JERSEY CITY, NJ (July 10, 2015)— CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced last week that it has arranged the sale of 880 Bergen Ave. in Jersey City, for $5.7 million. The 45,000-square-foot, 10-story office building – featuring a Bank of America at street level – will be converted into a multifamily development.
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 out-of-state buyer in the transaction. Local broker Robert Antonicello, of GRID Real Estate, LLC, collaborated with the CBRE team in this transaction, the second deal the CBRE team has worked on with him.
The repositioned property will be comprised of 60 rental units, with Bank of America remaining as the ground-floor retail anchor. The nationally ranked investment-grade tenant has occupied the entire ground-floor space since 1993. “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,” said Mr. 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.”
About CBRE Group, Inc. 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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.