Marcus & Millichap announced the sale of Bank of America, a 4,450-square foot net-leased property located in Clifton. – MARCUS & MILLICHAP
A net-leased property in Clifton housing a national banking brand sold for $3.83 million.
The sale of the 4,450-square-foot Bank of America was announced April 4 by Marcus & Millichap‘s James McGuckin, regional manager for the firm’s New Jersey office.
Investment specialists Alan Cafiero, David Cafiero and John Moroz had the exclusive listing to market the property on behalf of the individual/personal trust seller.
“Single tenant properties in northern New Jersey are commanding significant interest in today’s market,” Cafiero said in a statement. “Properties that have credit tenants are especially of interest. The large amount of deposits at this branch made this particular property interesting to the investment community.”
According to an announcement of the sale, the Bank of America location has deposits of approximately $242 million.
The buyer, a limited liability company, was secured and represented by a team of investment specialists from M&M’s Manhattan office, Eric Anton and Nelson Lee.
Marcus & Millichap did not immediately return request for additional comments.
