8/7/2008

CB Richard Ellis completes $1.9M mixed-use sale in Newark

by

49 Hill Street

CB Richard Ellis has announced the $1.9 million sale of 49 Hill Street by their first vice president Dean Marchi. CB Richard Ellis represented the seller, Realty Management, LLC, in the transaction.

The 25,000-square-foot facility, which is two blocks from the Prudential Center Arena in Newark, N.J., is a four-story, mixed-use apartment building with 25 apartment units and five retail units located on the ground floor. Amenities include new windows and a newly renovated common area as well as updated heating and exterior features.

The new owner's name was not made public, but CB Richard Ellis did state that the owner plans on holding the strategically placed property for investment purposes, taking advantage of the ongoing revitalization in the downtown Newark area.

Address: 49 Hill St., Newark, N.J.

Size: 25,000 square feet

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Filed Under: Mixed Use

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