CBRE today announced the sale of 5005 Bergenline Avenue in West New York, New Jersey. The 7,000-sq.-ft. mixed-use corner lot property was sold for the benefit of a Charitable Remainder Annuity Trust, who is donating the proceeds of the sale to a non-profit school organization.

CBRE’s Charles Berger, First Vice President; Elli Klapper, First Vice President; and Mark Silverman, Associate, represented the seller and also procured the buyer.

“5005 Bergenline Avenue presented a unique opportunity for investors to acquire an asset with tremendous upside, just one block from the 49th Street Train Station in West New York,” said Mr. Silverman. “We were able to draw interest from both local and out-of-town investors, allowing us to maximize value for our client.”

Located along the Bergenline Avenue Corridor, 5005 Begenline Avenue lays in a redevelopment zone that allows forboth residential and commercial development. The location is extremely attractive for an array of potential uses and should prove to be a lucrative redevelopment opportunity for the buyer.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.