CBRE Tri-State Capital Markets Group announced the $7.5 million sale of a 13,000-square-foot development site located at 511-521 Newark St. in Hoboken, New Jersey.
The site is part of the Southwest Hoboken Redevelopment Plan and is being presented for a potential residential development. The property was acquired by a private developer based in Hudson County from AIRN Management (formerly NRIA). CBRE procured the buyer for the transaction, which is the third sale that the brokerage completed on behalf of the seller.
“The closing of 511-521 Newark St. marks another successful sale on behalf of AIRN Management,” said Fahri Ozturk, a senior vice president with CBRE. “Each and every deal to-date has been unique in their own way. The underlying theme is that high-quality, well-located sites in Hudson County remain of strong interest for developers.”
