Data Loading...
Real Estate Journal — June 13 - 26, 2014 — 1A www.marejournal.com
www.marejournal.com Inside Cove A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal
M id A tlantic
Real Estate Journal — June 13 - 26, 2014 — 7A
www.marejournal.com
M id A tlantic
D el M ar V a
20A — June 13 - 26, 2014 — M id A tlantic
Real Estate Journal
www.marejournal.com
C ommercial R eal E state O rganizations ’ E vents C alendar
JUNE 17 – USGBC NJ Event: Design Sustainable & Energy Efficient Building by America Training Solutions Time: 7:30 AM – 5:00 PM Location: Hilton Newark Penn Station Address/City: 1048 Raymond Blvd., Newark, NJ Cost: $65 Members $90 Nonmembers www.usgbcnj.org JUNE 18 – NJAMB Event: Annual Golf Outing Time: 11:00 AM Location: Beaver Brook Country Club Address/City: 25 Country Club Dr., Annandale, NJ P: 908-852-2498 E: [email protected] www.njamb.org JUNE 18 – ULI PHILADELPHIA Event: Inaugural Awards for Excellence Time: 5:30 PM – 7:30 PM Location: The Ballroom at the Ben Address/City: 834 Chestnut St., Philadelphia, PA P: 215-446-2930 E: [email protected] www.philadelphia.uli.org JUNE 18 – USGBC NJ Event: Emerging Professionals 2nd Annual Summer Kick-off Happy Hour Time: 5:30 PM Location: Surf City Address/City: 1 Marin Blvd., Jersey City, NJ P: 973-290-0013 E: [email protected] www.usgbcnj.org JUNE 19 – CREW PHILADELPHIA Event: Mugshots For Members Time: 5:00 PM – 7:00 PM Location: Atrium at BNY Mellon Center Address/City: 1735 Market St., Philadelphia, PA Cost: $65 Members www.crewphiladelphia.org JUNE 19 – DVGBC Event: Delaware Meet & Mingle Happy Hour Time: 5:30 PM – 7:30 PM Location: Firestone Address/City: 110 South West St., Riverfront, Wilmington, DE P: 215-399-5790 E: [email protected] www.dvgbc.org JUNE 19 – NAIOP PITTSBURGH Event: Chapter Meeting “Finance Update” Time: 7:30 AM Location: Omni William Penn Hotel Address/City: 530 William Penn Pl., Pittsburgh, PA Cost: Members Free/$40 Nonmembers P: 412-928-8303 E: [email protected] www.naioppittsburgh.com
JUNE 19 – SMPS PITTSBURGH Event: SMPS/AMA Joint Summer Mixer
JUNE 26 – CORENET NJ Event: Summer Social Time: 5:30 PM – 7:30 PM Location: Trump National Golf Club Address/City: 900 Lamington Rd., Bedminster, NJ Cost: $125 Members $150 Nonmembers P: 973-771-5201 E: [email protected] www.corenetglobal.org JUNE 26 – CREW NJ Event: Cocktail Reception Time: 6:00 PM – 8:00 PM Location: Liberty House Address/City: 76 Audrey Zapp Dr., Jersey City, NJ Cost: $90 Members $115 Guests JUNE 26 – IREM DELAWARE VALLEY 3 & NJ 101 Event: Annual Joint Meeting & Networking Event Time: 5:00 PM – 8:00 PM Location: The Camden County Boathouse at Cooper River Park Address/City: 7050 N. Park Dr., Pennsauken, NJ Cost: $65 Members $75 Nonmembers P: 856-786-9260 www.irem3.org P: 609-585-6871 www.icrewnj.org
Time: 5:30 PM – 7:30 PM Location: Hard Rock Café Address/City: 230 W. Station Square Dr., Pittsburgh, PA Cost: $25 Members $35 Nonmembers E: [email protected] or [email protected] www.smpspittsburgh.org JUNE 20 – CIANJ Event: BIG Presents: Creating the Ideal Building or Office Time: 8:00 AM – 9:30 AM Location: CIANJ Address/City: S. 61 Paramus Rd., Ste. 200, Paramus, NJ P: 201-368-2100 www.cianj.org JUNE 22 – CREW PITTSBURGH Event: Members Summer Picnic Time: 12:00 PM – 8:00 PM Location: Schenley Park – David Lawrence Pavilion JUNE 23 – IOREBA Event: 45th Annual Golf & Tennis Outing Time: 11:00 AM Location: Essex County Country Club Address/City: West Orange, NJ www.ioreba.com JUNE 23 – USGBC NJ Event: 11th Annual Golf Outing Time: 11:30 AM – 8:00 PM Location: New Jersey National Golf Club Address/City: Allen Road, Basking Ridge, NJ P: 973-290-0013 E: [email protected] www.usgbcnj.org JUNE 25 – MID ATLANTIC REAL ESTATE JOURNAL Event: NJ Commercial Real Estate Forecast Summit Time: 7:30 AM – 12:00 PM Location: Brookdale Country Club Address/City: Florham, NJ P: 800-584-1062 E: [email protected] www.rejournals.com/newjersey JUNE 25 – CIANJ Event: Breakfast with NJDEP Commissioner Bob Martin Time: 7:30 AM – 10:30 AM Location: Pines Manor Cost: Free-Members Only E: [email protected] www.crewpittsburgh.org
