Marcus & Millichap Inc.
09/04/2024 | Press release | Distributed by Public on 09/05/2024 11:53
Marcus & Millichap Facilitates $1.15 Million Sale of Prime Downtown Englewood Mixed-Use Property
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Marcus & Millichap Facilitates $1.15 Million Sale of Prime Downtown Englewood Mixed-Use Property
September 04, 2024
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ENGLEWOOD, N.J., Sept. 4, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a rare mixed-use property in Downtown Englewood, New Jersey, for $1,150,000.
"Mixed-use buildings in the upper-class New Jersey downtowns remain incredibly popular with the investment community," said Alan Cafiero, senior managing director investments. "33 E. Palisade was no different, as we had more than 10 competing offers, and the property ultimately sold at full asking price."
Alan Cafiero, David Cafiero and John Moroz, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, Kutik Realty Associates and secured the buyer, DMG 33 Palisade.
Located at 33 E Palisade Ave., this mixed-use downtown property features a three-story building with a total of 4,225 rentable square feet. The property includes three units: The ground floor is occupied by The Salad House, while the second floor is currently leased on a month-to-month basis, and the third floor is vacant, offering potential for residential conversion. The building is strategically situated in an affluent area of Englewood, close to major retailers and just 3.7 miles from the George Washington Bridge.
"Mixed-use buildings in the upper-class New Jersey downtowns remain incredibly popular with the investment community," said Alan Cafiero, senior managing director investments. "33 E. Palisade was no different, as we had more than 10 competing offers, and the property ultimately sold at full asking price."
Alan Cafiero, David Cafiero and John Moroz, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, Kutik Realty Associates and secured the buyer, DMG 33 Palisade.
Located at 33 E Palisade Ave., this mixed-use downtown property features a three-story building with a total of 4,225 rentable square feet. The property includes three units: The ground floor is occupied by The Salad House, while the second floor is currently leased on a month-to-month basis, and the third floor is vacant, offering potential for residential conversion. The building is strategically situated in an affluent area of Englewood, close to major retailers and just 3.7 miles from the George Washington Bridge.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.