For the first time since its development 38 years ago, Coviello Plaza, a CVS-anchored mixed-use property in West New York, New Jersey, was recently sold.
The property located at 5300 Bergenline Avenue was sold for $9.5 million, according to commercial real estate brokerage firm Marcus & Millichap.
Coviello Plaza is surrounded by retail stores and restaurants in the community’s primary retail corridor.
The site, which includes a three-story, 27,100-square-foot building and a multi-level parking deck, has 11 units and is occupied by a mix of retail, medical, and professional tenants, according to Marcus & Millichap.
“Opportunities to acquire legacy-owned assets of this scale, with this amount of frontage and parking along Bergenline Avenue are extremely rare,” Devin Perez, associate director of investments in Marcus & Millichap’s New Jersey office, said in a statement.
