Property owned by Newark Public Schools and the Newark Teachers Union has sold for $1.8 million.
The buyer is not being disclosed, according to CBRE Tri-State Investment Properties, which handled both sides of the deal.
Charles Berger, Elli Klapper and Mark Silverman, along with Advisory & Transaction Service’s Cheryl Hardt, arranged the sale of 30-32 Clinton St.
CBRE’s Charles Laginestra represented the unnamed buyer, which plans to convert the property into multifamily use and add a ground-floor retail component.
“Our CBRE team is highly active in New Jersey’s urban markets,” said Klapper, CBRE’s first vice president. “We’re able to leverage the power of the CBRE platform to the benefit of our clients across the board.”
The sale required multiple approvals from various government entities, including the superintendent of Newark Public Schools.
“Our team’s aggressive marketing approach generated considerable interest among potential buyers,” Klapper said. “We were able to rapidly generate 11 offers, which helped elevate the final price and ultimately led to an all-cash, no-contingency transaction. We were pleased to have had the opportunity to serve both the school system and the teachers’ union in a way that helped all parties achieve their goals.”