ASAP acquires 1 acre of land from Texaco Downstream Properties in Bayonne

CBRE on Tuesday said it helped complete the sale of a land parcel at 247-251 W. First St. in Bayonne. ASAP LLC, acquired the one-acre site from Texaco Downstream Properties.

Allison Portera of CBRE arranged the sale on behalf of ASAP, while JLL represented the seller.

“This land parcel is in an extremely desirable location, across the street from a 1 million-square-foot film studio currently under development and expected to be completed by 2025,” Portera said. “Over the next few years, the city of Bayonne is planning to redevelop the area to support the studio and bring more people to the waterfront.”

ASAP plans to continue using the 42,000-square-foot site for its operations until the city announces its redevelopment plans as a waterfront mixed-use residential building. The city of Bayonne has already determined these plots as an “area in need” in the last town meeting and is excited to work together with ASAP LLC on this project.