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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ontville, NJ — The Kislak Compa- ny, Inc. announced Vice President J. Squires represents both parties Kislak completes $136 million sale of Rachel Gardens In Montville, NJ M
ISSUE HIGHLIGHTS Volume 26 Issue 14 July 25 - August 14, 2014 Brokerage Directory Spotlight Section C
Following Kislak’s recom- mendation, the $136 million sale of Rachel Gardens to Cammeby’s was approved by the sellers. Cammeby’s offer was $1 million above the list- ing price with a considerable non-contingent deposit and no due diligence. Three other interested parties made offers at $135 million. “Given the limited period during which we marketed the property, Jeff and our team generated an extraordinary level of interest and ultimately produced the highest and best price, which was $1 million above the listing price,” said Holland. “I am immensely proud of our team and its accomplishments. Time and again, we produce astonishing results of record cap rates and prices for our clients strength- ening our reputation as the most successful broker of mul- tifamily and other investment properties in and around New Jersey.” continued on page 4A and NJ is offering attractive incentives that will help to cap- ture those jobs,” said Maurice Ades , Rugby Realty’s principal and managing director. “We recognized 300 Lighting Way as one of the best options avail- able to fill those requirements, and that’s a focus in our leasing program.” Roughly half of the build- ing, or 156,000 s/f on three contiguous floors, is available for lease, creating an excellent opportunity for a large corporate tenant. If a single tenant were to take the entire space, there is an additional opportunity to secureprominent signage on the building’s exterior. The purchase marks Rugby Realty’s secondofficeacquisition in New Jersey and is part of an ongoing effort to grow its port- folio in the New York region. In December 2013, Rugby Realty purchased City ViewCorporate Center, a 135,418 s/f, class A office building in Lyndhurst. n
the $136 mil- lion sale of Rachel Gar- dens, a 764- unit apart- ment complex on over 98 acres in the Pine Brook s e c t i o n o f
Architects & Engineers
Jeffrey Squires
Montville. VP Jeffrey Squires represented both parties in the transaction. President Robert Holland and COO Jason Pucci provided transaction management and support. The sale of Rachel Gardens is the single largest sale of a multifamily property in New Jersey in terms of price since 2011 based on >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 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80
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