March 15, 2023 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of the mixed-use property at 1029-1035 Broad Street in Bloomfield, New Jersey. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $1,484,500.
1029-1035 Broad Street is comprised of five commercial tenants on a 0.15-acre corner parcel. The Property consists of a two-story, 4,000 square foot commercial building that is 100% leased to a strong mix local and regional tenants. The Property has five commercial tenants and a well-established two-directional commercial billboard leased by CBS Outdoor on the roof. All of the commercial leases (except for the CBS Outdoor Billboard lease) have attractive annual rent increases in their base terms and renewal options. The Property is strategically located at the intersection of Broad Street, one of the area’s primary commercial and commuter corridors, and Johnson Avenue in the north end of Bloomfield. The Property is 1.3-miles from the Watchung Avenue Train Station and is 3-miles from Montclair State University (the second largest University in NJ). The Property also benefits from its proximity to numerous local public schools, interstates, and state highways (Garden State Parkway, NJ Routes 3 and 21, US Route 46). Bloomfield is a small bedroom suburb of New York City, located in the heart of Essex County. The affluent and densely populated area is 13-miles west of New York City.
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.