345-351 Union Blvd. in Totowa — Courtesy: CBRE
By Joshua Burd
A retail property in Totowa is among four properties that traded recently in a string of transactions brokered by CBRE Group.
In a news release, the firm said its Tri-State Investment Properties team has orchestrated the sale of more than 70,000 square feet of space, with transaction value of more than $4.75 million. The Totowa property, a fully occupied, 5,000-square-foot retail strip center at 345-351 Union Blvd. sold for $1.5 million.
The property consists of four triple-net leased retail units and 22 dedicated parking spaces, with a roster of tenants that includes a dental office, physical therapist, bagel shop and deli, the news release said. CBRE said the location and excellent property condition led to it being sold at the highest price per square foot recorded in the submarket.
The team of Charles Berger and Mark Silverman of CBRE’s New Jersey office, along with Elli Klapper of the firm’s Long Island City office, represented the seller in the Totowa sale and three other transactions. The deals also included the $729,000 sale of a six-unit apartment building at 150 Midland Ave. in Kearny.
In Stirling, the CBRE team completed the sale of 355 Warren Ave., a vacant 2.3-acre site with two industrial flex buildings totaling 21,200 square feet, the news release said. The distressed properties were sold by an institution for $730,000, with the deal having overcome several environmental and maintenance challenges.
The brokers also completed the $1.9 million sale 81 Saxon Ave. in Bayshore, New York. Tenants at the 41,820-square-foot property include Prestige Industries, the largest provider of hotel laundry and valet services in the greater New York City area.
“Our CBRE Investment Properties team continues to be extremely active across all product types in the Tri-State area, as we continue to utilize the extensive CBRE platform to the greatest advantage of our clients,” Berger said in a prepared statement. “Our team was able to facilitate timely closings in each of these transactions, while overcoming a number of challenges, and ultimately satisfying the requirements of both our clients and the respective buyers.”
