Lyndhurst Diner in Lyndhurst sold recently for $2.9 million, according to a Monday announcement from Marcus & Millichap, which helped facilitate the sale.
The diner sits on 1.07 acres across three lots at the cross streets of Riverside Avenue and Kingsland Avenue, just beyond the DeJessa Bridge that links Lyndhurst to Belleville/Nutley and Route 21. It is in close proximity to national retailers, including Wendy’s, Advance Auto Parts, Walgreens and Target. Daily traffic counts on Riverside and Kingland avenues surpass 29,000 vehicles per day.
Alan Cafiero, David Cafiero and John Moroz, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, both New Jersey-based LLCs.
“The market for hard-corner signalized intersections in New Jersey is always strong, even despite economic headwinds,” Alan Cafiero, senior managing director of investments, said. “This particular property, situated at one of the premier corners in Bergen County, was no different. We received multiple bids from a number of developers and the property was ultimately purchased by an investor executing a 1031 exchange.”