108 Washington Place in Passaic — Courtesy: CBRE
By Joshua Burd
A religious organization has sold a nearly 13,000-square-foot church building in Passaic for $750,000, in a newly completed transaction by CBRE.
Brokers with the firm represented the seller, Trustees First Presbyterian Society of Passaic, in its disposition of 108 Washington Place. The buyer, Church of God Prophecy, will take over the 12,790-square-foot house of worship after outgrowing its existing space.
“Given the property’s central location, we received significant interest from multifamily developers looking to convert the existing structure to residential use,” CBRE’s David Bernhaut said. “However, our client was interested in selling the facility to another religious institution that would continue to cater to the changing demographics of the neighborhood.”
Bernhaut brokered the deal alongside Elli Klapper of the firm’s investment properties team in New Jersey and Samuel Bernhaut and Nicole Nannola of its retail services group. They noted that the two-story structure was built in 1927 to serve the Jewish congregation B’nai Benjamin, adding that it can accommodate up to 400 people in the main sanctuary and balcony.
The lower level contains additional meeting rooms, offices and a full industrial kitchen, CBRE said. It provides the buyer with a location just blocks from multiple bus lines and two blocks from Main Avenue, Passaic’s main commercial thoroughfare.
