205-207 North Washington Ave. in Bergenfield — Courtesy: NAI James E. Hanson
By Joshua Burd
An investor has acquired a 5,000-square-foot mixed-used building in Bergenfield, with plans to bring new apartments to the property’s ground-floor spaces.
The buyer, TLC Ventures, paid an undisclosed price for the property at 205-207 North Washington Ave., according to NAI James E. Hanson. The freestanding building currently includes two professional office suites on the first floor and four one-bedroom apartments on the second floor, along with a private parking lot with 14 spaces.
NAI Hanson’s Anthony Cassano represented both the seller, JAH Realty Associates, and the buyer, citing its location on Bergenfield’s main thoroughfare. He noted that TLC Ventures plans to convert the first-floor professional medical space to four additional apartments to generate additional income.
“Well-located mixed-use properties remain highly attractive to investors, even in uncertain market conditions,” Cassano said. “We were pleased to leverage our local market expertise to not only secure a buyer that recognized the property’s income-generating potential but to negotiate a deal at fair market value that was mutually beneficial to both parties.”