Jersey City-based Grid Real Estate LLC announced it closed on the sale of three prime Journal Square properties. All properties are situated around the Journal Square PATH station and the future home of the Frank J. Gaurini Court House.
The vacant lot properties sold are located inside the Journal Square redevelopment plan at 425 Hoboken Ave., 26 Oakland Ave., and 14-16 Oakland Ave.
“Journal Square continues to attract many small and large investors looking to develop within the 2060 redevelopment plan,” said Bob Antonicello, president of Grid Real Estate LLC. “The courthouse market is a natural extension of what’s coming to the ‘core’ of the square.”
425 Hoboken Ave., a 7,800-square-foot vacant site, abuts Namdar Group’s 30-story residential tower which has just broken ground.
26 Oakland Ave. is a 4,400-square-foot corner vacant parking lot site which currently sits across from a recently approved a 15-story, 297-unit development.
14-16 Oakland Ave. is a 4,700-square-foot site that is the home to longtime Jersey City family Brian Goldstein and sits directly across from the soon to be Frank J. Gaurini Court House.
All three buyers were local developers with midsized projects throughout Jersey City. Grid Real Estate represented the landlords in all three transactions.