HOBOKEN, NJ — Marcus & Millichap announced the sale of an 11,120 s/f mixed-use property in Hoboken, for $6.1 million.
“Hoboken remains a highly desirable market for investors despite the challenging debt environment. Location, national retailers, and strong apartment rental demand have helped sustain values in town,” said Devin Perez. “When we brought the property to market, interest rates were still moving targets, and our team was able to produce over a dozen offers despite the turbulent market. Ultimately, the seller chose the most qualified buyer with the best terms at full price.”
Perez, Brent Hyldahl, and Alan Cafiero, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller and procured the buyer, a private investor.
The mixed-use property is located at 202-204 Hudson St., in downtown Hoboken, steps away from Washington St. and 0.2 miles from the Hoboken PATH station, offering direct access to Manhattan. The property comprises 15 units in total, including 13 residential apartments with an on-site laundry facility, and two ground-floor retail units: Jersey Mike’s and J & J Body Works.
In other news, Marcus & Millichap announced the sale of The Vitamin Shoppe, in Union, New Jersey. The asset sold for $3,545,000.
“Net-leased assets along major retail corridors in northern New Jersey continue to be in high demand,” said Alan Cafiero, senior managing director of investments. “The Vitamin Shoppe is located on one of the most highly sought-after stretches of commercial highway in New Jersey, Center Island, Rte. 22.”
Cafiero, David Cafiero, and Dean Matuszewicz, investment specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, the Klein Group LLC, and secured the buyer, G Mason Group LLC.