(To read more on the multifamily market, click here.)

NEWARK, NJ-In separate transactions, a former academic building here and a retail/residential building in Chatham, NJ have been sold, according to Dean Marchi, first vice president of CB Richard Ellis Private Client Group. The combined sales totaled $4.2 million, “and both buildings received aggressive interest from investors,” Marchi says.

The larger of the two buildings is the 25,199-sf 18 Washington Place on this city’s Washington Park. Formerly used as a school for St. Phillip’s Academy, it was sold for $3.3 million by the latter to a union, which was not identified. The deal was arranged by Marchi and CBRE’s Richard Charles, with legal representation by Carol Stern of McCarter & English for the seller and Thomas Kennedy for the buyer. The latter “plans a capital improvement at the building, which it will utilize for its union-related activities,” Marchi says.

The Chatham building is 249 Main St., a two-story, 4,150-sf asset with two retail stores, one currently vacant, and two apartments. The building traded for just less than $1 million, with the seller identified only as “an international banker,” and the buyer “a local businessman” who plans “significant upgrades,” according to Marchi. Legal counsel was provided by David Miller for the seller and Thomas Kennedy for the buyer.

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