M id A tlantic Real Estate Journal — Northern New Jersey — March 13 - 26, 2020 — 7B
www.marej.com
N orthern NJ
EST NEW YORK, NJ — Marcus & Millichap Capi- In 2019, The Ozturk Gatto Group closed 450,000 s/f of office space totaling over $70 million Ozturk&Gatto ofMarcus&Millichap complete sale of a $6.5 million office property in West New York W
to expose properties to wide range of investors through our platform and database. We conducted over 30 tours and generated 16 offers. The prop- erty was ultimately sold to an out of state investor that will lease up the property," Ozturk reflected on the transaction. 65 Willowbrook Blvd. is a six-story office building built above three stories of parking, including 750 spaces for ten- ants. With low occupancy at the time of sale, the building offered tremendous upside in leasing up the existing vacant space. The building underwent
recent capital improvements including a newer roof, HVAC systems, and a parking deck. The property has easy access to I-80, Rte. 46, Rte. 23 and the Garden State Pkwy. Addition- ally, the property is located across from the Willowbrook Mall, Costco, HomeGoods, Target, The Home Depot, Dicks Sporting Goods, AMC theatre, and many more na- tional retailers. The property is located a half mile from the Willowbrook Park & Ride which has a 30-minute direct bus ride to Port Authority and 25 miles to NYC.
t a l Corp . ( MM C C ) , one o f the l e a d i n g c o m m e r - cial real es- tate invest- me n t s e r - vices firms with offices throughout the United States and Canada, an- nounced the sale of 4912 B e r g e n - line Ave., a mi x ed - us e property, in
Fahri Ozturk
4912 Bergenline Ave.
Richard Gatto
R E C E N T T R A N S A C T I O N S
West New York, NJ. The property sold for $6.5 million according to Jim McGuckin , regional manager, and Brian Hosey , broker of record, of the firm's New Jersey office. Fahri Ozturk and Rich- ard Gatto , investment sales specialists in Marcus & Mil- lichap's New Jersey office, had the listing to market the property on behalf of the seller, a private owner. They also secured and represented the buyer, a private investor. In 2019, The Ozturk Gatto Group closed 28 transactions totaling over $188 million. The 21,000 s/f mixed use building is occupied with two retail tenants 7-Eleven and Telco, which both have long term leases. The second floor is occupied by several office ten- ants on month to month basis with a 36-space parking lot in the back. The property is lo- cated within minutes from the Lincoln Tunnel, Rte. 495, Rte. 1&9, Rte. 3, and I-95. The loca- tion is ideally diagonal from the 49th Light Rail station and a two-minute walk from Hudson Community College. In a second transaction, Ozturk and Gatto had the listing to market a 132,000 s/f office building located in Wayne on behalf of the seller, a private owner, for $6.4 mil- lion. They also secured and represented the buyer, a pri- vate investor. In 2019, The Ozturk Gatto Group closed 450,000 s/f of office space total- ing over $70 million. "65 Wil- lowbrook was a challenging asset since it was marketed for several years. We rolled up our sleeves and confidently took on the challenge due to our ability
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