DEAL OF THE DAY: CB Richard Ellis Completes $3.6M Sale
Passaic, N.J.--CB Richard Ellis brokered the $3.6 million sale of a multifamily building at 37-47 High Street in Passaic, N.J.
Passaic, N.J.–CB Richard Ellis announced that it has brokered the $3.6 million sale of a 29,310-square-foot multifamily building at 37-47 High Street in Passaic, N.J.
The New Jersey Private Client Group’s Charles Berger, who secured the buyer, First Vice President Dean Marchi and Gehane Triarsi, along with Robert Pine, senior associate of brokerage services in CBRE’s East Brunswick office, who secured the seller, worked to bring this deal to fruition.
“As we approach the end of 2010, opportunistic buyers continue to take advantage of the historically low interest rates that are available within the Northern New Jersey marketplace, particularly among well-situated and well-maintained multi-family properties like this one, with a stable tenant base,” says Berger. “We were able to complete this transaction quickly and efficiently because Passaic has experienced a healthy up-tick in activity over the last two decades with a constant influx of new residents who have a higher median income, giving it one of the highest occupancy rates in the state. Additionally, there are no rent control guidelines for new tenants at this property after 1999, rendering it even more appealing to prospective buyers.”
Located within the upscale Passaic Park section of Passaic, 37-47 High Street is a 47-unit, 29,310-square-foot multi-family building that is approximately 95 percent occupied. The facility provides an on-site superintendent and laundry facilities, and consists of 23 one-bedroom units, 21 two-bedroom units, and three three-bedroom units.
Passaic Park, situated just 12 miles from the Lincoln Tunnel, Holland Tunnel, and George Washington Bridge, is densely populated and surrounded by parks, houses of worship, and various private and public schools. 37-47 High Street offers its residents convenient access to all parts of New York and New Jersey via nearby Routes 3, 46, 80, 21, the Garden State Parkway, and the New Jersey Turnpike. The Passaic New Jersey Transit rail station is also located near the building. In addition to train services, there are numerous bus lines running throughout the area that offer direct transportation into New York City and other surrounding areas.
“This property has been owned by the same owner for a considerable amount of time, thereby offering more stability and reassurances for the possibility of a favorable return on the investment, which was an attractive incentive to the buyer in this transaction,” explained Mr. Pine. “We are pleased to have been able to complete this transaction on our client’s behalf and we look forward to continued success in 2011.”