A mixed-use building at 20-22 Court Street, located at the intersection of Moore Street and Washington Place in Hackensack, New Jersey, was sold in an all-cash transaction valued at $2,300,000.
The four-story building contains approximately 12,052 square feet and features ground floor retail space, premier office space on floors two through four, and 42 surface parking spaces. The retail space is occupied by Valley National Bank, offering drive-through banking and a 24-hour ATM. The sale price equates to approximately $191 per square foot.
Located in the heart of Downtown Hackensack, the property is at the center of a well-developed transportation network, which connects it to boroughs in New Jersey, New York City, and Newark International Airport. It is in close proximity to I-80, Route 17, and Route 4 and is served by two train stations on the NJ Pascack Valley Line, providing access to Secaucus Junction and Hoboken Terminal. Additionally, the property is located in the city’s designated redevelopment zone, with several new developments currently in the planning and construction phases.
“After our extensive marketing process that drew interest from investors across the Tri-State area, we were able to identify the perfect buyer from out-of-state for our client, who was thrilled with the 4.6 % cap rate we achieved,” said Cushman & Wakefield’s Dmitry Shaplyka, who exclusively represented the seller in this transaction.
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Neighborhoods: Bergen County/ Agents: Dmitry Shaplyka