4B — April 11 - 24, 2014 — New Jersey — Mid Atlantic Real Estate Journal



Courtyard by Marriott in Glassboro, NJ Marcus & Millichap arranges sale of 15-unitmixed-useprop.

P ASSAIC, NJ — Mar- cus & Millichap Real Estate Investment Services announced the sale of Tulip Apartments, a 15-unit mixed-use property located in Passaic, according to Brian Hosey, sales manager of the firm’s New Jersey office. The asset sold for $1,112,500. ThomasMcConnell, CCIM and Kevin McCrann , Direc- tors in Marcus & Millichap’s National Multi Housing Group (NMHG), had the listing to market the property on behalf of the seller, a local private investor. McConnell and Mc- Crann also represented the

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Courtyard by Marriott in Glassboro, NJ

buyer. Tulip Apartments is located at 430 Monroe St. in Passaic. This property has been owned by the same family for over 75 years. “The sellers decided to take advantage of current market conditions.” recalls Mc- Connell. McCrann states, “The lack of available for sale mul- tifamily properties combined with favorable financing has created a seller’s market. We believe this trend will continue throughout 2014.”  NorthMarq Capital hires Cristina Kloss PARSIPPANY, NJ — The New Jersey office of North- Marq Capital has announced most recently was a senior as- set manager with Angelo Gor- don’s Net Lease Group where she oversaw over $500 million in loan transactions for the funds’ commercial and indus- trial investments around the country. Prior stops included Morgan Stanley Investment Management and W.P. Carey & Company. NorthMarq’s senior vice pres- ident and managing director Greg Nalbandian said, “Cris- tina is a perfect fit for our ex- panding office as we are always looking to make good, strategic hires in growing our market share here in northern New Jersey. We are very fortunate to have Cristina join us from some of the most recognized names in real estate investment.  Cristina Kloss that real es- tate veteran C r i s t i n a K l o s s h a s j o i n e d i t s growing pro- duction team t o f u r t h e r its debt and equity plat- form. Kloss

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205 Mill Road, Edison NJ 08837 (732) 287-4880

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