Four Investment-Grade Assets Hit North Jersey Market

NEWARK-Four investment-grade properties have separately hit the North Jersey Market with a combined ask topping $16 million. The link between the four is that New York-based Massey Knakal Realty is shopping the properties, as part of its ongoing entry into the New Jersey marketplace. The owners of the four properties are all local investor groups.

“With NYC cap rates still holding below 6%, many investors have focused on New Jersey, where higher returns can be found,” says Massey Knakal partner James Nelson. “Buyers appreciate the inherent upside and values that are in many cases well below the replacement costs.”

Among the four properties on the market is 119-37 Clifford St. in Newark, a three-story [one a lower level] medical office building. The top floor is leased to a nursery school, recently gut-renovated. The 12,000-sf building is tagged at $6.2 million.

The 55,000-sf 576 Central Ave. in East Orange, meanwhile, combines offices with 8,400 sf of ground-floor retail. Currently 82% occupied, the building’s ask is $5.1 million. And a 17-unit, four-story apartment building at 10-12 48th St. in Weehawken is listed for $2.6 million.

Finally, 314 6th St. in Jersey City is a four-story brick building with eight apartment units and a rear yard. The asset recently underwent a gut renovation and is listed at $2.25 million.