Press Release

CBRE Arranges Sale of Three JPMorgan Chase Properties in Montclair, N.J.

15 3月 2018

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CBRE announced today that its Tri-State Investment Properties team has arranged the $4-million sale of a three-property portfolio on behalf of JP Morgan Chase Bank. The properties included 475 Bloomfield Avenue – the former bank branch, 483 Bloomfield Avenue – former corporate offices, and a gated parking lot at 2 Forest Street in Montclair, New Jersey.

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

“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,” said Mr. Berger. “Furthermore, by collaborating with our retail team, we were able to demonstrate the great potential to lease these vacant properties, which lie in the heart of one of New Jersey’s most dynamic downtown districts only thirteen miles outside of Manhattan. This sale is especially significant because of the opportunity that exists for the properties to be developed for alternative uses.” 

Berger also spoke of his team’s ability to facilitate negotiations between the bank, the town and the buyer, since Chase required a short-term leaseback period while seeking approvals for and building a new drive-thru branch across the street.

Having collaborated successfully for over a decade as the longest-tenured Investment Properties group in New Jersey and NYC’s Outer Boroughs, this Tri-State Investment Properties team specializes in Mid-Market transactions, including industrial, multifamily, retail, and office. This retail sale highlights the group’s ability to offer an alternative vision best suited to each individual transaction and demonstrates their continued determination and perseverance to achieve maximum value for their clients. 
 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.