358-362 Grove St. in Jersey City — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has picked up 19 apartments and three ground-floor retail spaces in Jersey City after acquiring a mixed-use building for $6.25 million, brokers with Marcus & Millichap announced.
The listing team said the property, located at 358-362 Grove St., is two blocks from the Grove Street PATH station and boasts a presence in the city’s established downtown commercial corridor. That created significant demand for the four-story, 16,050-square-foot building, whose retail tenants include Chicken & Co. and Jibeichuan Ramen.
Marcus & Millichap’s Devin Perez, Alan Cafiero and Dean Matuszewicz, investment specialists in the firm’s New Jersey office, represented the seller and procured the buyer.
“Investor interest in Jersey City remains strong, despite ongoing market challenges,” said Perez, an associate director for investments. “Multiple competitive offers reflect continued demand for well-located, mixed-use assets in transit-oriented downtown markets.”
