Marcus & Millichap on Tuesday said it sold a residential development site that currently includes a 20,000-square-foot vacant commercial building on a 35,000-square-foot lot in Union City, for $2,630,000.
“This sale attracted significant interest from a wide range of developers due to its prime location near the Lincoln Tunnel and the rare size of the assemblage directly on Kennedy Boulevard,” Jonathan Zamora, senior director investments in Marcus & Millichap’s New Jersey office said. “We were able to secure an all-cash developer who moved quickly to close on the property in as-is condition, without any approvals in place — a testament to the strength of the site and our targeted wide reaching marketing process.” Zamora exclusively marketed the property on behalf of the seller and procured the buyer.
Located at 2000 John F. Kennedy Blvd., just off Route 495, the property offers immediate access to the Lincoln Tunnel, Route 1 and 9, Route 3, and Interstate 95. It provides strong redevelopment, with ample parking and proximity to regional transit and Manhattan.
