- acre site with two industrial flex buildings, totaling 21,200 s/f. The distressed properties were sold by an institution for $730,000, and a number of en- vironmental and maintenance challenges were overcome in the transaction. •The fully-occupied 5,000 s/f retail strip center at 345- 351 Union Blvd. in Totowa, NJ sold for $1.5 million. The property consists of four retail units and 22 dedicated park- ing spaces, with a roster of ten- ants that includes a dental of- fice, physical therapist, bagel shop and deli – all triple-net leased. The prime location in Totowa and excellent property condition led to it being sold at the highest price per-square- foot recorded in that particular market. In Bayshore, NY, the same CBRE team completed the $1.9 million sale 81 Saxon Ave. The 13,760 s/f commer- cial laundry facility sits on a 41,820 s/f property that in- cludes 10 surface parking lots and a large loading bay. The tenant, Prestige Industries, is the largest provider of hotel laundry and valet services in the Greater New York City area. The transaction in Bayshore featured several notable attri- butes, including a competitive cap rate, stable cash flow and
345-351 Union Blvd. in Totowa, NJ
a single triple-net lease tenant within a high barrier-to-entry market. “Our CBRE Investment Properties team continues to be extremely active across all product types in the Tri-State area, as we continue to utilize the extensive CBRE platform
to the greatest advantage of our clients,” said Berger. “Our team was able to facilitate timely closings in each of these transactions, while overcoming a number of challenges, and ultimately satisfying the re- quirements of both our clients and the respective buyers.” n
150 Midland Ave. in Kearny, NJ
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