CBRE announced Friday it has arranged the $4 million sale of a three-property portfolio in Montclair on behalf of JPMorgan Chase Bank.
The properties included 475 Bloomfield Ave. (the former bank branch); 483 Bloomfield Ave. (former corporate offices); and a gated parking lot at 2 Forest St.
The CBRE Tri-State Investment Properties team of Charles Berger, first vice president; Elli Klapper, first vice president; and Mark Silverman, associate; partnered with Samuel Bernhaut, vice president of CBRE’s retail division; to represent JPMorgan Chase and also procured the buyer in the deal.
“Our team doesn’t focus on any one specific market or specific property type, which allows us to be a part of very complex, multi-faceted transactions like this one,” Berger said.
“Furthermore, by collaborating with our retail team, we were able to demonstrate the great potential to lease these vacant properties, which lie in the heart of one of New Jersey’s most dynamic downtown districts only 13 miles outside of Manhattan. This sale is especially significant because of the opportunity that exists for the properties to be developed for alternative uses.”
