CBRE Group, Inc. recently announced that it has arranged the sale of 615-625 Main Avenue, Passaic, for $8.42 million. The 65,000-square-foot building, anchored by Valley National Bank, is located on one square block of property.
Charles Berger and Elli Klapper, of CBRE Tri-State Investment Properties, represented the seller and procured the buyer in the transaction.
The property is located in the heart of Passaic and includes a two-story parking deck. The new owner, a long-time CBRE client, intends to hold the building for investment purposes, while improving on its efficiencies. The building was fully renovated in 2007, with more than $5 million in capital improvements. Tenants include Valley National Bank, which has been in the location for over 40 years, and multiple medical practices.
“At such an aggressive price per square foot and cap rate basis, this sale bodes well for Passaic and the property’s commercial real estate owners,” said Mr. Berger. “Demand for mixed-use properties in prime locations continues to grow and the CBRE Investment Properties team is actively assisting similar owners and investors throughout the Tri-State area.”Related Articles: