BOW TIE CINEMAS HIRES CBRE TO MARKET TWO BERGEN COUNTY BUILDINGS
Theater and Retail Space Available for Purchase or Lease
BERGENFIELD, N.J. (March 6, 2015) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that it has been hired by Bow Tie Cinemas to sell or lease two of the company’s Bergen County theater and retail facilities. Located in Bergenfield and Tenafly, the buildings are currently operating cinemas with additional retail space. Once a tenant is secured for either theater space or a buyer for either building, the theater space would be delivered vacant. Each property has additional retail vacancies available for lease.
Steven Winters of CBRE’s FAMECO team, Charles Berger of CBRE's New Jersey Investment Properties team and Elli Klapper of CBRE's New York Investment Properties team have been hired to represent Bow Tie Cinemas in the company’s search for potential buyers or candidates to lease these unique locations.
Located at 58 South Washington Avenue, the Bergenfield property has a total of 18,058 square feet available on two levels for sale. Currently, there are tenants occupying 4,729 sq. ft. of the property, including Empanada Mania and Cusinera on the ground level and Spencer Nyemcheck School of Ballroom Dancing on the second floor. The theater space consists of 7,914 sq. ft. on the first floor and 4,824 sq. ft. on the second floor. Also available is an 881-sq.-ft. retail space on the first floor.
Bow Tie’s Tenafly property is located across from the former Tenafly train station at 5 West Railroad Avenue and has 9,534 sq. ft. available for sale. With only one existing tenant on the ground floor level occupying 282 sq. ft., the remaining 9,252 sq. ft. is available for lease.
“Both properties are unique spaces with great potential for retail or office conversion,” said Mr. Winters. “The buildings are not only attractive in and of themselves, but are located in the heart of the downtown section of their respective towns, surrounded by complimentary businesses and parking.”
The two properties are located in areas with high population density and high median household incomes.
CBRE FAMECO, which was formed when CBRE acquired Fameco Real Estate, LP in 2013, specializes in the shopping center industry and retail real estate services while utilizing CBRE’s global real estate platform. CBRE FAMECO’s services focus on retailer representation, owner representation, asset and property management and investment sales. CBRE is aggressively growing its retail services group throughout its platform and has positions available for retail professionals looking to join a winning team.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.