N ew J ersey S hopping C enters S outhern NJ S potlight
M id A tlantic Real Estate Journal — Southern New Jersey — October 2023 — 5B
www.marej.com
Chesler of Colliers manages sale on behalf of Rialto Aspen RE strikes again on the TenX platform with 1 st ever DEFAULTED CMBS Assumption B
URLINGTON, NJ — Aspen was the win - ning bidder on the TenX auction platform for the purchase of 2 & 6 Terri Lane, Burlington. The purchase involved a warehouse building of 57,600 s/f and an offices building of 25,000 s/f. Jacklene Chesler of Col- liers managed the sale on behalf of Rialto. The purchase involved the first ever assumption of a De - faulted CMBS mortgage as part of the purchase. The Special Servicer ar - ranged for Aspen to assume the existing debt with 4.90% interest rate. The assumed debt came to 82% of the purchase price. Assumption of the debt enabled the Special Servicer to achieve a significantly higher sale price and recover unpaid interest. In the currently lending
2 Terri Lane
6 Terri Lane
environment, financing the purchase of distressed prop- erty with defaulted debt is very limited. Many lenders have com - pletely stopped lending on com- mercial real estate. This newly tested sales model may become more common as
lenders realize they can achieve more value by having a loan as - sumed by a strong, experienced, well capitalized buyer. Philip Proetto , Aspen’s CEO, says this the 4th property Aspen has purchased on an auction platform. Three of the properties in-
volved defaulted mortgages. 6 Terri Lane was originally built for warehousing but was rented over the years as office space. Aspen will be vacating the office tenants and converting 6 Terri back to warehouse space. Aspen is now offering the
57.600 s/f bldg. for sale and targeting a warehouse user. 2 Terri Lane is 65% leased at purchase and Aspen has al - ready drafted a lease for ½ the vacant space . Aspen will be bringing this bldg. back to mkt as soon as the new lease is signed. MAREJ
Rose Commercial Real Estate facilitates dual transaction in Voorhees, NJ
VOORHEES, NJ — Rose Commercial Real Estate , a prominent force in the regional real estate mar- ket, continues its successful streak with the completion of two significant transactions in Voorhees. In the first transaction, Rose Commercial Real Es - tate, led by president Adam Rose , negotiated the sale of 1.99 +/- acres of prime land at 121 Route 73 South to Boing US Holdco Inc. for a total of $1.15 million. This strategic acquisition will see the development of "Take 5," a revolutionary "stay in your car" car wash service, poised to bring convenience and in - novation to the community. In a second transaction, Rose Commercial Real Es - tate represented both parties in a long-term lease nego- tiation for 7,000 s/f of office space at 400 Laurel Oak Rd., Suite 101A, Voorhees. The tenant, Relievus, a leading pain management practice, sought a new headquarters
Take 5 rendering
400 Laurel Oak Rd.
location and turned to Adam Rose for expert guidance. Located just minutes from I-295 and the PATCO Speed - line, the office space within the professional/medical building offers exceptional convenience and prominent signage. Adam Rose repre - sented Relievus, ensuring a
favorable lease agreement, while Brett Davidoff , se- nior vice president at Rose Commercial Real Estate, represented the landlord, 400 Laurel Oak Road LLC, in securing the deal. Ron Saltiel, chief operating officer of Relievus, shared his satisfaction with the
longstanding partnership with Rose Commercial Real Estate, stating, "I’ve worked with Adam Rose and Rose Commercial over the past eight years. His expertise, professionalism, and person- al touch have made all the difference with helping and guiding me in making the
best real estate investments. He personally gets involved with every transaction and he is honest, supportive and brings great insight to every transaction. Based on my experience with Adam, I would never consider work - ing with another real estate agent." MAREJ
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