JUNE 26 – ULI BALTIMORE Event: Bay Tour – Blackwall Hitch
Time: 5:30 PM – 8:00 PM Location: Blackwall Hitch Address/City: 400 sixth St., Annapolis, MD P: 443-824-4246 E: [email protected] www.baltimore.uli.org
JUNE 30 – CIRC Event: Annual Golf Outing Time: 10:00 AM
Location: Hartefeld National Address/City: Avondale, PA Cost: $45/Dinner $145/Golfer P: 302-633-1705 E: [email protected] www.circdelaware.org JULY 18 – NAIOP NJ Event: Community Action Volunteer Day at Community Food Bank of NJ Time: 9:30 AM – 3:00 PM Location: Community Food Bank of NJ, Hillside
Address/City: 2085 Route 27, Edison, NJ Cost: $80 Members $100 Nonmembers P: 201-368-2100 www.cianj.org
P: 732-729-9900 www.naiopnj.org
JULY 28 – CORENET/NAIOP Event: Golf Outing Time: 10:00 AM Location: Green Valley Country Club
JUNE 25 – ULI PHILADELPHIA Event: Hard-Hat Tour of Camden’s New Kroc Center Time: 8:00 AM – 10:00 AM Location: Kroc Community Center Address/City: 1865 Harrison Ave., Camden, NJ P: 215-525-4977 E: [email protected] www.philadelphia.uli.org
Address/City: 201 W. Ridge Pike, Lafayette Hill, PA P: 267-428-6434 E: [email protected] www.corenetglobal.org
S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Berkadia provides financing for 110-unit complex Kislak completes $7.65 million sale of Mapleview Apartments in Merchantville, NJ
M
apartments and 84 two-bed- room apartments. The prop- erty includes new kitchen cabinets and appliances and presented upside potential upon completion of unit reno- vations to increase revenue. The property is located a short walk to downtown Merchant- ville, minutes fromCherry Hill Mall, less than one mile away from Rte. 38 and near Rte. 70, and a bus stop is in front of the property. “The market for multifamily properties remains very strong
lheimer. “The solid rental market and professionally managed building enabled us to market it widely and iden- tify the right purchaser.” “This is the purchaser’s first transaction with Kislak,” said Keenan. “I am pleased that I represented the purchaser in their largest acquisition to date and look forward to working together again in the future.” Financing was provided by Berkadia . The seller was rep- resented by Leon D. Dembo, Esq. of Dembo & Saldutti LLP of Mount Laurel, New Jersey. The purchaser was represented by James R. Lisa, Esq. of Jersey City, New Jersey. At the time of closing, the property was 98% occupied. n
ERCHANTVILLE, NJ — The Kislak Company, Inc. an-
nounced the $7.65m sale of Mapleview Apartments, a 110-unit multifamily complex in Merchantville. Senior vice president Matthew Weil- heimer represented the seller and vice president Joseph Keenan represented the pur- chaser. Mapleview Apartments is an all-brick, well landscaped property with on-site parking. It includes 26 one-bedroom
MapleviewApartments
properties in and around the area given its close proximity to Philadelphia, the lack of availability properties, high occupancies and increasing rents.” “The seller engaged us on an exclusive basis,” said Wei-
throughout New Jersey,” said Robert Holland , president and co-managing director. “The local area, which includes Cherry Hill, is a strong Phila- delphia submarket and we noticed a marked increase in demand among investors for
.
