By Joshua Burd
Three properties in different Hudson County communities have changed hands for a combined $5.5 million, according to brokers with CBRE Group who marketed the buildings.
The transactions include the $1.4 million sale of a nine-unit multifamily property in the Journal Square section of Jersey City, along with the $2.7 million sale of a four-story office building in Bayonne, CBRE said. The third property, a 10,000-square-foot movie theater in Hoboken, sold for $1.4 million.
Charles Berger and Mark Silverman of CBRE’s New Jersey office and Elli Klapper of the firm’s Long Island City office represented the seller and procured the buyer in all three transactions.
The Jersey City multifamily property is located at 21 Gray St., featuring one- and two-bedroom apartments within a three-story brick structure. CBRE said the building had below-market rents at the time of the $1.4 million sale, which comes amid a boom in the Journal Square neighborhood.
“The CBRE Tri-State Investment Properties team is one of the most active in Jersey City, which has become one of the hottest and most sought-after markets in the Tri-State region,” Silverman said. “With our ability to secure an aggressive, out-of-town buyer, this is a prime example of how our team is able to maximize value for our seller clients, while, at the same time, presenting a buyer with an opportunity to obtain a prime property with upside in rents.
“Furthermore, the transaction speaks to how hot the Journal Square submarket is right now.”
The same CBRE team joined Bill Tourtellotte and Kenneth Zirk of CBRE’s Philadelphia office in the $2.7 million sale of the Bayonne office building. Located at 688-692 Broadway, the property is home to the state Division of Youth and Family Services, which renewed its lease after negotiations with the brokerage team.
Berger noted that the CBRE brokers marketed the property “with the understanding that it needed to be sold in a timely manner” once the lease with the state was fully negotiated.
“The closing took place within just days of the state’s lease renewal,” Berger said, “and we secured an offer at nearly full listing price, getting both premium pricing and coming in above the sellers’ expectation.”
The third property, in Hoboken, sits in the city’s uptown section at 409 14th St. and is triple-net ground-leased to Bow Tie Cinemas. The CBRE team is in the process of marketing another building in the city, a mixed-use retail and office property at 222 Washington St.
“As New Jersey’s primary Gold Coast market, Hudson County continues to be an extremely active market,” Berger said, “and we expect to continue to be able to secure premium pricing across all asset classes in the area.”
