MONTCLAIR, N.J., Nov. 30, 2012 /PRNewswire/ -- The New Jersey office of AuctionAdvisors announced that it will be offering a 67,000 SF building located at 3100 Bergenline Avenue in Union City, NJ. The auction will commence with a qualifying round of sealed bids, required to be submitted by December 10 th. This will be followed by a second round of bidding that will take place at the Courthouse in an open outcry format. The property is partially occupied by professional offices and enjoys ancillary revenues from cell towers and a prominent billboard leased out to Clear Channel Communications.
The property was originally purchased by a partnership for development into medical office and street retail and was substantially renovated before work was halted. Approved plans anticipated additional retail and office space on the Bergenline Avenue and 32 nd Street side of the building. "The market for medical office has declined due to uncertainties associated with healthcare reform," explains Oren Klein, Partner at AuctionAdvisors who is handling the court ordered auction. "A new buyer will benefit from opening the project's potential to both medical and traditional office use, while taking advantage of the unmatched street retail exposure – all of which are in high demand. Vacancy is low and rents in this area are the highest in this submarket," he adds. "After a partnership dispute, the decision was made to put the asset into bankruptcy for the purpose of reorganizing its debt and selling the building at an auction," explains Chad Friedman, Partner at Ravin Greenberg LLC who is representing the seller.
Built in stages over 80 years, the property now boasts over 67,000SF with plans for an additional 9,500 SF. Plans include transforming the former bank branch and drive-up banking facility on the ground floor into retail. The property spans an entire city block of downtown Union City and its highly visible location is right on the I-495 Helix leading into the Lincoln Tunnel. "With over 85,000 cars passing by this property each day, many crawling in traffic on the Helix, you can't help but notice the building and its potential," notes Joshua Olshin, Partner at AuctionAdvisors. He adds, "This auction is a great opportunity for a user or operator interested in capitalizing on an undermanaged asset that already has multiple income streams to build upon."Please contact AuctionAdvisors at 888.243.3431 or visit www.auctionadvisors.com for more information on this unique opportunity. AuctionAdvisors, based in the New York metropolitan area, is a full-service real estate auction company. With strategically located offices around the country, AuctionAdvisors services clients in the disposition of real estate and real estate related assets. For a complete list of auctions and sales or to learn more about AuctionAdvisors visit www.auctionadvisors.com . SOURCE AuctionAdvisors