A $5.5 million sale of an unentitled multifamily development site located at 8709 River Road in North Bergen has been completed, according to a Thursday announcement from CBRE, which brokered the deal for Airn Management. The transaction comes on the heels of an $8.5 million deal in Hoboken, also handled by CBRE for Airn.
The 30,000-square-foot land parcel in North Bergen, located on the Hudson River waterfront, was acquired by a private local developer based in Hudson County.
The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale, along with Jeff Babikian, spearheaded the marketing campaign for the site, which is part of seven-property, 450-plus-unit portfolio along the New Jersey Gold Coast that CBRE has been appointed to sell on behalf of a court-appointed restructuring management team. The CBRE team was also responsible for procuring the buyer.
“The buyer fully recognized the unique development opportunity the site presented and acted quickly to secure the deal, resulting in a hard contract at signing,” Ozturk said. “We are excited to see how the new development reshapes that section of River Road.”
Gatto added: “This sale comes on the heels of our recent closing in Hoboken for the seller. The closing of this deal further proves the strong appetite we are seeing from investors for both entitled/unentitled development opportunities in prime locations such as River Road in North Bergen.”
The site is located across from Edgewater Harbor, a lifestyle center featuring top restaurants and retailers including Moe’s Southwest Grill, Dunkin’, Haven Riverfront Restaurant & Bar, Five Guys, HomeGoods, CVS and Pier 115, among others. The land parcel is along River Road, which provides convenient connectivity to national retailers such as Target, Starbucks, Whole Foods, Trader Joe’s, Orangetheory and countless others in under five minutes.
The post CBRE arranges trade of 2 development sites in Hudson County for $14M for Airn Management appeared first on ROI-NJ.
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Author: Linda Lindner