JUNE 13 - 26, 2014
HI-LIGHTS
Scott and Lou Belfer represent Van Dyke Associates CBRE handles 173,746 s/f renewal & expansion lease in New Brunswick, NJ
Prestige Group sells twelve apartment units for $692,500
NEW BRUNSWICK, NJ — CBRE Group Inc. , one of New Jersey’s largest commer- cial real estate brokerage firm, announced the completion of a 173,746 s/f industrial renewal and expansion lease at 14 Van Dyke Ave. and 20 Van Dyke Ave., in New Brunswick. The CBRE team of Scott Belfer and Lou Belfer , se- nior vice presidents, repre- sented the landlord, Van Dyke Associates, LLC , in the transaction. The tenant, Prime Source Building Prod- ucts, renewed and expand- ed its lease at the property, which will continue to serve as the company’s northeast distribution hub and provide storage space. Prime Source Building Prod- ucts renewed 84,824 s/f of space at 20 Van Dyke Ave. and expanded into 88,922 s/f of space at 14 Van Dyke Ave. The company decided to renew its lease due to the additional outside storage available at the building complex. In addition to this feature, the location is also valued for its proximity to
Prestige Group, Inc. was responsible for the sale of “Smith Lane Apart- ments”, a 12 unit multi- family property in Runne- mede . See page 2B .
Colliers International arranges $6.85millionsaleof 330,000 s/f
Colliers Internation- al has arranged the sale of the 330,000 s/f Morris Business Campus at 1000, 1100, and 1200 The Ameri- can Rd. in Morris Plains. See page 5B
ALSO INSIDE:
14 & 20 Van Dyke Ave.
Northern NJ Spotlight.............................5-11B NJ CRE Summit Forecast....................13-BCB ICREW NJ......................................................20B
contributed to the tenant’s decision to stay in place in the New Brunswick location,” said Scott Belfer. “The property was also able to accommodate the tenant’s desire to expand its in- dustrial footprint, which sealed the deal in this transaction.” n
major highways, such as the New Jersey Tpke. and Rte. 1, plus the ability for tenants to expand their operations within the campus. “The location of these ware- houses, in addition to the price offered by the landlord, greatly
www.marejournal.com
Inside Cover B — June 13 - 26, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
“WE’VE GOT NEW JERSEY COVERED” WAY BELOW MARKET PRICES – For SALE or LEASE
1,920 SF – PISCATAWAY 300 SF Ofc, 20’ Clgs, 1 DI AVAILABLE IMMEDIATELY
1,500 - 3,000 SF - EDISON Up to 14,000 SF Ofc, 18’ Clgs, TB, DI AVAILABLE IMMEDIATELY
7,928 SF - MIDDLESEX 1,000 SF Ofc, 16’ Clgs, TB/DI AVAILABLE IMMEDIATELY
50,422 SF – Raritan Center, EDISON 7,000 SF Ofc, 21 ’ Clgs, 6 TB, Racked, Food Grade Bldg w/Freezer & Cooler Space
CARTERET – Available Imm 8,700 SF – 1,000 SF Ofc, 18’ Clgs, 2 TB 17,250 SF – 1,200 SF Ofc, 14’ Clgs, 2 TB, 2 DI
46,500 SF - METUCHEN 11,000 SF Ofc, 22’ Clgs, 4 TB, Sale/Lease AVAILABLE IMMEDIATELY
61,419 SF - EDISON Raritan Center, Sublease, 24’ Clgs 9 TB, DI, Rail – AVAIL IMMEDIATELY
66,000 SF - MAPLEWOOD 12,000 SF Ofc, 22’ Clgs, 6 TB, DI Trailer Pkg, Heavy Power
53,500 SF - MILLBURN 4,000 SF Ofc, 16’ Clgs, 10 TB AVAILABLE IMMEDIATELY
