3300 Palisades Ave. in Union City — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a mixed-use property in Union City for more than $1.3 million, under a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the undisclosed seller in the transaction at 3300 Palisades Ave., which includes three commercial spaces, four apartments and a parking lot with nine spots. The 10,850-square-foot property was 100 percent occupied at the time of the sale.
“We continue to see increased demand from both local and out of market investors looking for opportunities throughout Union City due to its close proximity to New York City, easy transportation and new developments,” Marcus & Millichap’s Fahri Ozturk said. “Our process and long-term relationships gave us the ability to get the deal across the finish line during the pandemic. We were fortunate to generate a lot of activity through our marketing campaign, and understanding of the available financing.”
Ozturk brokered the $1.325 million sale alongside Richard D. Gatto, David Ferber and Karly Iacono, all investment sales specialists in Marcus’ New Jersey office. They cited the property’s location a block away from Interstate 495, which provides a quick connection to New York City and the New Jersey Turnpike and other major highways.