206 South Main St. in Manville — Courtesy: CBRE
By Joshua Burd
Two mixed-use residential properties in Manville have changed hands for a combined $880,000, in a transaction arranged by brokers with CBRE.
The real estate services firm this week announced the sale of 62 and 206 South Main St. in the Somerset County borough. Located on Manville’s main thoroughfare, each building is 100 percent occupied and has two commercial units and four residential units.
CBRE first vice presidents Charles Berger and Elli Klapper, along with Associate Mark Silverman, represented the estate of Dean Mark Shepard in the deal and procured the buyer.
“The acquisition of these two mixed-use properties presents the new ownership with an excellent opportunity to own high-quality, stabilized assets in the extremely coveted multifamily and medical office sectors,” Berger said. “We have been very active in this market and we were excited to be able to work with the seller and the buyer in arranging a deal that met both their requirements.”
The two 4,000-square-foot properties include four medical office suites and eight newly renovated one-bedroom apartments, CBRE said, touting their proximity to Interstate 287 and routes 206 and 22. Each building has on-site parking and is individually metered with separate utilities.
“The sale of 62 and 206 South Main Street highlights our ability to create a competitive bidding process and maximize value for our clients,” Silverman said. “Having secured a variety of offers, we were able to lock in excellent terms with the greatest chance of closing.”
