RIDGEWOOD, NJ-CB Richard Ellis has been named the exclusive sales agent for a 30,611-square-foot mixed-use building, located at 54-58 E. Ridgewood Ave. here. CBRE's Dean Marchi, first vice president, is spearheading the marketing efforts on behalf of the owner.
"Ridgewood has an upscale and vibrant downtown shopping and living community, making the area desirable for buyers given its long-term investment possibilities and potential for stable returns," says Marchi. "The building is a two-story facility that is being delivered vacant. Previously occupied by a retail bank branch, the first floor is currently laid out for retail and office use, while the second floor is designed for office." However, he adds that the property's B-1 business zoning allows potential buyers multiple options in terms of alternate usage, including retail, office and residential.
Built in 1930, the building has a 60-foot frontage and 50 dedicated parking spaces in two lots under assignable land leases. It also has several expansion options, including the possibility of extending the interior mezzanine level to create a second floor and adding a second story to the rear portion of the existing building. "This property offers so much more than just a convenient and easily accessible location; its classic 1930s architectural design and feel make it recognizably different from surrounding properties in the area," continues Marchi. "Ultimately, we are confident that we will identify an opportunistic buyer for this property."
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