VERONA, NJ-Brightstar Realty has completed three commercial real estate sales, including an 18,000-square-foot office building at 201 Bloomfield Ave., for a total of $6.1 million.
Also in the transactions were a package of three multifamily buildings in Montclair and a 20-unit apartment building in Verona. All of the buyers and sellers were private entities, says Alan Erickson, vice president of sales and marketing for Roseland, NJ-based Brightstar. The cap rate for all three deals was in the 6% to 7% range. Demand for the properties was very strong and multiple offers were procured for each.
“This is kind of our sweet spot,” Erickson tells GlobeSt.com. “We definitely had a lot of interest in the properties.”
The office building, which sold for $1.6 million, was purchased by a not-for-profit that will use most of the space for its own needs. Erickson represented the seller and procured the buyer for three six-unit buildings on Pine Street in Montclair for $2.5 million. All three buildings have been completely renovated over the past 10 years with all 18 units offering central air conditioning, wood floors and new kitchens.
Brandon Zaleski, the broker/owner, sold the apartment building with two cell towers on Montrose Avenue for $2.1 million.
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