RIPCO RE completes $4.135M Kearny sale & 5,000 s/f Clifton lease

NORTHERN NEW JERSEY — RIPCO Real Estate recently completed two transactions in Northern NJ, including the $4.135 million sale of a 28-unit multifamily property in Kearny and a 5,000 s/f restaurant lease at The Promenade Shops at Clifton.

In Kearny, RIPCO arranged the $4.135 million sale of a 30,585 s/f multifamily property featuring 28 residential units—16 one-bedroom and 12 two-bedroom apartments—as well as a pharmacy that has operated at the property since 1952. Casey Egan, director, investment sales, represented the buyer and seller.

The ownership group had held the property since 1979 and worked with Egan following a relationship dating back to 2018. Relisted at $4.2 million, the property generated seven written offers, including several at or above asking price.

“There was a lot of competition for this asset, and our longstanding relationship with the ownership allowed us to earn their trust and ultimately bring the property to market,” Egan said. “The response from buyers demonstrated the strength of demand for multifamily properties in Kearny.”

In Clifton, Shinjuku Station Revolving Sushi Bar signed a 5,000 s/f lease at The Promenade Shops at Clifton, 850 Rte. 3. The concept is expected to open later this year.

RIPCO executive vice president Curtis Nassau and managing director Patrick Brake represented the landlord, Clifton Lifestyle Center, LLC. Jiang Yifan of RE/MAX Real Estate Professionals represented the tenant. The restaurant will feature a revolving sushi concept and tableside robot service.

The 145,000 s/f lifestyle center includes LA Fitness, Sephora, Ann Taylor Factory, J. Jill, Chico’s, Paris Baguette, J. Alexander’s Restaurant and Tommy’s Tap & Tavern, and benefits from visibility along Rte. 3, where 130,000 vehicles pass daily.