Bayonne, NJ — CBRE announced the $6.13 million sale of an in-development residential property at 90 Ave. E in Bayonne. The property, which is in mid-construction, was acquired from EOM by a private developer based in Hudson County.
The CBRE team of Fahri Ozturk, Richard Gatto and Zach McHale spearheaded the marketing campaign for the development site and represented EOM in the transaction. Hudson Realty served as a co-broker and acted on behalf of the buyer.
“We’ve had a longstanding relationship with our client, conducting numerous transactions together,” said Ozturk. “Our approach proved to be highly effective, attracting strong and qualified regional bidders from the outset. In the end, our marketing process left no stone unturned, leading us to secure the highest bidder.”
“This is our third development site closed in the last month, and we can potentially close three more by the end of the year, thus solidifying the strong bid for development sites in Hudson County in 2023,” added Richard Gatto.
The 70-unit Class A multifamily project at 90 Avenue E is fully approved with a 20-year PILOT and is within walking distance to a Light Rail Station in the heart of Bayonne.
In other news, CBRE announced the $13 million sale of three stand-alone shopping center properties and an undeveloped land parcel situated within Cedar Hill Shopping Center, a 366,000+ s/f power center anchored by Lowe’s, BJ’s Wholesale Club and Aldi in Voorhees. The CBRE Philadelphia capital markets team of Matthew Gorman, Michael Shover, Thomas Finnegan, and Rob Thompson represented the seller, a New England based debt fund and procured the successful buyer.
“This was a rare opportunity to acquire three stabilized retail properties along with a development site in a well-located and highly trafficked shopping center in the heart of an affluent suburban Philadelphia market,” said Gorman. “The buyer correctly identified the value-add potential of acquiring the assets as a portfolio, knowing that they would be worth substantially more on an individual basis due to the flexibility of the condo ownership structure in place.”
The properties sold include units 2, 3 and 4 (62,358 square feet) within Cedar Hill Shopping Center at 142-178 Route 73, a 19.2-acre shopping complex with parking for nearly 1,700 vehicles. The properties feature a diverse mix of food/beverage, health and wellness, merchandise and service provider tenants including Starbucks with drive-thru, The Vitamin Shoppe, AT&T and a newly added 22,000 s/f.
Savers Thrift Store as well as national anchor tenants.
The South Jersey assets are located directly across from Virtua Health's 120-acre Voorhees healthcare campus, which consists of a 386-bed inpatient acute care hospital and 300,000 s/f health and wellness center. The property is also adjacent to a 10-acre, 216-unit senior-living community currently under development.