Hoboken Commercial Condo Trades Near $7M in 1031 Exchange
“The seller felt the sale came at the right time due to the relatively low interest rate environment and strong demand for investment properties in Hoboken,” says Kislak's Scott Davidovic.
HOBOKEN, NJ—A 14,000-square-foot commercial condominium at 222 Washington Street in Hoboken, NJ, traded for $6.565 million in an all-cash Section 1031 exchange brokered by The Kislak Company.
Kislak marketed the portfolio on an exclusive basis. Senior vice president Scott Davidovic represented the seller and procured the purchaser, a longtime client with significant holdings in Hoboken and elsewhere in Hudson County.
“The seller was the original developer of the property and felt the sale came at the right time due to the relatively low interest rate environment and strong demand for investment properties in Hoboken,” says Davidovic. “The property offered upside in the office rents and potential with the retail space.”
The premier commercial condominium consists of approximately 7,500-square feet of storefront retail space with frontage on Washington Street and another 6,500-square-feet of fully occupied office space on the lower level. Baby Gap occupies approximately 60 percent of the retail space.
Washington Street is the principal commercial and retail thoroughfare in Hoboken. The property is four blocks from the Hoboken Terminal, one of the New York metropolitan area’s major transportation hubs. The location is surrounded by many national and local retailers including Chipotle, CVS, McDonalds, Starbucks and Walgreens.