NEWARK, NJ — The CBRE Tri-State Investment Properties team of Charles Berger, Elli Klapper and Mark Silverman, along with Advisory & Transaction Service’s Cheryl Hardt, has arranged the sale of 30-32 Clinton St. in Newark.
The team represented Newark Public Schools and the Newark Teachers Union, joint owners of the property, which was vacant at the time of the transaction. The building, which sits on less than an acre of land, was sold for $1.8 million to an undisclosed buyer represented by Charles Laginestra, also of CBRE.
“Our CBRE team is highly active in New Jersey’s urban markets,” said Elli Klapper, first vice president, CBRE. “We’re able to leverage the power of the CBRE platform to the benefit of our clients across the board.”
The sale had required multiple approvals from various government entities, including the superintendent of Newark Public Schools.
Klapper added: “Our team’s aggressive marketing approach generated considerable interest among potential buyers. We were able to rapidly generate eleven offers, which helped elevate the final price and ultimately led to an all-cash, no-contingency transaction. We were pleased to have had the opportunity to serve both the school system and the teachers’ union in a way that helped all parties achieve their goals.”
The new owner plans to convert the property to multifamily use and add a ground-floor retail component.