Marcus & Millichap announced the $9.5 million sale of Coviello Plaza, a prominent CVS-anchored mixed-use property situated along the bustling Bergenline Avenue retail corridor in West New York, Hudson County.
The transaction marks the first time the legacy-owned asset has changed hands since its original development nearly four decades ago in 1988.
Marcus & Millichap’s investment team—led by Devin Perez, Alan Cafiero and Brent Hyldahl—exclusively marketed the property on behalf of the seller and successfully secured an all-cash 1031-exchange buyer to close the deal.
Coviello Plaza, located at 5300 Bergenline Ave., stands out in a densely populated market due to its substantial street frontage and dedicated parking infrastructure.
“Opportunities to acquire legacy-owned assets of this scale, with this amount of frontage and parking along Bergenline Avenue are extremely rare,” Perez, associate director of investments in Marcus & Millichap’s New Jersey office, said. “Investor demand remained strong due to the asset’s irreplaceable location, long-term tenancy history and future value-add potential. Despite multiple challenges throughout the transaction process, our team successfully secured an all-cash 1031-exchange buyer and navigated the sale through closing.”
The mixed-use center is positioned squarely within the primary shopping and dining vein of West New York:
- The Structure: A three-story building spanning 27,100 square feet.
- Parking Infrastructure: Features a rare multi-level parking deck, a highly coveted amenity for local retail shoppers and commuters.
- Tenancy Mix: Comprises 11 commercial units fully occupied by a diversified blend of retail, professional, and medical tenants anchored by CVS.
