SALES

PASSAIC, NJ—CBRE has arranged the sale of 615-625 Main Avenue, Passaic, NJ, for $8.42 million. The 65,000-square-foot building, anchored by Valley National Bank, is located on one square block of property. Charles Berger and Elli Klapper, of CBRE Tri-State Investment Properties, represented the seller and procured the buyer in the transaction. The property, in the heart of Passaic, includes a two-story parking deck. The new owner, a long-time CBRE client, intends to hold the building for investment purposes, while improving on its efficiencies. The building was fully renovated in 2007, with more than $5 million in capital improvements. Besides Valley National Bank, which has been in the location for over 40 years, the building tenants include multiple medical practices.

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