129,129 SF – NO BRUNSWICK 10,215 SF Ofc, 22’ Clear, 16 TB, DI Rail, Heavy Power, 8 Acres Sale/Lease
138,000 SF – NEW BRUNSWICK 8,000 SF Ofc, 20’ Clgs, 5 TB BUY $32.00 PSF
300,000 SF – CARTERET 10,000 SF Ofc, 24’ Cl gs, 13.79 Acres 32 Crossdock TB
www.bussel.com
For Additional Listings or Information Check Us Out On The Web: H
Bussel Realty Corp. 2 Ethel Road, Suite 202 A, Edison, NJ 08817
(732) 287-3777 / Fax (732) 287-1090 / [email protected] / www.bussel.com The information herein has been obtained from sources deemed to be reliable, but no guarantee of its accuracy is made by the Company. In addition, no representation is made respecting measurements, dimensions, zoning, condition of title or any matters of a legal or environmental nature. Such matters should be referred to legal counsel for determination. Subject to errors, omissions or withdrawal without notice.
Real Estate Journal — New Jersey — June 13 - 26, 2014 — 1B
www.marejournal.com
M id A tlantic
2B — June 13 - 26, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Fairfield Corporate Park, Fairfield, New Jersey
Vice president Kaplan handles entire transaction Prestige Group sells twelve apartment units for $692,500
R
UNNEMEDE , NJ — Richard Natow , president of Prestige
FOR LEASE 32,000 Square Foot Industrial Building
Group, Inc. announc ed tha t Pr e s - tige Group, Inc. was re- s p o n s i b l e for the sale o f “ Sm i t h Lane Apart- ments”, a 12
* Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: [email protected]
Victor Kaplan
unit multifamily property in Runnemede. The address is 40-44 Smith Ln., which is lo- cated in Camden County. Smith Lane Apartments consists of three brick and sid-
Smith Lane Apartments
a section of the Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marejournal.com New Jersey Real Estate Journal Kaplan said, “This property was in excellent condition! Eleven of the twelve units had been recently renovated. The buildings have electronically monitored smoke detection systems. The vinyl siding is capped and in great condition making the exterior of the building practically mainte- nance free! The parking lot had been newly sealed and striped. This was very attrac- tive to the Buyer as they are local multi-family owners.” Kaplan said, “The seller was very satisfied with the sale of the property. The settlement process went very quickly! It took just three weeks. It was a cash transaction. And the cur- rent New Jersey State Green Card was beneficial also.” n ment building was purchased by a local investment company for $ 692,500. The seller was “IO, LLC”. Prestige Group was respon- sible for the listing and sale side of this transaction. Vic- tor Kaplan , vice president, handled the entire transaction from marketing the property for sale, contract negotiations through to a successful settle- ment.
ing buildings each consisting of four, one bedroom apart- ments. The buildings are built in a colonial style. The apart-
Section Editor Julie King [email protected]
ov
of
E
Real Estate Journal — New Jersey — June 13 - 26, 2014 — 3B
www.marejournal.com
M id A tlantic
N ew J ersey
Celebrating over 20 years of Engineering Excellence!
