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M&M Sells Suburban, Urban Assets

HASBROUCK HEIGHTS, NJ-The firm sold off two mixed-use buildings here, as well as 11-unit apartment property in Newark.

By Alyson Grala | Updated on February 24, 2010

HASBROUCK HEIGHTS, NJ-Marcus & Millichap Real Estate Investment Services recently sold two mixed-use buildings totaling 6,000 square feet on the Boulevard in Downtown Hasbrouck Heights, according to Michael J. Fasano, vice president/regional manager of the firm’s New Jersey office. The two buildings consisted of six apartments, four offices and four retail spaces. One of the buildings was 100% occupied, while the other was 25% occupied.

David E. Thurston, director, NOIPG and Net Lease Group, and investment specialist Brian Schifilliti in Marcus & Millichap’s New Jersey office, sold the properties on behalf of the seller, a local private investor who was a third-generation owner. The two-building portfolio had been in the seller’s family for over 90 years. The buyer, a national investor, was secured by Thurston who had previously represented the buyer in several transactions on both the sell and buy side.

“While it is still a challenging real estate market and overcoming obstacles in getting to the finish line is the order of the day,” says Thurston, “transactions are being completed and perseverance in working through those challenges with the parties makes the closing that much more gratifying.” Schifilliti adds that “Bergen County properties are still especially desired in this market.”

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