604-618 Van Houten Ave. in Clifton — Courtesy: ICON Real Estate Advisors
By Joshua Burd
A cluster of properties with 11 apartments, five retail spaces and some 30 parking spaces has changed hands in Clifton, in a newly announced deal by ICON Real Estate Advisors.
According to the firm, an undisclosed buyer paid $3.1 million for the five contiguous parcels at 604-618 Van Houten Ave. That follows a marketing campaign that generated multiple offers before closing, ICON said, touting the appeal of the rental units and a retail component that’s fully occupied by neighborhood businesses, plus a location near the Clifton train station and multiple NJ Transit bus routes for commuters.
The firm’s David Betesh represented the seller, Van Houten Investors LLC, in the transaction.
“This offering generated strong investor interest because it combined stable retail tenancy with significant upside in the residential apartments,” said Betesh, director of multifamily at ICON Real Estate Advisors. “We were pleased to represent both the buyer and seller and guide the transaction through a competitive marketing process that resulted in multiple offers and a successful outcome.”
