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udson County, NJ — Gebroe-Ham- mer Assoc iates ’ H 118-building, 2,137-unit portfolio encompasses six separate packages Gebroe-Hammer arranges $327.9M Gateway portfolio multi-family sale units, amounting to an annu- alized inventory growth rate of 3.7%. Over the same period, the Northern NJ metro growth rate has been 1.4%. managing director Joseph Brecher procured the buyer, Optimum Holdings LLC.
ISSUE HIGHLIGHTS Volume 30, Issue 11 June 8 - 22, 2018
marked the highest concentra- tion of for-sale stabilized assets in Hudson County ever to come to market at a time when ask- ing rents for this apartment submarket are expected to advance upward of 6% over the next couple of years.” The largest of the six pack- ages involved a total of 67 buildings sold for $190.65 mil- lion in West New York (47 buildings/993 units), Jersey City (12 buildings/175 units), North Bergen (6 buildings/76 units) and Guttenberg (2 build- ings/28 units). While this trade registered a $150,000 per-unit price, the second largest pack- age averaged a $165,000 per- unit price, selling for $97.021 million. In total, the latter involved 35 buildings and 588 units throughout Jersey City’s Journal Square and Jersey City Heights neighborhoods. In both transactions, Nicolaou repre- sented the seller and executive
seni or v i ce p r e s i d e n t N i c h o l a s Nicolaou has finalized the disposition of a 118-build- i ng , 2 , 137 - unit Hudson County multi-
“Jersey City’s urban infill neighborhoods are reaping the benefits, so to speak, of westward expansion that is extending redevelopment fur- ther away from the Gold Coast waterfront,” added Nicolaou. “In turn, this is drawing a new post-undergrad millennial ten- ant pool with two-to-three-year- old professional careers who crave the affordability, transit accessibility and lifestyle of the ‘Brooklyn of NJ.’” According to REIS, the Hudson County apartment submarket has 54,820 units, amounting to 23.5% of the total metro inventory, and is the largest of the seven com- petitive Northern New Jersey submarkets. In the 10-year period beginning with Q2 2008, new additions to the submarket have totaled 16,568
“The out-of-state seller rec- ognized the time was right to shed these assets,” added Nicolaou. “Hudson County’s ‘boom’ years are far from being fully realized and multi-family investors – from private indi- viduals to institutional entities – are seeking to either gain entry or expand their holdings through the purchase of exist- ing product or development- deal acquisitions.” Rounding out the portfolio sale was another Jersey City/ Journal Square deal garner- ing $190,000 per unit; two separate Union City transac- tions totaling 10 buildings/164 units averaging $140,000 per unit; and a West New York five-building, 105-unit pack- age sold for $15.15 million. square footage they need for their growing operations, plus gives them a modern, first-class facility in an ideal location for ecommerce fulfilment in the New York metropolitan area.” 1000 High St. is one of three new industrial buildings known as the ePort Logistics Center that Duke Realty owns just off NJ-440 (I-287) and east of I-95 in Perth Amboy. The building features 36’ clear height, 44’-6” x 55’ column spacing, 63 dock doors, and 2 drive-in doors. Outside of the building is a 130’ truck court and parking for 218 automobiles and 117 trailers. Ken Lundberg with NAI Hanson and Julie Huang with ACJ International Re- alty represented 4PX Express in the lease, while Duke Realty was represented by Ben Rosen and Caitlin English and its listing agents Thomas Mona- han, Stephen D’Amato and Larry Schiffenhaus with CBRE.
