CBRE said July 15 that it completed the sale of 103 Grove St., a transit-oriented development site in Montclair.
BB Capital LLC acquired the 0.73-acre parcel from Peptco and plans to develop a self-storage facility at the site.
The CBRE investment properties team of Charles Berger, Elli Klapper and Mark Silverman spearheaded the marketing campaign and negotiated the sale transaction on behalf of Peptco.
“We have arranged the sale of several redevelopments in Montclair, as well as throughout New Jersey over the past few years and this newest transaction further highlights the state’s continued market strength, specifically in the multifamily and industrial sectors,” said Berger. “While complex transactions are extremely challenging, our team specializes in these types of mid-market deals that can transform entire neighborhoods.”
Located near downtown Montclair, the strategically located parcel is proximate to a coveted and flourishing neighborhood, just blocks from New Jersey Transit’s Walnut Street Station. The site is also within the favorable C-2 zone, which permits an array of commercial development opportunities.