CBRE Capital Markets Investment Properties’ Charles Berger and Mark Silverman in New Jersey, and Elli Klapperin New York, represented the seller and procured the out-of-state buyer in the transaction. The CBRE team worked with Bob Antonicello and Bobby Antonicello Jr. of Grid Real Estate, the second time the two brokerages have collaborated on a sale.
“This sale is a critical piece of the Journal Square revitalization. 880 Bergen Ave. is an ideal residential conversion and a natural evolution of what is happening in Journal Square,” Bob Antonicello, president of Grid, tells GlobeSt.com exclusively. “The redevelopment anticipated residential conversions of these older commercial office buildings as they approach the end of their useful life.”
The repositioned property will have 60 rental units. An existing Bank of America branch on the ground floor will continue to anchor the retail space.
“The CBRE Tri-State Investment Properties team is one of the most active in the Jersey City market, which has become one of the hottest and most sought-after areas in the Tri-State region,” says Berger. “This is a prime example of how our team is able to maximize value for the seller, while at the same time present the buyer with the opportunity to reposition an aged office building into a lucrative multifamily property. This is the fourth deal our team has closed in Jersey City in 2015, totaling a value of more than $30 million, with several more on the way.”
880 Bergen Ave. includes a view of the New York City skyline and is located within walking distance of the Journal Square PATH station.