6D — September 13 - 26, 2019 — 40 Under 40 — M id A tlantic
Real Estate Journal
www.marej.com
40 U nder 40
What is your most notable project, deal or transac- tion? We have had the oppor- tunity to exclusively mar- ket a $48,800,000 medical office campus. The three building mixed-medical campus is located within the life sciences corridor of Clifton, NJ. The build- ings are currently 100% occupied. What is your most notable project, deal or transac- tion? I just exclusively listed a $78,500,000 shopping center in Howell, NJ. This will be a very high profile transaction in the market and one of the few op- portunities for investors to bid on a newconstruction
What is your most notable project, deal or transac- tion? We closed The Shoppes at Pierce, a newly con- structed 37,000 square foot strip center for over $12,000,000 in early 2019. The sellers were the origi- nal developers and the buyer was a private partnership. What is your most notable project, deal or transac- tion? Sold NNN BP Lubricants, USA HQ in Wayne, NJ Wemarketed the proper- ty on behalf of the seller, a family office, and gen- erated over 10 written of- fers on the property from all areas of the country.
Fahri Ozturk First Vice President Investments Marcus & Millichap Years with company/firm: 3 Years in field: 6 Years in real estate industry: 13 Real estate organizations/affiliations: New Jersey Apartment Association
Michael Lombardi First Vice President Investments Marcus & Millichap Years with company/firm: 14 Years in field: 14 Years in real estate industry: 14 Real estate organizations/affiliations: ICSC
Karly Iacono Vice President Investments Marcus & Millichap Years with company/firm: 5 Years in field: 5 Years in real estate industry: 15 Real estate organizations/affiliations: ICSC, CREW
Alan Cafiero Senior Vice President Investments Marcus & Millichap Years with company/firm: 12 Years in field: 12 Years in real estate industry: 12 Real estate organizations/affiliations: ICSC
asset with both stabilized income and significant development upside. Our team has also completed a record number of net-leased transactions rep- resenting both sellers and 1031 buyers.
We ended up closing the deal with a local buyer in a 1031 exchange who assumed the seller’s existing mortgage. Final price was $19,200,000, which translated into a 6% Cap Rate.
What is your most notable project, deal or transac- tion?
What is your most notable project, deal or transac- tion? I sold a few pre-war apartment buildings in Downtown Jersey City and Hoboken fetching between $400-570k a door. It took a combina- tion of resiliency, a lot of hard work and just running our process through the platform to achieve these record high prices per units. Jonathan Zamora Senior Associate Marcus & Millichap Years with company/firm: 6 Years in field: 6 Years in real estate industry: 6 Real estate organizations/affiliations: New Jersey Apartment Association
Joseph Belgiovine Vice President Capital Markets
A $47,000,000 (30 year fixed, 15 years interest only/4.50%) 565 beds, Student Housing project in Florida. This project is a Class-A student housing development with first- rate amenities, including resort-style infinity pool with barbeque grills, a waterfall-tunnel feature, fire pit, indoor and out- door kitchen, game room, tanning beds, dog park, bocce court and much more. Marcus & Millichap Capital Corporation Years with company/firm: 4 Years in field: 10 Years in real estate industry: 16 Real estate organizations/affiliations: Member of the Mortgage Bankers Association
Eric Seidel First Vice President Capital Markets
What is your most notable project, deal or transaction? Every deal is unique. What has made this year interesting is the significant drop in rates. Borrowers are now securing 10-Year Fixed rates under 3.75% for bothmultifamily and commercial properties. NYC is hurting, but our market remains very strong and will continue for the next 12-24 months. Buyers are in prime position to boost their Cash on Cash returns, and owners can benefit from locking in excellent fixed rates.
Marcus & Millichap Capital Corporation Years with company/firm: 8+ Years in field: 8+ Years in real estate industry: 8+ Real estate organizations/affiliations : MBA
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