Crestpoint Acquires Development Site From Leber Family In Union City For $2.63M

The asset involved in this transaction is a development site located at 2000 John F Kennedy Boulevard in Union City. The property was sold for a price of $2,630,000, encompassing a total square footage of 35,000, which translates to a price per square foot of $75. It is an "As of right" development site that was transacted without any approvals in place.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,630,000
• Address: 2000 John F Kennedy Boulevard
• Market: Union City
• Square Footage: 35,000
• Price per Square Foot: $75
• Buyer: Crestpoint
• Seller: Leber Family
• Broker: Jonathan Zamora - Marcus & Millichap

This transaction highlights the involvement of Crestpoint as the buyer, who was able to secure the property as an all-cash developer. The deal had significant market interest due to its proximity to the Lincoln Tunnel. The successful close was facilitated by Jonathan Zamora of Marcus & Millichap, representing the interests in the transaction.