Marcus & Millichap on Tuesday announced it sold 125 Broad Ave., a three-building industrial property in North Bergen, for $11.1 million.
“Small-bay flex/warehouses in core markets like North Bergen are still in extremely high demand. This complex was no different, commanding multiple competitive bids during our marketing process,” Mark Gjonbalaj, first vice president, investments, stated. “The property presented a compelling opportunity for the investor to acquire a multitenant flex industrial property with upside in an urban infill submarket.”
Gjonbalaj, Alan Cafiero and Giacomo Fiorenza, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a New York-based limited liability company.
Constructed on 2.86 acres in 2004, the one-story asset consists of 21 units, two loading docks, 26-foot ceiling height, 21 drive-in doors and 50 parking spaces. Each unit is efficiently laid out with 150 square feet of office space.