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Marcus & Millichap Arranges The Sale Of 2.67 Acres Of Land For Development in Teaneck, NJ

September 29, 2021

Teaneck, NJ, September 29, 2021 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Teaneck Development, 300,000 square feet of land located in Teaneck, NJ, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $9,830,000.

Steven J. Siegel, an investment specialist in Marcus & Millichap’s Manhattan office, had the exclusive listing to market the property on behalf of the seller, 329 Alfred Corp.  The buyer, Teaneck Urban Renewal, was secured and represented by Casey Egan and Daniel Aviles, investment specialists in Marcus & Millichap’s New Jersey office.

John Krueger, Regional Manager, Broker, of the Manhattan office, assisted in closing this transaction. Aviles commented, “This deal is a great example of Marcus & Millichap’s national presence with local expertise. We received overwhelming interest from local, regional, and national developers looking to either expand or establish their footprint in a prime Bergen County location right outside of NYC. Our job was not only to negotiate the best deal for our seller, but to find a buyer who understood how to navigate the delicate and complex approval process. Everyone involved collaboratively structured and created a project the town would approve of. The buyer was a true professional during this entire process. He remained patient and flexible while surrounding himself with the right team. We look forward to seeing how this project positively impacts the redevelopment zone.”

Teaneck Development is located at 329 Alfred Ave in Teaneck, NJ.  The site is in proximity to NYC and NJ Route-4 for easy commuting via Port Authority and its zoning allows for a multifamily complex or hotel.

 

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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