Coviello Plaza at 5300 Bergenline Ave. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
The longtime owner of a more than 27,000-square-foot commercial property in West New York has sold the asset for $9.5 million, brokers with Marcus & Millichap said Tuesday.
According to the listing team, the CVS-anchored property at 5300 Bergenline Ave. is home to a mix of retail, medical and professional tenants across 11 units and a multilevel parking deck. It’s also in the heart of West New York’s primary commercial corridor, adding to the appeal for investors and the winning buyer of what’s known as Coviello Plaza.
Marcus & Millichap’s Devin Perez, Alan Cafiero and Brent Hyldahl represented the seller and procured the buyer of the three-story, 27,100-square-foot building.
“Opportunities to acquire legacy-owned assets of this scale, with this amount of frontage and parking along Bergenline Avenue are extremely rare,” said Devin Perez, an associate director for investments in Marcus & Millichap’s New Jersey office. “As the first time this property has been brought to market since its development in 1988, investor demand remained strong due to the asset’s irreplaceable location, long-term tenancy history and future value-add potential. Despite multiple challenges throughout the transaction process, our team successfully secured an all-cash 1031-exchange buyer and navigated the sale through closing.”
