CBRE investment sales team completes NJ sales valued at $6.2M.


Byline: Linda Lindner

CBRE on Tuesday announced it recently closed a combination of four sales transactions totaling $6.2 million. The buyers and the sellers in each of the transactions were all local private investors.

The CBRE team of Nat Gambuzza and Steve Mariani was responsible for representing the sellers in each of the sale transactions, which included 47 Raritan Ave. in Highland Park; Franklin Commons in Shrewsbury; Marion Plaza in West Milford; and 11 Middletown-Lincroft Road in Lincroft.

"These properties had been languishing in the market for a long time prior to us taking over as exclusive sale agents," said Gambuzza, who serves as senior vice president of CBRE and leads the eight-person New Jersey Investment Properties group. "By utilizing all of the tools available at CBRE, including market research, demographics and targeted investor reports, we were able to find the ideal buyers for each of the assets."

Franklin Commons, a multi-tenant 14,713-square-foot retail investment property located at 691-703 Broad St. in Shrewsbury, traded hands for approximately $2.3 million. The center is located a half-mile from The Grove, a popular mixed-use destination. CBRE's Steven Winters assisted on the deal.

47 Raritan...

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