125 Broad Ave. in North Bergen — Courtesy: Marcus & Millichap
By Joshua Burd
A private investor has acquired a three-building industrial complex in North Bergen for $11.1 million, in a newly announced deal by Marcus & Millichap.
Brokers with the firm represented the seller and procured the buyer of the 38,310-square-foot property, 125 Broad Ave., touting its 26-foot ceiling heights, 21 drive-in doors, two loading docks and 50 parking spaces. They added that the 19-year-old property sits on 2.86 acres west of Route 1&9 and consists of 21 units, each with 150 square feet of office space.
“Small bay flex warehouses in core markets like North Bergen are still in extremely high demand,” said Mark Gjonbalaj, first vice president investments with Marcus & Millichap. “This complex was no different commanding multiple competitive bids during our marketing process. The property presented a compelling opportunity for the investor to acquire a multi-tenant flex industrial property with upside in an urban infill submarket.”
Gjonbalaj, Alan Cafiero and Giacomo Fiorenza completed the trade to the New York-based buyer. In announcing the deal, they cited the property’s easy access to several area highways, which also include the New Jersey Turnpike and Route 46.