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Five-Story MXD Building Sells to Local Buyer

NORTH BERGEN, NJ-The sale by Y.P. Realty was part of a 1031 exchange involving the acquisition of three out-of-state properties.

By Eric Peterson | Updated on April 30, 2008

NORTH BERGEN, NJ-The five-story mixed-use building at 7120-7126 Bergenline Ave. here has been sold by Y.P. Realty Inc. for an undisclosed price. The buyer was a local investor. The building combines 37 residential units with ground-floor retail.

The sale arranged by Kevin McCrann, an investment specialist in the Elmwood Park, NJ office of Marcus & Millichap, was part of a 1031 exchange allowing Y.P. Realty to acquire three out-of-state retail properties including a Marsh Foods grocery store in Kokomo, IN, a Hardee’s restaurant in Opp, AL and a Citgo service station in Richmond, GA. The cap rates for the three acquisitions, also arranged by McCrann for Y.P. Realty, range from over 8.1% to over 8.9%, he reports.

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