CBRE completes 4 N.J. property sales valued at $13.62M

By Emily Bader
Essex County | Aug 19, 2019 at 11:04 am

CBRE announced Monday it has recently closed on the $13.62 million total sale of four properties in Essex County.

CBRE’s team, led by Nat Gambuzza and including John Veniero, Trevor Fiebel and Manny Sanghera, represented the sellers and procured the buyers in each deal. The buyers and sellers of each transaction were all local, undisclosed investors, CBRE said.

“We have seen major cap rate compression in Essex County, which is where all four of these properties are located,” Gambuzza, senior vice president, said. “In particular, there has been tremendous demand for urban Essex County assets.”

The sales included:

  • 993 Stuyvesant Ave., Irvington, a 32-unit apartment building, $2.7 million;
  • 1438-1442 Springfield Ave., Irvington, a 10-unit apartment building with six stores, $995,000;
  • 12-20 Canfield St., Orange; a 47-unit apartment building and one store, $7.325 million;
  • 211-213 Summer Ave., Newark, a 17-unit apartment building, $2.6 million.

“There is no summer slowdown for CBRE,” Gambuzza said. “This brings the team’s Essex County total sales to $107,895,000 for this summer and we continue to bring new deals to the market for our clients.”

Emily Bader | ebader@roi-nj.com | emilybader