By Joshua Burd
A developer is eyeing plans for a new mixed-use project in Hoboken after acquiring a downtown retail property for more than $8 million, brokers with CBRE announced Monday.
The two-story building, 226-228 Washington St., is in a coveted shopping and residential location that’s just two blocks from the waterfront and a five-minute walk from the Hoboken PATH station, according to a news release. It’s also adjacent to several national retailers, including Nike, Abercrombie & Fitch, Starbucks and Chipotle.
CBRE’s Charles Berger and Sam Bernhault listed the property and led the marketing campaign on behalf of the seller, 226-228 Washington Realty LLC. They also procured the buyer, JFA Hoboken LLC, in the $8.24 million deal.
“We leveraged the full strength of our integrated platform, drawing expertise from both Capital Markets and Retail Services, to secure a buyer with a reliable plan for the asset and validating the potential value add for the property,” Berger said. “We were able to achieve a purchase price that translates to over $1,000 per square foot in an all-cash transaction. The new ownership now plans to secure entitlements to develop a mixed-use property.”
