301 Washington St. in Hoboken— Courtesy: Pierson Commercial
By Joshua Burd
The site of a former bank branch in downtown Hoboken has traded for $9 million, in a newly announced deal by Pierson Commercial.
The brokerage firm said the buyer, Federal Realty Investment Trust, was drawn to the parcel’s busy corner location at Washington and Third streets. The property at 301 Washington St. spans a third of an acre in the heart of the city’s main business district, sharing a block with tenants such as Lululemon, Athleta, Sephora, Starbucks and Panera Bread.
Pierson Commercial’s Robert Mackowski represented Federal Realty in the deal with the seller, Capital One.
“Due to our relationships with the buyer as well as the seller, we were able to bring all the parties together and facilitate the sale of this highly sought-after retail property,” said Mackowski, the firm’s Hudson County market expert.
Pierson Commercial added that the property’s inherent repositioning potential was a key driver of the transaction.
“Many investors have had their eye on this particular redevelopment opportunity due to the uniqueness of having over 145 feet of contiguous frontage along Washington Street — a rare-to-market opportunity that currently cannot be found anywhere else on the street,” Mackowski said. “Adding in the prominent corner location, high-foot traffic and identity at the heart of Hoboken’s thriving business district, made this opportunity especially appealing. It was the right time, the right buyer and the right property, which was a win-win for one and all.”