Cushman & Wakefield recently announced that it successfully arranged the sale of a two-story, 16,698-square-foot retail property located at 30-38 Oak Street in Ridgewood.
The final sale price was $5,650,000.
Cushman & Wakefield’s Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and David Bernhaut represented the seller, Onyx Equities in the transaction.
“This transaction underscores the strength of Ridgewood’s retail market, which continues to attract high-quality tenants and investors,” Schwartz said. “The property’s location in one of New Jersey’s most desirable downtowns, combined with its tenant mix and potential for value-add through leasing the lower level, made it an attractive investment opportunity.”
The property is currently 91.8% occupied by notable tenants including Park West Tavern, Je Lu Ja Spa, Ridgewood Education Association and Ridgewood STEPSS.
30-38 Oak Street benefits from 100 feet of frontage on Oak Street and is situated in the heart of Downtown Ridgewood, a premier retail hub in Northern New Jersey. The area is bolstered by the recently completed Hudson Street Parking Garage and several new multifamily developments, enhancing foot traffic and commercial activity.