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Creative Financing
Nicholas Nicolaou
Section 9-23A
family portfolio on behalf of a single seller, a private unnamed investor. In total, the Gateway portfolio was broken out into six separate packages sold for a combined total of $327,846,200. The properties are located throughout Jersey City, West New York, North Bergen, Gut- tenberg and Union City. “The Gateway Portfolio in its entirety and as separate pack- ages presented an extremely rare multi-family investment opportunity,” said Nicolaou. “It
D2 Capital Advisors arranges $34.7M
NAI Hanson & ACJ Int’l. Realty reps. lessee in 354,250 s/f transactions Duke Realty signs lease with 4PX Express for ePort 1000 in Perth Amboy, New Jersey
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Perth Amboy NJ — The New Jersey office of Duke Re- alty has leased ePort 1000, its 354,250 s/f warehouse at 1000 High St. in Perth Amboy to 4PX Express USA, a 3PL focused on ecommerce fulfillment and logistics solutions. Duke Realty acquired ePort 1000 in Novem- ber 2017 as part of a 3.1 million
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ePort 1000
s/f New Jersey industrial port- folio purchase that includes six completed buildings and two development sites located along the I-95 corridor. “4PX Express had been look- ing for a larger facility for their operations for several months.
We were pleased to learn of their space needs and be able to propose our new ePort ware- house as a solution,” said Ben Rosen , vice president of leas- ing and development for Duke Realty in New Jersey. “This building provides 4PX with the
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$27,250,000
CIGAR FACTORY 35-11 9 TH STREET LONG ISLAND CITY, NEW YORK A 120,684 square foot office building The undersigned arranged the above financing.
622 Third Avenue NewYork, NY 10017 212-986-8400 Fax 212-983-0512 www.cooper-horowitz.com
Real Estate Financing cooper horowitz
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COLLABORATIVE CULTURE RELATIONSHIP FOCUSED DEFINED EXPERTISE
Pep Boys Irwin, PA $1,360,000
SunTrust Bank Fuquay-Varina, NC $1,205,000
KFC Erie, PA $750,000
Pizza Hut Kingston, NY $675,000
Post Road Medical Office East Greenwich, RI $5,600,000
Family Dollar Providence, RI $1,619,718
Citizens Bank Smithfield, RI $4,030,000
Biddeford Shoppes Biddeford, ME $6,675,000 Transactions 1,000+ in 36 States
Citizens Bank and Pharmacy Concord, NH $1,650,000
Closed $4,000,000,000 in Recent Transactions
Ranked #1 Industry Leading Team
David Zacharia, DZ Net Lease Realty LLC, PA Broker of Record, License RM422281 | David Dworkin, LLD Enterprises LLC, NY Broker of Record, License 10991214807 Ethan Cole, RI Broker of Record, License REB0018287, NH Broker of Record, License 064406
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Mid Atlantic R eal E state J ournal Publisher, Conference Producer ......................................Linda Christman AVP, Conference Producer . .................................................Lea Christman Associate Publisher ................................................................Steve Kelley Associate Publisher .................................................................. Kim Brunet Associate Publisher ............................................................ Miriam Buttrick Senior Editor/Graphic Artist ................................................ Karen Vachon Contributing Columnists ........ Glenn Ebersole, CVM Professional; Kristina Pumphrey, PE, Precis Engineering Director of Process Engineering Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 11 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 www.marejournal.com
Glenn Ebersole
Design-Build Project Delivery System: A Strategy to Gain Best Value for Construction Projects T he design-build proj- ect delivery system has been around for thou- sands of years. And construction management has grown to be more popular and is increasing its presence in private sector construction projects. Yet design-bid-build still is an option that the public sector almost always uses and some private sector clients still con- tinue to believe is the only way to get the best price. For many years, design-bid- build was an obvious choice for many types of construction projects. However, there is a change in the thinking in build- ing construction projects. Architectural and engineering designs are continuing to adapt to the design-build and con- struction management delivery systems. The unique challenges of construction projects have precipitated this change in thinking, and now design-build often is the preferred method for construction projects. Design-bid-build is the tradi- tional method that most people think of and have some experi- ence with in construction. Ba-
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sically, the owner has a vision and ideas about the needs and budget for the building. That vi- sion is provided to the architect retained to design the building. This worked well years ago when general contractors had a large number of employees in dozens of trades such as car- penters, masons, electricians, plumbers, concrete finishers, finish carpenters, roofers, steel erectors, welders, equipment operators, drywall finishers, painters, etc. An owner would select an ar- chitect and then would develop a complete set of bid drawings and specifications. The documents were sent to several general contractors for bidding. The general contractor bid- ders knew the costs and had >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 Page 71 Page 72
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