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NEWARK-The 25,000-sf, four-story building at 49 Hill St. here has been sold for $1.9 million, or approximately $76 per sf. The asset combines 25 apartment units and five ground-floor retail units, and its common area and building systems were recently renovated and upgraded.

The seller, locally based Realty Management LLC, was represented by CB Richard Ellis, specifically by that firm’s first VP Dean Marchi. The buyer was not identified. The property is positioned in proximity to the new Prudential Center area, just two blocks away.

“The new owner plans on holding this strategically located property for investment purposes,” Marchi says. “They will be taking advantage of the tremendous, ongoing revitalization that’s happening in the downtown area of this city.”

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