CBRE today announced the completion of two major sale transactions in Jersey City and North Brunswick, NJ. The firm arranged the $5.9 million sale of 206 Van Vorst Street, a 14,000 sq. ft. office property with a 0.36-acre site in Jersey City, as well as
the $2.13 million disposition of a multifamily property in North Brunswick at 708-718 Laurel Avenue and 681-691 Willow Avenue.
The CBRE Investment Properties team of Charles Berger, Elli Klapper, Jeremy Wernick, and Mark Silverman spearheaded the marketing campaign for both properties and represented the seller in the negotiations.
The Jersey City property was acquired by 26 Van Vorst LLC from Bel Fuse Inc. Currently an office property, new ownership plans a multifamily and townhouse development, while also maintaining some of the commercial space to meet demand. 206 Van Vorst Street is in Paulus Hook, a premier Jersey City waterfront neighborhood that continues to experience tremendous growth and very low vacancy.
A New York-based private investment management firm acquired 708-718 Laurel Avenue and 681-691 Willow Avenue from Laurel Willow LLC. Built in 1942 the garden apartment complex totals 12 units and sit on 0.57 acres in the heart of North Brunswick, a market with great demand for residential housing.
“While we are facing tumultuous economic times with rising interest rates, the multifamily market continued to be strong, especially in neighborhoods with excellent transportation and area amenities,” noted Mr. Berger. “As such, 206 Van Vorst Street will be redeveloped into quality housing that is much needed in Jersey City.”
“The North Brunswick multifamily property provides an ample value-add opportunity upon renovation,” continued Mr. Wernick. “We were able to maximize value for our seller by securing a 1031 exchange buyer who will in turn be able to take advantage of those opportunities with a stable multifamily complex in a very desirable location.”
