1300 Liberty Ave. in Hillside — Courtesy: RIPCO Real Estate
By Joshua Burd
A private investor has purchased the site of a Citizens Bank branch in Hillside for more than $2.3 million, in a newly announced deal by RIPCO Real Estate.
According to the brokerage team, the property at 1300 Liberty Ave. attracted the out-of-state buyer thanks in part to a triple net lease that runs through 2030. The 2,800-square-foot branch also benefits from a highly visible location just south of Route 22.
The RIPCO team representing the sellers in the $2.325 million deal included executive vice presidents Mike Horne and Steven Winters, Vice Chairman of Investment Sales Stephen R. Preuss Sr., Vice President of Investment Sales Kevin Louie and Senior Associate of Investment Sales Eric Delafraz. The group has also listed another Citizens Bank branch, at 1291 Springfield Ave. in New Providence, for $4.9 million.
“This successful sale of the Citizens Bank in Hillside, New Jersey reflects our team’s expertise in the disposition of retail and net leased assets throughout the tristate area,” Louie said. “We successfully identified an out-of-state buyer through our extensive marketing process at a 5.7 percent capitalization rate. This Citizens Bank is located in a prime location providing 300-plus feet of linear frontage with exposures along Liberty Avenue, Harvard Avenue and New York Place.”
The New Providence building, which also has a triple net lease with Citizens, measures 3,344 square feet. RIPCO noted that the property has similar frontage along Springfield Avenue and Passaic Street, adding that it’s positioned at a four-way intersection and is directly across from a shopping center with tenants such as Starbucks, Smashburger and ACME Markets.