S Demetsky of Jones Lang LaSalle represents seller Bussel brokers sale of 102,108 s/f industrial facility in NJ OUTH BRUNSWICK, NJ — Bussel Realty Corp. (BRC) , an indus-
QUALITY • COMMITMENT • PERFORMANCE
trial real estate services firm in New Jersey, announced it has brokered the purchase of 138 Georges Rd. in South Brunswick, a 102,108 s/f indus- trial facility. The property was purchased by Modway East End Imports for an undis- closed amount from LIT In- dustrial Limited Partnership, a Clarion Partners property. Senior vice presidents David Posner , Robert Sager and David Blitt of BRC repre- sented the purchaser. Clarion Partners was represented by Nate Demetsky of Jones Lang LaSalle . “The Georges Road purchase is a good fit in Modway’s stra- tegic growth plan, offering flex- ibility for the innovative fast growing company,” said Blitt. Sitting on 19 acres of land, KRE Group renos. Bridgewater office building BRIDGEWATER, NJ — KRE Group , a privately held real estate company in New Jersey, announced that it has completed renovations at 991 Rte. 22, a class A office build- ing in Bridgewater. The newly-upgraded 41,975 s/f building now includes a full-service café for tenants and a completely renovated lobby. New carpet, wallpaper and furniture added to the lobby bolster the modern at- mosphere of the building. The renovation was part of a proactive, portfolio-wide ef- fort by KRE Group to improve and modernize its commercial buildings, allowing the ser- vices and amenities to grow as tenants’ businesses develop and their needs evolve. “The recent renovation pro- gram executed at 991 Rte. 22 demonstrates KRE’s commit- ment to attracting and retain- ing high-quality commercial tenants,” said Justin Ginge- leskie , director of leasing for KRE Group. n
Subsurface Investigations • Construction Inspection and Testing Geotechnical Design & Analysis • Environmental Site Assessments and Remediation • Clean Fill Testing • Carbonate Site Assessments Stormwater Infiltration Testing • Laboratory Soils Testing www.earthengineering.com Corporate Headquarters: 610-277-0880 • Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 • South Jersey: 856-768-1001
138 Georges Rd.
138 Georges Rd. is a 102,108 s/f warehouse which features high 25’ ceilings, 40’ by 50’ column spacing, eight loading docks and one drive-in door with 2,108 s/f of office space. The property offers ample parking and plenty of acreage
for expansion. Strategically located near Route 130, the New Jersey Tpke. at Exit 8A and Rte. 1, 138 Georges Rd. provides immediate access to points north and south and is equidistant between Boston and Washington DC. n
DOMINANCE.
Dominance: “...most in uential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
RECORD Q1 2014 34 Closings!! 1,957 Units $121,057,500
INVESTMENT REAL ESTATE
2 West North eld Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752
Visit us on the web at: www.gebroehammer.com Email: [email protected]
4B — June 13 - 26, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
F U L L S E R V I C E
N J & PA
R e a l E s t a t e B r o k e r a g e a n d A d v i s o r y F i r m
V WCRE announces lease deals & property availabilities WCREretainedtosell 52,466s/f Glendale Executive Campus OORHEE S , N J — Wolf Commer- cial Real Estate
focus integrity quality
Landlord Representation Tenant Representation Investments Property Management
(WCRE) recently consum- mated two lease transactions of note, and is announcing the availability of two significant new listings for tenants and investors. The South Jersey team exclusively represented a subsidiary of The Rothman Institute, RI Greentree As- sociates, LLC in the leasing of 2,200 s/f of medical office space to Labcorp. This class "A" medical office space lo- cated at 999 Route 73 in Marlton is a landmark prop- erty and location that is also
Research & Marketing Information Corporate Real Estate Representation Appraisal & Advisory Services Construction Services
Y O U H A V E O P T I O N S
Glendale Executive Campus 1000 White Horse Rd., Voorhees, NJ
BUILDING SUCCESSFUL RELATIONSHIPS TM
home to Rothman Institute and Rothman Orthopaedic Urgent Care. The Rothman Institute ownership entity acquired this trophy building from
