572-574 Newark Ave. in Jersey City — Courtesy: Cervelli Real Estate & Property Management
By Joshua Burd
A three-story, 13,000-square-foot commercial building in Jersey City is on the market for sale, in a newly announced offering by Cervelli Real Estate & Property Management.
In a news release, the listing team said the property at 572-574 Newark Ave. is drawing investor and end-user interest as a well-positioned opportunity in the midst of the city’s ongoing development surge. That’s thanks in part to its location directly across from the Hudson County Courthouse and a short walk from the Journal Square Transportation Center, as well as its consistent foot traffic, strong visibility and a steady flow of government-related activity.
The surrounding area continues to experience significant residential and mixed-use development, Cervelli added, further strengthening demand for both retail and residential space.
“With rents currently below market, the asset presents a clear value-add opportunity for investors seeking to capture upside through lease-up and repositioning,” the firm’s Chris Cervelli said in a written announcement. “At the same time, the property offers a compelling option for an end user looking to establish a presence in a high-traffic, high-growth location with long-term appreciation potential.”
The team added that proximity to the Journal Square PATH station enhances accessibility, providing direct connectivity to Manhattan and reinforcing the corridor’s appeal to both tenants and businesses. What’s more, “opportunities with this level of visibility and proximity to the courthouse rarely become available in a market where demand continues to outpace supply.”
“As activity expands throughout the Journal Square submarket, opportunities to acquire well-located mixed-use assets with both income growth potential and owner-user flexibility remain limited,” Cervelli wrote. “The offering is expected to attract a wide range of interest from private investors, developers and local businesses seeking strategic positioning in Jersey City.”
