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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 1 January 11 - 24, 2013 Contributing Columnist Heather Kreiger
126-unit, community located in Rochelle Park, a Bergen County, NJ Marcus & Millichap’s McConnell & McCrann secure $15m multifamily sale
R
OCHELLE PARK, NJ — Marcus&Millichap Real Estate Invest-
properties is extremely strong throughout New Jersey, and this was an exceptional oppor- tunity in an excellent location,” added Robert Holland , presi- dent and co-managing director. “Morris County has low vacancy and increasing rents. Jon pro- cured an aggressive buyer able to close quickly. The sale was completed within 45 days of contract signing.” The property is located in suburban Dover approximately 30 miles west of New York City. Constructed in 1964, it consists of four brick garden-style build- ings with a combination of stu- dios and one and two bedroom units on over two park-like acres. Financing was provided by Spencer Savings Bank . The seller was represented by An- thony Melleli, Esq . and the purchaser was represented by Jonathan Mehl, Esq. At the time of closing, the property was 100%. n domestic.” “What is unique about this transaction is how infrequently garden apartment complexes with over 100 units trade in Bergen County,” adds Mc- Crann. “You can count on one hand how many similar apart- ment complexes have sold since 1999.” Built in 1964, Swan Court Apartments is located at 235 W. Passaic St. across the street from a 24-hour ShopRite-an- chored shopping center and is within walking distance of the Garden State Plaza Mall. The property is ideally located between the Garden State Parkway, State Route 4, State Route 17 and Interstate 80. Swan Court Apartments is the 55th investment real estate transaction McConnell and McCrann have closed since the market shifted in 2009. Since then, they have arranged an average of more than one trans- action per month. n
ment Services , the nation’s largest real estate investment services firm, has arranged the sale of Swan Court Apart- ments, a 126-unit garden-style apartment community located in Rochelle Park, a Bergen County township. The $15 mil- lion sale price equates to a 5.6 percent cap rate and $119,048 per unit. Thomas McConnell, CCIM and Kevin McCrann , senior associates in Marcus & Mil- lichap’s New Jersey office, represented the seller, Genwill Co. LLC, the builder, owner and manager of the property until the sale. McConnell and McCrann also represented the buyer, Real Estate Growth Advisors LLC , a Highland Park based real estate invest- ment and management com- pany specializing in multifam- ily assets.
2A
Cushman & Wakefield inks sale of LV Industrial asset for $21.3m
Swan Court Apartments
“The Bergen County mul- tifamily marketplace is an extremely competitive envi- ronment with exceptionally high barriers to entry,” says McConnell. “This was the first
time the Swan Court Apart- ments had been available for purchase and the offering garnered a great deal of atten- tion from public and private investors, both foreign and
5B
2013 Forecast
VP Greenberg of The Kislak Co. represents both parties in $11.45 million sale of Dover Hills apt.
Mid Atlantic R eal e state J ouRnal 2013 F orecast
MidAtlantic RealEstateJournal—January11-24,2013—SectionC
www.marejournal.com
DOVER, NJ — The Kislak Company, Inc. announced the $11.45 million sale of Dover Hills, a 100-unit apartment complex. Vice president Jona- than Greenberg represented both parties, longtime Kislak clients, in the transaction. “It is rare that a property of
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Section C
Directory
New Jersey. ................................. 9-22A Southern NJ Spotlight. .............. 15-19A Green Buildings......................... 27-29A People on the Move....................... 26A Pennsylvania..........................section B 2013 Forecast......................... Section C
Dover Hills
www.marejournal.com Upcoming Spotlight Economic Development
this size and quality becomes available in such a high de- mand area where multifamily properties rarely trade,” said Greenberg. “We are extremely pleased to have been given the
opportunity to market Dover Hills on an exclusive basis. And I believe the sale was the largest single multifamily sale in Morris County this year.” “The market for multifamily
DEADLINE January 11, 2013
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Inside Cover A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — January 11 - 24, 2013 — A
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A — January 11 - 24, 2013 — Mid Atlantic Real Estate Journal MAREJ A dvertisers D irectory Bergman Real Estate...................................................... 12A BL Companies.................................................................... 7B Blake Real Estate............................................................ 15C Brasler.............................................................................IC-B Bussle Realty Corp.......................................................... 11A Cenova.............................................................................. 27A Cooper Horowitz................................................................ 7A Cushman & Wakefield.............................................. 17A, 5B Doroshow Pasquale KR................................................... 27A Earth Engineering.................................................... 12A, 2B Eastern Union Commercial. ........................................... 10C Fowler Route Company................................................... 27A Griffin Land....................................................................... 7B Hinerfeld Realty Co..................................................... IBC-A Hinerfeld............................................................................ 1B ICREW NJ....................................................................... 20A Jackson Cross Partners................................................... 14C Kaplin Stewart. ........................................................... 2A,2C Keast & Hood............................................................... IBC-B Landcore........................................................................... 10B Landmark Engineering..................................................... 3C Longview Investments...................................................... 3A M Miller & Son.................................................................. 3A Marcus & Millichap........................................................... 5C Meridian Capital Group................................................BC-C Metro Commercial............................................................. 7C NAI Summit....................................................................... 7B NRC.................................................................................... 1A PenCapp Properties........................................................... 7B Poskanzer Skott Architects............................................. 21A R&J Control..................................................................... 12C Regal Bank............................................................ 14A, BC-A RT Environmental............................................................. 4B Sebco Laundry Services. ................................................. 10A SHELDON GROSS Realty.............................................. 10A Subway......................................................................... IBC-A The Green Group............................................................. 11C The Kislak Company....................................................... 14A Tristate REAELTORS...................................................BC-A Whitesell.......................................................................... 13A WOLF Commercial Real Estate. .................................... 16A
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ................................................................Elaine Fanning Section Publisher ..................................................................Andrew Hicks Senior Editor/Graphic Artist ................................................ Karen Vachon Graphic Artist/Social Media Specialist ............................ Rachel Rugman Office Manager ....................................................................Joanne Gavaza Editorial Consultant .............................................................. Ben Summers Guest Columnist .................................................................Heather Kreiger Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 25 Issue 1 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
By Heather Kreiger How to Use Competition Mapping for Site Selection
C
ompetition mapping offers a quick and easy visual guide of nearby
competitors to a selected site. A retailer looking to open a location in a new area should take competitor >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70
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