SALES

PASSAIC, NJ—CBRE has arranged the sale of615-625 Main Avenue, Passaic, NJ, for $8.42million. The 65,000-square-foot building, anchored byValley National Bank, is located on one squareblock of property. Charles Berger and ElliKlapper, of CBRE Tri-State InvestmentProperties, represented the seller and procured the buyerin the transaction. The property, in the heart of Passaic, includesa two-story parking deck. The new owner, a long-timeCBRE client, intends to hold the building forinvestment purposes, while improving on its efficiencies. Thebuilding was fully renovated in 2007, with more than $5 million incapital improvements. Besides Valley NationalBank, which has been in the location for over 40 years,the building tenants include multiple medical practices.

CHADDS FORD, PA—KarMar Realty Group, Inc. hassold two Delaware County, PA properties for a total in excess of$1.2 million. One property was a 3,119 square-foot,single-story, free standing building at 67 WilmingtonPike in Concord Township. The second property was rawground located at the corner of Brandywine Drive and RouteOne in Chadds Ford, PA. The Wilmington Pike property wassold by Arora Leasing Group, LP to Orth202. The property had been a retail site, but the newowners intend to use the building as office space. The secondproperty, a 5.7 acre site on Route 1 owned byGakis Property Holdings, LLC, was soldto theHenderson Group, Inc. Pending appropriateapprovals, the Henderson Group is planniang tobuild a hotel and restaurant complex on the site. Justin M.Soss and Marshall J. Soss ofKarMar Realty Group, Inc. represented all partiesin the transactions.