June 30, 2022 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Mixed-Use Property in Cranford, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,230,000.
The Mixed-Use property is located at 15-17 North Avenue East in Cranford, New Jersey. 15-17 North Avenue East is a mixed-use Property that currently consists of three (3) total suites, one (1), commercial suite totaling 2,100 square feet, and two (2) apartment units, one on each of the second and third floors (2,100 square feet each). The apartments are exceptionally large, leaving the possibility for the next owner to reconfigure the floorplan to provide for four (4) residential units, two (2) on each floor, depending on build-out. The building has plumbing on both sides of the first floor and the second and third floors each have two sets of plumbing, ideal for the reconfiguration of the residential units. The Property is situated at the intersection of North Avenue East (NJ Route 28) and Alden Street, the area’s primary commercial corridor, and is directly across from the Cranford bus/train station, a part of the NJ Transit Authority network. This stop provides bus and rail service to Newark’s Penn Station and Manhattan’s Penn Station. The Property also benefits from its proximity to numerous interstates and state highways, including The Garden State Parkway (0.8-miles), NJ Route 27 (2.5 miles), US Route 22 (3 miles), Interstate 78 (4.2 miles), US Route 9 (5 miles) and Interstates 95 & 278 (6 miles). The Property also provides easy access to local and national retailers (ShopRite, Lidl, Home Depot, Chase Bank, Walgreens, CVS, and 7-Eleven) and restaurants (McDonald’s, Taco Bell, Wendy’s) in the area.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.