2000 John F. Kennedy Blvd. in Union City — Courtesy: Marcus & Millichap
By Joshua Burd
A residential development site in Union City has changed hands for more than $2.6 million, according to a brokerage team with Marcus & Millichap.
In a news release, the listing team said the property at 2000 John F. Kennedy Blvd. includes a vacant 20,000-square-foot commercial building on a 35,000-square-foot lot. It benefits from a location just off Interstate 495 and immediate access to the Lincoln Tunnel, Route 1 & 9, Route 3 and Interstate 95, along with the opportunity for ample parking and proximity to mass transit.
Marcus & Millichap’s Jonathan Zamora represented the seller and procured the buyer in the $2.63 million deal.
“This sale attracted significant interest from a wide range of developers due to its prime location near the Lincoln Tunnel and the rare size of the assemblage directly on Kennedy Boulevard,” said Zamora, a senior director for investments in the firm’s New Jersey office. “We were able to secure an all-cash developer who moved quickly to close on the property in as-is condition, without any approvals in place — a testament to the strength of the site and our targeted wide reaching marketing process.”
