8C — March 27 - April 9, 2020 — The Best of 2019 — M id A tlantic Real Estate Journal



Morgan Properties Morgan Communities 18,000 units

NAI James E. Hanson 130 AC Moore, Berlin, NJ 750,000 s/f

Bussel Realty Corp 1001 Roosevelt Ave, Carteret, NJ 97,000 s/f

Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, announced it has arranged the sale of 1001 Roosevelt Avenue in Carteret, NJ, to Seagis Property Group for an undisclosed amount. Sitting on 3.67 acres, 1001 Roosevelt Avenue is a multi-tenanted industrial building totaling approximately 97,000 SF. Steve Bussel, president of BRC, SIOR, represented the seller. Seagis Property Group was represented by Jordan Metz, senior vice president of BRC. “E-commerce and the “Amazon- effect” have shifted consumer behavior, creating a major paradigm-shift in the retail (now e-tail) landscape. Simply put: we buy more and more online and that’s not slowing down. The subsequent demand for last mile warehouse space for swift delivery of these online purchases has continued to soar, outpacing any conceivable levels of current supply. With units ranging from 5,000 to 25,000 SF and up, vacancy rates in the market hovering at 1.5 percent, and easy ac - cess to one of the nation’s most heavily trafficked highway networks, Seagis is well-positioned to capture a myriad of tenants seeking functional space in a prime last-mile location at 1001 Roosevelt Avenue.

In October 2019, King of Prussia, PA-based Morgan Proper - ties became the fifth largest apartment owner in the country when it acquired a portfolio from Morgan Communities -- an unaffiliated company based in Rochester, New York. The months-long, extremely complex portfolio transaction resulted in Morgan Properties acquiring nearly 95 apart - ment communities encompassing approximately 18,000 units across 8 states: Pennsylvania ; New York; Tennessee; Illinois; Indiana; South Carolina; Alabama; and Ohio. This transaction solidifies Morgan Properties’portfolio concentra - tion in the Mid-Atlantic and Northeast Region and position as the largest multifamily owner/operator in the states of Pennsylvania, Maryland and New York.

The property was purchased Columbia Property Investors fromm AC Moore and was then leased to The Michaels Companies who will use the property to service their regional stores as well as their east coast ecommerce business.


Marcus & Millichap-PA Centre Square Commons Blue Bell, PA

Procida Funding The View at Middlesex Middlesex, NJ

Institution/Borrowers: Procida Funding & Advisors Known for its vision and capital to get deals done, Procida provided a $39 million con - struction loan to repeat client Forte Real Estate Development for “The View at Middle - sex,” a new multifamily property, revitalizing vacant, under-utilized properties. Procida was able to fulfill the client’s needs by closing the loan in two weeks and assuring that the construction remained on schedule. Plans feature a 255,000 SF, five-story building with 200 amenity-filled apartments and retail spaces. Procida’s philosophy to do good and have a positive impact is at the heart of its success; the company is now celebrating its 25th year in business and completed $134 million in financing in 2019.

Institution/Borrowers: IPA-Marcus & Millichap Centre Square Commons was carefully designed with only the highest level of quality fin - ishes including paver lined streetscapes, abundant master-planned landscaping, and stone bordered facades. Developed in 2017, the shopping center is situated strategically at the heart of Blue Bell at the corner of Route 202 and Route 73, carrying over 38,000 cars per day. In addition, the shopping center shares two traffic signals with anchor retail traffic generators including Wawa, CVS, and Center Square Plaza, anchored by HomeGoods, Kohls, and McCaffrey’s Grocery Market. This, along with average household incomes of over $149,000 within three miles of the center, appeals to the strong tenant lineup of service-oriented tenants.

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