Brandywine Realty Trust in 2011, and recently com- pleted major renovations to the interior and exterior. With the completion of this lease, this multi-tenanted property is now 95% leased, JasonWolf and Leor Hemo of WCRE teamed up to repre- sent both landlord and tenant on this transaction. In another major tenant representation assignment, WCRE represented Univer- sal Hospital Systems (UHS) in the leasing of 18,000 s/f of premier warehouse space located at 8000 Commerce Parkway in Mount Laurel. This location provides easy access to Route 73, and is within close proximity to I-295 and the New Jersey Turnpike. Hemo and Todd Levin of WCRE teamed up with Fisher & Company to successfully complete this transaction. This property is now 100% leased. WCRE is proud to have earned new exclusive leasing assignments of the Heritage Office Complex and Heritage Square Shopping Center, an office and shopping center situated in a park-like setting on Route 70 in Cherry Hill. This complex was acquired by Heritage Office, LLC in 2013. Finally, WCRE has been retained by SJS Realty Management to sell the Glendale Executive Campus located in the rapidly rede- veloping heart of Voorhees. This investment opportunity comprises 52,466 s/f in nine garden-style buildings spread over 5.61 acres. The campus is 74% leased, with 24 current tenants. It is conveniently located in a retail corridor ex- periencing an expansion, with abundant retail, restaurants, banks, professional offices and other amenities nearby. It features easy access to I-295 and the New Jersey Turnpike. Wolf and Hemo are the WCRE team on this project. n
wolfcre.com
connectwithus
951Route73North l SuiteD l Marlton,NJ08053 l P. 856 857 6300 F. 856 283 3950
1,600,000 SF
To Be Built Dayton, NJ (732) 287-4880
Lease with the
Market Leader
205 Mill Road, Edison NJ 08837 (732) 287-4880
S hopping C enters N ew J ersey S potlight N orthern
Real Estate Journal — New Jersey — June 13 - 26, 2014 — 5B
www.marejournal.com
M id A tlantic
JMF Properties Group purchases the property Colliers International arranges sale of 330,000 s/f Morris Business Campus for $6.85 million
M
keting approach we engaged more than half a dozen active bidders through an auction platform to achieve this great result.” “The property is currently zoned as light industrial, but presents a wealth of reposi- tioning opportunities,” said Joseph Forgione , founder and principal of JMF Proper- ties Group. “We are thrilled to add this asset to our in- creasingly diverse portfolio, which includes multifamily residential developments and shopping centers anchored by tenants like Whole Foods, BJ’s, Ulta Cosmetics, and Chase Bank.” The Morris Business Cam- pus is conveniently located two miles from Interstates 287 and 80, and is 45-minutes away from New York City. Morris Plains is situated between Parsippany and Mor- ristown, and touts numerous shops and restaurants. n
ORRIS PLAINS, NJ — Colliers In- ternat ional has
arranged the sale of the 330,000 s/f Morris Business Campus at 1000, 1100, and 1200 The American Rd. in Morris Plains for $6.85 mil- lion. The multi-tenant office building was sold to local real estate investor and developer JMF Properties Group . The Morris Business Cam- pus encompasses more than 28 acres of land and is com- prised of three interconnect- ed class B office buildings that were renovated in 2001. Building amenities include a glass atrium entrance, fit- ness center, and full-service cafeteria. The rear of the property features a walkway with direct access to the Mor- ris Plains train station. “Our marketing strategy targeted investors and de- velopers with experience in ‘value creation’. Due to the UNION & ESSEX COUN- TY, NJ — Gebroe-Hammer Associates has completed a trio of multi-family invest- ment sales totaling $5.76 million and 86 units located throughout Northern New Jersey’s Essex and Union counties. In all three trans- actions, the Gebroe-Hammer brokerage teams represented the sellers, long-time clients of the firm, and identified the buyers. In Union County, vice presi- dents Stephen Tragash and Steven Follman arranged the sale of 1009-1015 East Jersey St., a 34-unit property in Elizabeth that traded for $2.2 million. The low-rise garden-style property is cen- trally located just off Spring St. between the intersections of East Grand St. and Eliza- beth Ave., a short distance from the New Jersey Tpke. Nearby at 409-421 Jefferson Ave., David Oropeza , man- aging director, and Tragash
positioning purposes,” said Jacklene Chesler , a man- aging director at Colliers In- ternational who represented the seller in the transaction. 1000 The American Rd.
