Buyer to Invest in Capital Improvements Geared Toward Upgrading Building’s Residential and Retail Spaces
CLIFFSIDE PARK, N.J. (March 22, 2016) – CBRE’s Investment Properties team announced today it has arranged the $1.37 million sale of an 8,400-square-foot mixed-use residential and retail complex in Cliffside Park, N.J. Located at 672-678 Anderson Ave., the property features four street-level retail spaces with four multifamily units above on its second story.CBRE Capital Markets Investment Properties’ Charles Berger and Mark Silverman, in New Jersey, and Elli Klapper, in New York, represented the seller and procured the buyer in the transaction. Notably, the property was purchased at the seller’s full asking price, with a five percent in-place cap rate.
672-678 Anderson Ave. sits in a trophy location, directly across from the soon-to-be-completed Cliffside Park Towne Centre – an 800,000-sq.-ft. mixed-use development that will transform the landscape of Cliffside Park and ultimately enhance the market’s value. The new owner of the property plans to reposition the complex through upgrades to its residential and retail spaces, capitalizing on its prime location and maximizing the value of the investment.
“Our CBRE Tri-State Investment Properties team was able to bring in local and out-of-state buyers to create an auction-like environment that resulted in the property being purchased at asking price,” said Mr. Berger. “We are extremely active in the northern New Jersey market and are able to utilize CBRE’s platform to the greatest advantage for our clients. In this transaction, we quickly brought in a buyer who saw the forthcoming value of the property with the completion of the Cliffside Park Towne Centre across the street, and ultimately we were able to satisfying both the seller and the buyer in a successful transaction.”
The property’s coveted Bergen County location -- in the epicenter of Cliffside Park’s commercial and residential area fewer than five miles from Manhattan -- generated significant interest from local, state and out-of-state investors in this transaction. Further, the property offers two garage spaces and a backyard area for residents – a rare find in urban settings.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.