NEW YORK— Matthews™, a commercial real estate investment services and technology firm, completes the sale of a three-property mixed-use portfolio located at 233, 235, & 237 Dayton Avenue in Clifton, New Jersey. Matthews™ Senior Vice President & Director David Ferber represented the seller in the $4,400,000 transaction, marking the highest sale price for a mixed-use portfolio in Clifton in the last three years.

 

Located just 15 miles west of Midtown Manhattan, with convenient access to Route 1 & 9, Interstate 95, and the Garden State Parkway, the assets total 14,500-square-feet across three contiguous buildings. The portfolio features a mix of 47% one-bedroom units, 37% two-bedroom units, and 16% commercial space. With two of the three buildings having undergone extensive renovations and 235 Dayton constructed from the ground up in 2018, the portfolio presented the buyer with a strong in-place income base and immediate value-add potential.

 

Leveraging a multi-year relationship with the seller, the Matthews™ agent brought the portfolio to market as part of a planned exit from active ownership. Through a competitive bidding environment, generating 12 offers within the first 60 days, the listing ultimately attracted a local investor with an established presence in the neighboring market. Despite significant financing hurdles, including a last-minute lender withdrawal due to tenant-use restrictions, Matthews™ secured 75-day seller financing while maintaining close coordination between both parties to ensure an efficient and smooth closing process.

 

“This transaction exemplifies our commitment to navigating complex challenges and delivering exceptional outcomes by getting our clients to the finish line, regardless of the obstacles,” Ferber said. “The level of interest we saw from the market validated what we knew from day one; this was an exceptional asset in a submarket that continues to attract serious capital.”

 

The new ownership intends to implement a comprehensive value-add strategy across the portfolio, including marking rents to market upon lease renewals, securing a new tenant, and introducing additional income streams through the existing storage units and on-site laundry facilities.

 

For more information, please contact David Ferber or visit www.matthews.com.

 

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.