CBRE completes sale of 4 properties in N.J. valued at $6.2M

CBRE announced Tuesday it has closed on four property sales in the state totaling $6.2 million.

The buyers and sellers in each transaction, CBRE said, were all local private investors.

Nat Gambuzza and Steve Mariani of CBRE represented the sellers in each deal.

They include:

  • 47 Raritan Ave., Highland Park; an 11,000-square-foot office building with eight tenants; $1.8 million;
  • Franklin Commons, 691-703 Broad St., Shrewsbury; a 14,713-square-foot retail property; $2.3 million;
  • Marion Plaza, 16-22 Marshall Hill Road, West Milford; a 7,000-square-foot strip center with five tenants and two apartments; $1.4 million;
  • 11 Middletown-Lincroft Road, Lincroft; a 5,911-square-foot investment property; $650,210.

“These properties had been languishing in the market for a long time prior to us taking over as exclusive sale agents,”  Gambuzza, senior vice president, CBRE, said.

“By utilizing all of the tools available at CBRE, including market research, demographics and targeted investor reports, we were able to find the ideal buyers for each of the assets.”