880 Bergen Ave, Jersey City NJ 07306
Sold: $5,700,000.00 Grid Real Estate LLC and CBRE have been retained as the exclusive advisor in the sale of 880 Bergen Avenue in the booming Journal Square section of Jersey City, the vibrant heart of the city. This is a mixed-use 45,000 square foot building comprised of retail on the ground floor, fully occupied by Bank of America, with multi-tenanted office space in the 8 stories above, with a penthouse unit on the 10th and top level.
Potential Investors may seek to reposition the existing office space to take advantage of the growing office demand, which will undoubtedly multiply in the coming years. The other option open to investors is to convert all of the floors above the ground level retail unit into approximately 60 multi-family units. This takes advantage of the property’s 2 block proximity to the PATH transportation hub with direct access to NYC, around which there are already thousands of multifamily units in various stages of development.
-Phenomenal location in the heart of Journal Square, one of the most up and coming areas in New Jersey and the Tri-State area
-Only 2 blocks from the Journal Square PATH train directly to New York City
-Bank of America, a nationally recognized investment grade tenant, has occupied the entire ground floor space since 1993
-Property allows for significant upside potential through multifamily redevelopment or office repositioning
-Approximately 30 projects in various stages of development taking place or due to take place in Journal Square over the next few years
-Excellent view of New York City skyline
-Based within the Journal Square 2060 Redevelopment Plan, allowing for ease of multifamily conversion