PALISADES PARK, NJ-The 6.5-acre Trio East multifamily development site has been sold as part of a bankruptcy court order for $1.8 million to Berkeley Palisades Park LLC of Austin, TX. Cushman & Wakefield’s Metropolitan Area Capital Markets Group was engaged by the court to represent seller Tarragon, the original developer of the property. Tarragon, which actually filed for Chapter 11 bankruptcy back in 2009, was required by the court to sell the tract to satisfy the lien holder.

“When the site, which is approved for 64 residential units, initially went under contract, the economy was just beginning to turn around,” says Cushman & Wakefield’s Brian Whitmer, who helped orchestrate the sale. “The buyer was very bullish throughout the process and comfortable with the eventual prospects of the investment.”

The site is adjacent to Trio West, a two-building condominium property near Fort Lee, NJ. Trio West was also developed by Tarragon, and the unsold units of the two completed buildings were sold by Cushman & Wakefield in 2009 as part of a fractured condo transaction.