CBRE announces Jersey City, North Brunswick sales totaling $8M

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A team from CBRE recently completed two sales totaling nearly $8 million, leading the marking campaigns and representing the sellers in each transaction.

On July 10, the commercial real estate services and investment firm announced the sale of:

• 206 Van Vorst St. in Jersey City for $5.9 million – A 14,000-square-foot office property with a 0.36-acre site.
• 708-718 Laurel Ave. and 681-691 Willow Ave. in North Brunswick for $2.13 million – A multifamily property with 12 units.

The CBRE Investment Properties team comprised Executive Vice Presidents Charles Berger and Elli Klapper as well as First Vice Presidents Jeremy Wernick and Mark Silverman.

The Jersey City property was acquired by 26 Van Vorst LLC, according to CBRE. The seller was Bel Fuse Inc., which has been based in the city for more than 60 years. The building served as the electronics-related manufacturer’s corporate headquarters for two decades.

As of July 1, Bel-Fuse operates from West Orange, a move that comes as “times are changing,” according to President and CEO Dan Bernstein. “The timing makes sense due to the current market value of the property and our expectation of lower annual operating costs,” he said in a June 26 announcement. “This move supports our team and is in the best interest of our shareholders.”

Located in the waterfront neighborhood of Paulus Hook, which “continues to experience tremendous growth and very low vacancy,” CBRE said new ownership plans to redevelop the property into a multifamily and townhouse development, while maintaining some commercial space.

The acquiror of the Van Vorst Street property was not disclosed.

“While we are facing tumultuous economic times with rising interest rates, the multifamily market continued to be strong, especially in neighborhoods with excellent transportation and area amenities,” Berger said. “As such, 206 Van Vorst St. will be redeveloped into quality housing that is much needed in Jersey City.”

Multifamily in Middlesex County

In North Brunswick, a New York-based private investment firm acquired the circa-1942 garden apartment complex located along Laurel and Willow avenues, CBRE said.

“The North Brunswick multifamily property provides an ample value-add opportunity upon renovation,” commented Wernick. “We were able to maximize value for our seller by securing a 1031 exchange buyer who will in turn be able to take advantage of those opportunities with a stable multifamily complex in a very desirable location.”

ICYMI

• CBRE arranges $40.5M, four-building industrial sale in Wall
• ‘Well-maintained’ Long Branch apartment complex sells for $9.75M