Texaco Downstream Properties has successfully sold a one-acre land parcel located at 247-251 West First Street in Bayonne, New Jersey to ASAP, LLC. The specific details of the transaction have not been disclosed.
The property is strategically situated across from a one-million-square-foot film studio that is currently being developed and expected to be completed by 2025. As part of its redevelopment efforts, Bayonne plans to enhance the waterfront and support the upcoming film studio. In line with this vision, ASAP, LLC intends to continue utilizing the site for its operations until further notice from city officials regarding potential mixed-use residential development plans for this designated “area in need.”
CBRE’s Allison Portera facilitated the sale on behalf of ASAP, LLC while JLL represented Texaco Downstream Properties as seller.
This news was originally published on Connect CRE’s website.
