CBRE Arranges $8.24 Million Sale of Retail Property at 226-228 Washington Street in Hoboken, NJ

CBRE today announced it has completed the sale of a two-story retail property located at 226-228 Washington Street in the heart of Hoboken, NJ. JFA Hoboken LLC acquired the asset from 226-228 Washington Realty LLC for $8.24 million.

The CBRE team of Charles Berger and Sam Bernhault led the marketing campaign for the property and represented the seller in the negotiations. The CBRE team was also responsible for procuring the buyer.

“We leveraged the full strength of our integrated platform, drawing expertise from both Capital Markets and Retail Services, to secure a buyer with a reliable plan for the asset and validating the potential value add for the property,” said Berger. “We were able to achieve a purchase price that translates to over $1,000 per sq. ft. in an all-cash transaction. The new ownership now plans to secure entitlements to develop a mixed-use property.”

Located in one of the most coveted retail and residential locations in the market, 226-228 Washington Street is just two blocks from the waterfront and a five-minute walk from the Hoboken PATH Station. The property is also adjacent to a number of national retailers, including Nike, Abercrombie & Fitch, Trader Joe’s, Starbucks and Chipotle.