Marcus & Millichap Sells Coviello Plaza Retail Property In West New York For $9.5M

The transaction involved the sale of a CVS-anchored retail and office property known as Coviello Plaza, located at 5300 Bergenline Avenue in West New York, NJ. The asset, encompassing a total of 27,100 square feet, commands a sale price of $9,500,000, resulting in a price per square foot of $351. The property features 11 tenants along with structured parking and has been on the market since its initial development in 1988.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $9,500,000
• Square Footage: 27,100
• Price Per Square Foot: $351
• Address: 5300 Bergenline Avenue
• Market: West New York, NJ
• Tenants: 11
• Brokerage Firm: Marcus & Millichap
• Broker Representatives: Devin Perez, Alan Cafiero, and Brent Hyldahl
• Buyer Type: All-cash 1031 exchange buyer

The deal was arranged by the brokerage firm Marcus & Millichap, with Devin Perez, Alan Cafiero, and Brent Hyldahl serving as the broker representatives. This transaction marked the change of ownership from a longtime owner to the new buyer.