A retail property in downtown Wyckoff has sold for $1.75 million, according to real estate services firm CBRE, which arranged the deal.
CBRE said in a news release that the 3,700-square-foot, multitenant property at 375-381 Franklin Ave. fetched one of the highest per-square-foot prices in the area in several years.
The team of Charles Berger and Elli Klapper, first vice presidents, with a retail brokerage team including Samuel Bernhaut, vice president, and Nicole Nannola, associate, represented the undisclosed seller and procured the undisclosed buyer.
“Wyckoff, and affluent Bergen County in general, areas in very high demand,” Berger said in a prepared statement. “Significant opportunities exist for both sellers to capitalize on increased pricing on well-situated, well-maintained properties with a value-add component, as well as for buyers that can take advantage of the low interest rate environment, while finding properties that offer stability and upside potential in the suburban northern New Jersey retail market.”
CBRE said it has been retained by the buyer to act as the exclusive leasing agent for the property, either filling the remaining vacancies or securing a single tenant for the entire site.