559 Anderson Ave. in Cliffside Park — Courtesy: Cushman & Wakefield
By Joshua Burd
An investor has acquired a multifamily and medical office property in Cliffside Park for $6.1 million, under a newly announced transaction by Cushman & Wakefield.
Brokers with the firm say the property, located at 559 Anderson Ave., is home to 24 apartments and three units that have been converted to medical offices. The five-story asset is fully leased, thanks in part to its location near retail amenities and several park and recreation spaces.
C&W’s Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard represented the seller, A&J Inc., and procured the buyer, JTS Inc.
“This property presents a unique value-add opportunity,” Schwartz said. “Through basic capital improvements, there is strong upside potential for new ownership. We’re continuing to see strong demand for value-add multifamily assets throughout northern New Jersey, especially considering the low interest rates the market is currently experiencing.”
The brokerage team noted that 559 Anderson Ave. has an elevator, coin-operated laundry and 20 surface parking spaces with four additional garages.