JERSEY CITY, N.J. (March 2, 2015) – CBRE Group, Inc. announced today it has arranged the sale of a four-acre development site in Jersey City, NJ, for $19.5 million. The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution facility, several multifamily homes, Pucciniâ€s Restaurant – a landmark establishment – and associated parking. The seven-lot assemblage is located at 1075 W. Side Ave, 1072 W. Side Ave, 1064 W. Side Ave, 54 Broadway and 153 Corbin.

Charles Berger and Robert Lâ€Abbate of CBRE Capital Markets†Investment Properties team in New Jersey, and Elli Klapper of CBRE Capital Markets†Investment Properties team in New York represented the seller and procured the buyer in the transaction. The team worked alongside local Jersey City brokers Robert Antonicello and Robert Antonicello, Jr.

The buyer, an out-of-state investor, plans to develop the four-acre site into a mixed-use complex comprised of more than 500 residential units, as well as ground-floor retail, which will enhance greatly the areaâ€s streetscape. The property is ideally located just blocks from the Journal Square transportation hub and the proposed PATH stop in the Marion section of Jersey City.

“Jersey City is one of the hottest markets in the Tri-State area, with Journal Square specifically being the key focus right now for investors,“ said Mr. Berger. “This sale has set a record on a price-per-unit basis in the Journal Square area and, based on all of the deals weâ€re working on, that record likely will not stand for long. In the last two months alone, our team has closed approximately $30 million in property sales in the Journal Square area.”

The record-setting project is one of 30 developments underway in Journal Square and its close vicinity. This list includes the Canco Lofts, 25 Senate Place and the recently completed Mana Arts Center, all of which are in the immediate area of this four-acre project.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the worldâ€s largest commercial real estate services and investment firm (in terms of 2014 revenue).  The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at  www.cbre.com.

The post CBRE GROUP INC. ARRANGES $19.5 MILLION SALE OF FOUR-ACRE DEVELOPMENT SITE IN JERSEY CITY, NJ  first appeared on River View Observer.

 JERSEY CITY, N.J. (May 30, 2014) – NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, today announced the $4.6-million sale of 106 Harbor Drive, a 65,000-square-foot, single-tenant warehouse property in Jersey City, N.J. The NAI team of Senior Vice President Tom Ryan and Vice President Barry Cohorsky represented the propertyâ€s seller, a family investor.

Subsequently, Cohorsky and Ryan represented the propertyâ€s new owner, CenterPoint Harbor LLC, in a 54,000-square-foot lease transaction with Iron Mountain Information Management LLC. An information management, records management and data protection services company with locations throughout the UK, Europe and North America, Iron Mountain Information Management signed a 10-year lease.

Located within the Hudson Waterfront Industrial Cluster, 106 Harbor Drive benefits from on-site property management. The property is situated on 2.7 acres, and provides excellent access to the Port of New York and New Jersey, Routes 1 and 9, the Holland Tunnel and the New Jersey Turnpike.

“The property provided CenterPoint, which has been aggressively pursuing industrial opportunities in the port markets, with an opportunity to expand its market share,” Cohorsky said. “CenterPoint has acquired nearly 3 million square feet over the past several years. The companyâ€s strategy is validated by the signing of a long-term lease with a multinational company.”

About NAI James E. Hanson

Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.

NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with 400 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the companyâ€s Hackensack office at 201-488-5800 or visit www.naihanson.com.

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