256 Reock St. in Orange — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has sold a 13,500-square-foot mixed-use property in Orange for nearly $1.6 million, following a deal arranged by Marcus & Millichap.
The firm said Tuesday that Michael Lombardi and Chip Collins, investment specialists in the firm’s northern New Jersey office, brokered the deal for 256 Reock St. The two-building property includes two commercial spaces and seven residential units, which are townhouse-style apartments with luxury finishes.
Lombardi had the exclusive listing to market the property on behalf of the seller, according to the announcement from Brian Hosey, regional manager of the firm’s New Jersey office. Collins represented the out-of-state buyers, who paid $1.575 million for the site.
“They saw the influx of investment capital coming into this transit-oriented neighborhood of Orange, New Jersey and saw an additional synergy between their existing business and that of one of the commercial tenants making this an ideal investment opportunity,” Collins said.