December 9, 2021 – Mike Lombardi of Horvath & Tremblay has successfully completed the sale of a two-building mixed-use property in North Arlington, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,600,000.
The mixed-use property is located at 1-7 Ridge Road in North Arlington, New Jersey. 1-7 Ridge Road is comprised of two adjacent buildings, the first is a one-story commercial building leased to United Check Cashing and a record store, the second is a two-story mixed-use building that consists of four (4) commercial tenants and two residential units, a 2-Bedroom/1-Bathroom unit and a 3-Bedroom/1-Bathroom unit, an AT&T cell tower on the roof, and basement storage space. Both buildings are situated on a 0.17-acre corner parcel. Both the residential units offer large, 2-Bedroom and 3-Bedroom layouts and are individually metered for electricity. The Property is strategically located at the signalized intersection of Ridge Road (NJ Route 17), the primary commercial corridor traversing the borough, and Belleville Turnpike in the west-end of North Arlington. 1-7 Ridge Road is 2-miles from the Kingsland Train Station with service on the Main/Bergen County Line and the Port Jervis Line. The Property also benefits from its proximity to numerous interstates and state highways (Interstates 95 & 280, US Routes 1 and 9, and NJ Routes 3, 7 and 21). Redevelopment along North Arlington’s 1.25-mile stretch of Ridge Road has recently attracted coffee shops and, for the first time, luxury rentals. A 30-unit apartment complex, the Ridge, opened across from the cemetery in 2018, and the Opus, a larger residential community that offers penthouses, has recently opened. Both have one-bedroom units only and are targeted at millennials. North Arlington and the area surrounding the Property have experienced unprecedented population growth over the last decade. The population within 3-miles of the Property has increased by more than 10% since 2010.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.