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CBRE arranges $4M sale in Montclair

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CBRE’s Tri-State Investment Properties team has arranged a $4 million portfolio sale on behalf of JP Morgan Chase Bank in Montclair.

The mix of properties includes 475 Bloomfield Ave., former bank branch; 483 Bloomfield Ave., former corporate offices; and 2 Forest St., a gated parking lot. All are located in Montclair’s active downtown environment and less than 15 miles from New York City.

“Our team doesn’t focus on any one specific market or specific property type, which allows us to be a part of very complex, multi-faceted transactions like this one,” CBRE First Vice President Charles Berger said in a release.

Along with Berger the CBRE team of Elli Klapper, first vice president, and Mark Silverman, associate, partnered with Samuel Bernhaut of the retail division in representing JP Morgan Chase and procuring the buyer.

Berger emphasized the significance of the Montclair sale by pointing to, “the opportunity that exists for the properties to be developed for alternative uses.”

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Jessica Perry

Jessica Perry

Jessica is the Web Editor for NJBIZ. You can reach her at jperry@njbiz.com.

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