12B — March 15 - 28, 2019— Northern New Jersey — M id A tlantic

Real Estate Journal


N orthern N ew J ersey

Over 97% occupancy at time of acquisition SELA Realty acquires Landmark West in Newton for $18 million


acres in one of the nicest ar- eas in Sussex County. The purchase price was reported at $18 million with over 97% occupancy at time of acquisition. Tal Stein- berg managing partner for SELA Realty Investments said: “we are proud to add this beautiful property to our growing portfolio, this acquisition is a pure value add property where the pre- vious owners, who were the original builders, have had it for 44 years and as a results rents were substantially un- der market, we are planning

to revive this gem by reno- vate the exterior including resurface the parking lot and roads, renovate the leasing office and all hallways and add amenities for the resi- dents. We want to position ourselves as the most pleas- ant community in the area with affordable rent prices and we believe that with some improvements we can achieve a much higher NOI. We are planning to keep this property for 40 more years, just like the previous owners did and bring back the charm this property once had” Adam Zweibel and Stephen Tragash both From Gebroe- Hammer represented both the sell- ers and buyers. “Adam and Stephen both did an amazing job helping me chase this deal for over two years! They handled all the obstacles along the way and were able to get us to the finish line” said Tal Steinberg.  Stro acquires a two- property portfolio totaling 100,000 s/f in Woodland Park WOODLANDPARK, NJ — The Stro Companies (Stro) have closed on +/-100,000 s/f industrial portfolio in Wood- land Park. Stro continues its acquisi- tion spree, purchasing its third property in the past nine months. Despite the popularity of the industrial asset class due to e-commerce and the “Amazon effect,” Stro continues to close deals and are the most active private buyer in Northern NJ. As investors continue to seek out strategic industrial acquisi- tions in Northern NJ, The two-property portfolio consists of 25 Andrews Dr. and 228 Lackawanna Ave. “This purchase allowed us to acquire two well located properties in our core market that align perfectly with our portfolio. We were able to purchase the properties at a very attractive basis. This is a very challenging market to acquire properties at values that make sense. We were able to check many boxes includ- ing strong investment return, high-quality construction and desirable location,” said Todd Minerley , director of acquisi- tions and leasing for Stro. 

EWTON, NJ — SELA Realty In- vestments , the Fort

Lee based investments and p r op - e r t y man - a g e m e n t c o m p a n y announced i t s r e c en t acquisition – Landmark

Tal Steinberg

West Apartments – A 168 unit class B property located in Newton. The complex of- fers beautiful scenic views, and is situated on a 13.5

168 unit class B property located in Newton


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