CLIFFSIDE PARK, N.J. -- A commercial property in Cliffside Park sold for $1.37 million, CBRE’s Investment Properties team announced Wednesday.
The 8,400-square-foot mixed-use residential and retail complex is 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.
The property was purchased at the seller’s full asking price, with a five percent in-place cap rate.
It's in a prime location directly across from the soon-to-be-completed Cliffside Park Towne Centre – an 800,000-sq.-ft. mixed-use development.
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 Berger.
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, said Berger.
The property offers two garage spaces and a backyard area for residents – a rare find in urban settings.