140-148 Broad St. in Red Bank — Courtesy: Cushman & Wakefield
By Joshua Burd
A local owner has reaped nearly $5 million from its sale of a mixed-use property in downtown Red Bank, brokers with Cushman & Wakefield said Monday.
In a news release, the real estate services firm said it represented Schiff Real Property I LLC in the trade, which includes a retail and office building at 140-148 Broad St. and a parking lot at 133 Broad St. Denholtz Acquisition LLC purchased the asset for $4.8 million.
C&W’s Andy Schwartz, Jordan Sobel and Andre Balthazard completed the assignment, citing the property’s proximity to the Navesink River and the retail, dining and entertainment options of downtown Red Bank.
“140-148 and 133 Broad Street offered investors the opportunity to acquire two properties with outstanding repositioning and redevelopment possibilities,” Schwartz said. “We saw significant interest in these assets because of their compelling location within walking distance to Red Bank Station and enviable demographics.”