Newmark Closes Sale of Mixed Use Property in Record Time
Cedar Knolls, N.J., February 26, 2020 – Newmark Associates CRE, LLC, announced the sale of a mixed use property at 1571 Irving Street in Rahway, New Jersey last week.
Jeannette Melillo, Sales Associate, having joined Newmark in the fall of 2019, acted as Exclusive Agent for the transaction and represented both the buyer and seller — marketing and selling the property in just four months. Ms. Melillo, formerly the Leasing Manager for a prominent New Jersey Real Estate company, has over 20 years in diverse businesses in the retail and commercial real estate industries.
The building, consisting of approximately 14,000 SF on two floors, is located in the burgeoning Art District of downtown Rahway, an area which is transitioning to a “live/work/play” redevelopment. Zoning allows retail/restaurant, office and residential usage, allowing for the buyer’s future plans to redevelop retail stores on the ground level and to convert the second level to residential units. Ms. Mellilo commented that “The property was attractive to investors, users and developers, resulting in multiple purchase offers.”
While the challenge for the building was limited parking, however, the property is only 3 blocks from a Transit Hub, minutes to Route 1 off the Garden State Parkway and in very close proximity to Newark Liberty Airport and the New Jersey Turnpike, making the drive to New York City less than 30 minutes.
Having received the referral for this property from a previous Newmark Associates’ client, Ms. Melillo, known for her negotiation skills and building strong interpersonal relationships with clients and key business partners, champions her work with the motto “Make your vision your reality and you will always be happy in your space.” Formerly focused on leasing CRE properties, she has expanded her ambitions at Newmark Associates to a new vision for the future — excellence at CRE sales – a future well underway.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, celebrates more than 30 years in the commercial real estate industry as one of the top brokerage companies in the state, and recognized repeatedly with awards by both NJBIZ magazine, and the CoStar Commercial Real Estate organization. Specializing in lease and sales transactions of office, industrial, retail, land, healthcare and mixed-use properties, Newmark Associates customers range from regional, entrepreneurial firms to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.