1008 Paterson Plank Road in North Bergen — Courtesy: Cervelli Real Estate
By Joshua Burd
A tenant at a nearly 4,000-square-foot mixed-use building in North Bergen has acquired the property, in a newly announced deal by Cervelli Real Estate.
According to the brokerage team, the offering at 1008 Paterson Plank Road drew interest thanks in part to its location, its off-street parking and a versatile layout. Cervelli represented a private seller in the deal, navigating challenges such as the existing tenant exercising its right of first refusal and stringent lending requirements under the U.S. Small Business Administration, securing a final sale price that was at 95 percent of the listing value.
“Cervelli Real Estate implemented a comprehensive marketing strategy, targeting a diverse pool of investors, end-users and the current tenant,” the company wrote in a news release. “Given the extended financing timeline, the firm proactively sustained marketing efforts even while under contract, preserving transaction momentum.”
The team added that, while the 3,775-square-foot property was only 32 percent leased at the time of sale, the vacancies included a large apartment and represented an upside for the new owner to add value through renovation.
“While the buyer was the tenant, Cervelli Real Estate successfully leveraged the market to help the seller achieve a price above what is typically seen in landlord-tenant transactions, where prices often come in lower,” the firm wrote.
