A mixed-use property strategically located on Hoboken’s high-traffic retail corridor sold for $3,470,000. The transaction marks the third recent closing on Washington Street by the brokerage firm, Marcus & Millichap.
Investment Specialists Devin Perez, Alan Cafiero, and Brent Hyldahl from Marcus & Millichap’s New Jersey office brokered the transaction on behalf of a private seller. Angela Vartuli of SERHANT. represented the buyer. The sale comes on the heels of two other recent deals on Hoboken’s Washington Street handled by M&M.
“This marks our third successful closing on Washington Street in the past 60 days,” commented M&M’s Perez, associate director of investments. “Investor demand remains strong for well-positioned mixed-use properties along this premier retail corridor, supported by Hoboken’s underlying fundamentals and long-term retail outlook.”
The four-story building at 312 Washington comprises three units, including two large residential apartments and one ground-floor retail space. The property was built in 1920 and is zoned C-2. The first floor was most recently occupied by The Vitamin Shoppe, the entire 3,550-square-foot space was delivered vacant.
The property sits in the heart of Hoboken’s primary shopping district, the Washington Street corridor. Situated between Panera Bread and Starbucks, the building sees a tremendous amount of pedestrian traffic. Commuters stream by each day, heading to Hoboken’s nearby PATH and NJ Transit stations.
