Pine Street Commons at 31 Pine St. in Rockaway Borough — Courtesy: CBRE
By Joshua Burd
A private investor has acquired more than 123,000 square feet of commercial space in Rockaway Borough for $12.75 million, in a newly announced deal by CBRE.
Brokers with the firm represented the seller in the transaction at 31 Pine St., the site of a 17-acre, six-building complex known as Pine Street Commons. They noted that the property includes flex industrial and warehouse facilities with boutique office space, providing a strong income stream with 95 percent occupancy and potential development options on available land at the site.
CBRE’s Charles Berger spearheaded the marketing campaign, working alongside the firm’s Jeffrey Babikian on behalf of seller Pine Street Commons LLC. They also procured the buyer.
“This transaction closed in a very challenging environment for capital markets, which demonstrated the fortitude and flexibility of all parties involved,” Berger said. “This deal is the second one we completed in Rockaway in the last couple of years, and the only flex transaction of this size closed in Rockaway over the last year. Our team is currently working on several other flex property transactions in northern and central New Jersey with industrial and office components.”
