CBRE Investment Sales Team Completes Four New Jersey Property Sales Valued At $13.62M

8/19/19

CBRE today announced that it has recently closed a combination of four sales transactions in Essex County, New Jersey,totaling $13.62 million. The buyers and the sellers in each of the transactions were all local investors.

The CBRE team,led by Nat Gambuzza, represented the sellers and procured the buyers in each of the transactions, which included 993 Stuyvesant Avenue and 1438-1442 Springfield Avenue, both in Irvington; 12-20 Canfield Street in Orange; and 211-213 Summer Avenue in Newark. Other team members instrumental in the sales include John Veniero, Trevor Fiebel and Manny Sanghera.

“We have seen major cap rate compression in Essex County, which is where all four of these properties are located,” said Mr. Gambuzza, who serves as senior vice president and leads a team of eight in theNew Jersey Investment Properties group. “In particular, there has been tremendous demand for urban Essex County assets.”

  • 993 Stuyvesant Avenue in Irvington, New Jersey is a 32-unit apartment building that traded hands for $2.7 million
  • 1438-1442 Springfield Ave, also located in Irvington, New Jersey, consists of 10apartment units and six stores, and sold for $995,000
  • 12-20 Canfield Street in Orange, New Jersey consists of 47-apartment units and one store. The building traded hands for $7.325 million
  • 211-213 Summer Avenue in Newark, New Jersey is a 17-unit apartment building that sold for $2.6 million


“There is no summer slowdown for CBRE,” Gambuzza added. “This brings the team’s Essex County total sales to $107,895,000 for this summer and we continue to bring new deals to the market for our clients.” 

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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.