Marcus & Millichap completes two mixed-use buildings sales
BAYONNE, NJ — Marcus & Millichap, announced the sale of two mixed-use buildings on Broadway, located in Bayonne. Fahri Ozturk and Tyler Van Wagoner, investment sales specialists in Marcus & Millichap's New Jersey office, had the listing to market the properties on behalf of the sellers, two separate private owners. They also secured and represented the buyers for both transactions. 554-556 Broadway, located along Broadway between E 25th St. and E 26th St., closed for $1.95 million. The mixed-use building comprises of 10,260 s/f of ground floor retail space and 7,510 of second floor office space. The new owner will seek approvals to redevelop the property as a four-story mixed-use building. Additionally, Ozturk and Joe Koicim, from the Manhattan office, closed on 718-724 Broadway for $1.05 million. The property is located on the corner of Broadway's core business district and is a collection of three buildings which are suited with four commercial tenants and five apartments. The subject property is located just two blocks from the 34th St. Light Rail Station. "Recently, Bayonne has become an increasingly desirable destination for tenants, residents, and investors alike, as the extension of the Light Rail and continued development revitalizes the community," Fahri Ozturk said.