Sales leaders deliver nine deals comprising 233 units in Irvington, Belleville, and Montclair, New Jersey
CBRE announced today that the investment sales team led by senior vice president Nat Gambuzza closed a total of nine multifamily transactions in Essex County, New Jersey during 2017, with a total value amounting to more than $19.3 million
The properties represent a total of 233 units overall and are located in the communities of Irvington, Belleville and Montclair. The CBRE team, which worked on behalf of each seller, was supported by senior associate John Veniero.
“We’re proud to be closing 2017 as market leaders in the Essex County multifamily sector,” said Mr. Gambuzza. “Essex County is one of the region’s most densely populated counties, and local owners and investors know they can count on CBRE to help generate lucrative real estate transactions.”
Five of the county’s nine sales were in Irvington, where a total of 170 units comprised nearly three-quarters of total deal volume. The largest deal was a five-property, 88-unit portfolio transaction on Smith Street, which traded for $5 million. Addresses included 23, 25, 34-36, 27-37 and 39 Smith Street.
The other four Irvington deals were a $2.8 million two-building sale at 404-408 and 410-414 Union Avenue with a total of 45 units; a $1.8 million, 24-unit deal at 977-983 Stuyvesant Avenue; a $520,000 transaction at the four-unit 1400-1404 Springfield Avenue; and a nine-unit deal at 701 Lyons Avenue priced at $300,000.
The team closed three sales in Belleville encompassing a total of 42 units. The transactions included a 24-unit property at 304-316 Franklin Avenue that sold for $3.65 million, a 14-unit deal at 6-8 Lincoln Terrace trading for $1.51 million, and the $425,000 sale of 246-248 Mill Street, a four-unit property.
Mr. Gambuzza’s team also closed the $3.3 million sale at 124 Maple Avenue in Montclair, a 21-unit site.
The population of Essex County was estimated in 2016 at 796,914, making it New Jersey’s third-most-populous county.
About CBRE Group Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.