By Joshua Burd
JPMorgan Chase & Co. has sold three properties in Montclair for a combined $4 million, in a recent transaction arranged by brokers with CBRE.
The real estate services firm represented the bank in the portfolio sale, which includes a former bank branch at 475 Bloomfield Ave., former corporate offices at 483 Bloomfield Ave. and a gated parking lot at 2 Forest St. The transaction also entailed a short-term leaseback for Chase while the bank was seeking approvals for and building a new drive-thru branch across the street.
The CBRE team of Charles Berger and Elli Klapper, both first vice presidents, and Associate Mark Silverman handled the assignment in partnership with CBRE Vice President Samuel Bernhaut. They also procured the buyer.
“Our team doesn’t focus on any one specific market or specific property type, which allows us to be a part of very complex, multi-faceted transactions like this one,” Berger said. “Furthermore, by collaborating with our retail team, we were able to demonstrate the great potential to lease these vacant properties, which lie in the heart of one of New Jersey’s most dynamic downtown districts only 13 miles outside of Manhattan.
“This sale is especially significant because of the opportunity that exists for the properties to be developed for alternative uses.”