536 Washington Ave. in Nutley — Courtesy: Cushman & Wakefield
By Joshua Burd
A credit union has sold its former headquarters property in Nutley, a site that includes more than 30,000 square feet of vacant office space and parking for some 90 vehicles.
According to Cushman & Wakefield, which arranged the sale, a privately held buyer paid $2 million in the transaction at 536 Washington Ave. That follows a marketing process that positioned the 1.53-acre site as an opportunity for investors, developers and owner-users seeking flexibility for future use, subject to municipal approvals, leveraging its proximity to Route 3 and other major corridors throughout northern New Jersey and the New York metropolitan area.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and Josh Cohen represented Proponent Federal Credit Union in the sale. They also procured the buyer, 536-544 Washington LLC.
“536 Washington Avenue attracted significant interest from a broad range of investors and developers due to its scale, vacant status and strategic location,” Balthazard said. “Opportunities to acquire a well-positioned site of this size in an established northern New Jersey market are increasingly limited. The property’s proximity to Route 3 and major employment centers, combined with its potential for future repositioning or redevelopment, made it a compelling opportunity for the buyer.”
C&W added that the site, which includes two buildings, is within Nutley’s established commercial corridor and is minutes from the Garden State Parkway, the New Jersey Turnpike and the Lincoln Tunnel. It’s also near major employment centers, including Prism Capital Partners’ ON3 campus and L3Harris, and is surrounded by a mix of commercial, retail and service-oriented uses.