overall size of the asset, acre- age, and strong submarket fundamentals, we knew this opportunity would appeal to buyers for an array of re-
“JMF Properties Group is a visionary in transforming properties into assets that enrich communities. With an aggressive, hands-on mar-
Gebroe-Hammer completes a trio of multi-family sales for $5.76 million in in Union and Essex counties
also concluded the sale of a 34 apartment-rental unit com- plex, which was constructed in 1971. The seller was a multi-billion dollar private equity fund Gebroe-Hammer has recently represented ex- clusively in several other multi-family transactions throughout Northern and Southern New Jersey. In the urban hub of Irving- ton in Essex County, Gebroe- Hammer’s team of Joseph Brecher , managing director, and David Jarvis , executive vice president, completed the sale of Gold Haven Commons, an 18-unit “fractured” condo- minium apartment property that sold for $1.65 million. Situated at 512-516 Union Ave., just north of the inter- section of the Garden State Parkway and I-78, Gold Ha- ven Commons features nine one-bedroom and nine three- bedroom units, as well as nine on-site parking garages. “Demographic trends have
512-516 Union Ave.
shifted to New Jersey’s urban and semi-urban locations,” said Brecher. “Tenants want to live near where they work, and/or have close access to
transportation that will allow them to take advantage of sporting, entertainment and dining venues from Newark to New York City and every-
where in between. Investors have been flocking to these markets for some time now due to fortified occupancy rates.” n
6B — June 13 - 26, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey CenterPoint Harbor acquires property, leases 54,000 s/f space NAI Hanson facilitates $4.6m sale of Jersey City warehouse and subsequent lease signing J ERSEY CITY, NJ — NAI James E. Hanson , a New Jersey-based com- mercial real estate firm,
announced the $4.6-million sale of 106 Harbor Dr., a 65,000 s/f, single-tenant warehouse prop- erty in Jersey City. The NAI team of senior vice president Tom Ryan and vice president Barry Cohorsky represented the property’s seller, a family investor. Subsequently, Cohorsky and Ryan represented the prop- erty’s new owner, CenterPoint Harbor LLC, in a 54,000 s/f lease transaction with Iron
106 Harbor Dr.
The Goldstein Group brokers Chase Bank deal OLD TAPPAN, NJ — The Goldstein Group , a provider of retail real estate services in New Jersey, announced it has placed Chase Bank in Old Tappan. Chase is one of the nations leading consumer and com- mercial banks with over 5,100 branches located nationwide. Chase Bank filled a 4,800 s/f space at Bistate Plaza on Old Tappan Rd. in Old Tap- pan. Bistate Plaza, a 90,000 s/f Neighborhood Shopping Center, is anchored by an A&P supermarket and a CVS/ Pharmacy. n “The property provided Cen- terPoint, which has been ag- gressively pursuing indus- trial opportunities in the port markets, with an opportunity to expand its market share,” Cohorsky said. “CenterPoint has acquired nearly 3 million s/f over the past several years. The company’s strategy is validated by the signing of a long-term lease with a multinational company.” n Mountain Information Man- agement LLC. An information management, records manage- ment and >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
Made with FlippingBook - professional solution for displaying marketing and sales documents online