CBRE Closes $5.5M Sale Of Unentitled Development Site In North Bergen For Arin Management

A local developer has swiftly acquired an unentitled multifamily development site in North Bergen, New Jersey. The property, located at 8709 River Road, is part of a seven-property portfolio on the New Jersey Gold Coast. The sale, facilitated by CBRE brokers Fahri Ozturk, Jeffrey Babikian, Richard Gatto, and Zachary McHale, closed at a price of $5.5 million. The development site spans 30,000 square feet, resulting in a price per buildable square foot (PPBSF) of $183.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $5,500,000
• Address: 8709 River Road
• Market: North Bergen

The local developer's acquisition of the unentitled multifamily development site at 8709 River Road highlights the robust investor interest in the North Bergen area. Arin Management, the seller of the property, enlisted the services of CBRE brokers Fahri Ozturk, Jeffrey Babikian, Richard Gatto, and Zachary McHale to facilitate the transaction. This deal exemplifies the high demand for development opportunities on the New Jersey Gold Coast.