Multi-Use NJ Area Development Site Sells
- Apr 28, 2017
Manzo-Doren Organization of West Caldwell LLC, an entity affiliated with businessman Albert Manzo, acquired a 34,622-square-foot lot at 820 Bloomfield Ave., West Caldwell. NAI James E. Hanson’s Joshua Levering and Gary Sauerborn represented both the buyer and the seller, Lourenco Service Center LLC.
Although the property previously served as a Shell gas station, the West Caldwell Planning Board already approved the construction of an Investors Bank drive-thru, free-standing branch on the lot. However, the zoning plan allows the construction of retail and office buildings on the parcel.
Located in a highly circulated area, the Essex County site offers a full, 200-foot frontage on Passaic and Bloomfield avenues. It is also close to restaurants and coffee shops, retailers, banks and Wrensch Park. The property is just a 30-minute drive away from Newark and Jersey City via Essex Freeway.
“Working directly with legal counsel, seller and a team of other professionals, we were able to utilize our experience and market knowledge to ensure all our clients’ needs were addressed. The final deal took numerous years but was mutually beneficial for all parties involved. It allowed ownership to sell the property for an acceptable amount while also providing new ownership an opportunity to redevelop this well-located parcel of land,” Levering said in a prepared statement.
According to PropertyShark data, the 0.8-acre site last traded in 2011 for a reported $867,000.
Image via Google Maps