UNION CITY, NJ-The two-building retail and office complex at 4800 and 4801 Broadway here has been sold for $23.9 million, a number that factors out to about $282 per sf for the 85,000-sf property. The buyers and sellers were joint ventures of investor groups, with both sides represented by brokers from the Woodbridge, NJ-based Kislak Co.

Specifically, Kislak SVP and co-managing director Robert Holland represented the buyers, a joint venture of Paramount Acquisitions LLC and JD Union LLC. Kislak vice president Matt Weilheimer represented the sellers, 4800 Broadway LLC, 4801 Broadway LLC and Goal Investments.

“This transaction met the needs of both the buyer and the seller,” Weilheimer says. “These properties were initially acquired several years ago and underwent an extensive renovation and subsequent rapid re-leasing by the former owners, which added significant value to the assets.

“The buyers were in the middle of a 1031 exchange,” Weilheimer continues. “The buildings at 4800 and 4801 Broadway fit into Paramount Acquisitions’ and JD Union’s financial requirements in that case.”

Both buildings were fully occupied by a mix of retail and office tenants at the time of sale, according to Holland. The 4800 Broadway building totals 42,500 sf and includes such tenants as Dunkin Donuts, Pizza Hut, Cablevision, Hudson County municipal offices and the State of New Jersey.

The building at 4801 Broadway, meanwhile, also totals 42,500 sf, and counts as its tenants a grocery store, discount store, radiology office and daycare center. Both buildings also offer on-site parking, “a rarity in Hudson County,” Holland says.

“The New Jersey real estate market continues to attract demand from investors,” Holland says. “These properties offer the new owners tremendous long-term growth potential.”

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