Marcus & Millichap Inc.
04/29/2024 | Press release | Distributed by Public on 04/29/2024 15:14
Marcus & Millichap Facilitates $6.1M Sale of Mixed-Use Property in Downtown Hoboken
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Marcus & Millichap Facilitates $6.1M Sale of Mixed-Use Property in Downtown Hoboken
April 29, 2024
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HOBOKEN, N.J., April 29, 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 an 11,120-square-foot mixed-use property in Hoboken, New Jersey, for $6.1 million.
"Hoboken remains a highly desirable market for investors despite the challenging debt environment. Location, national retailers, and strong apartment rental demand have helped sustain values in town," said Devin Perez. "When we brought the property to market, interest rates were still moving targets, and our team was able to produce over a dozen offers despite the turbulent market. Ultimately, the seller chose the most qualified buyer with the best terms at full price."
Perez, Brent Hyldahl, and Alan Cafiero, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a private investor.
The mixed-use property is located at 202-204 Hudson St., in downtown Hoboken, steps away from Washington Street and 0.2 miles from the Hoboken PATH station, offering direct access to Manhattan. The property comprises 15 units in total, including 13 residential apartments with an on-site laundry facility, and two ground-floor retail units: Jersey Mike's and J & J Body Works.
"Hoboken remains a highly desirable market for investors despite the challenging debt environment. Location, national retailers, and strong apartment rental demand have helped sustain values in town," said Devin Perez. "When we brought the property to market, interest rates were still moving targets, and our team was able to produce over a dozen offers despite the turbulent market. Ultimately, the seller chose the most qualified buyer with the best terms at full price."
Perez, Brent Hyldahl, and Alan Cafiero, investment specialists in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller and procured the buyer, a private investor.
The mixed-use property is located at 202-204 Hudson St., in downtown Hoboken, steps away from Washington Street and 0.2 miles from the Hoboken PATH station, offering direct access to Manhattan. The property comprises 15 units in total, including 13 residential apartments with an on-site laundry facility, and two ground-floor retail units: Jersey Mike's and J & J Body Works.
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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.