F inancial D igest F eaturing 1031 E xchange
Real Estate Journal — March 13 - 26, 2015 — 7A
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M id A tlantic
CBRE arranges the sale of Turntable Junction and Fulper Center for $3m
EWARK, NJ — An- drew Stewart and DevMorris arranged HFF secures $65.5 million in financing for a 4-build Cronheim finances $28.1m for Newark’s 2 nd tallest bldg. N City and the Hudson Water- front.
Newark is New Jersey’s cultural, educational, legal and business hub. One of the key sources for demand are the city’s major employers, all headquartered within a three block radius of the subject property, as well as the city’s educational institutions. n
$28.1 million in financing for Eleven80, the second tall- est building in the Newark, NJ skyline. The loan was structured with a three year term and floating rate for the borrower, an affiliate of KBS Capital Advisors . The Subject is a 37-story high-rise consisting of 317 units and 418,797 s/f of build- ing area located at 1180 Ray- mond Blvd. Situated on a 0.30 acre site, the property was built in 1929 as an office building and converted in 2007 into its current use as a luxury apartment complex. The property additionally con- tains 7,567 s/f of retail space, currently occupied by TDBank and a convenience store. The property’s amenities and services are well in line with other class A+ apartment projects in New Jersey and Manhattan. These include a 24-hour doorman, shuttle service, bowling alley, bil- liards room, library, and 8,000 s/f fitness center. Eleven80 is strategically located two blocks fromNew Jersey’s larg- est transit hub, Penn Station, affording the subject property convenient access to New York BETHESDA, MD — Phil- lips Realty Capital (PRC) CEO C. Stephen Shaw, Jr. announced that the boutique commercial real estate in- vestment banking firm added three new analysts as well as a business development manager. This marks a time of significant growth for Phillips. Having closed about $1.3 bil- lion in 2014, the firm is in the process of increasing its staff by 20% in the first quarter of 2015. “Our people are our secret sauce, so we invest double what our competition does in personnel,” said Shaw. “It takes a lot of time and talent to provide the expert strategic analysis and precise under-
Turntable Junction and Fulper Center
closely with the principals and project management teams to ensure accurate and up-to-date financials. Having previously worked at Perkins+Will for more than nine years, LaValle is extremely familiar with the firm’s projects, procedures and people. Through- out her career, LaValle has held various financial positions at sev- eral other local architecture and design firms, including Hickok Cole Architects and Shalom Baranes Associates . n Turntable Junction & Fulper Center is a part of Flemington’s Business Improvement District and offers a variety of specialty shops and restaurants in the immediate vicinity. It is also located directly across the street from the Liberty Village PremiumOutlets mall. Located in the heart of Flemington, the property provides convenient access to major roadways, in- cluding Rte. 202. n secure aggressive pricing for the seller – heirs to an estate where the property had been in the same family for decades – from an out-of-state buyer. “This was a highly complex transaction due to the numer- ous residential and retail ten- ants involved,” said Berger. “The buyer has a significant up- side with the existing property and a compelling opportunity to improve upon the building’s efficiency and potentially rede- velop it down the road.”
FLEMINGTON, NJ — CBREGroup, Inc. announced that it has arranged the sale of Turntable Junction & Fulper Center in Flemington, for ap- proximately $3 million. The 5.3-acre property is a mixed- use retail and multifamily cen- ter that is near full occupancy. Charles Berger of CBRE Capital Markets’ Investment Properties team in New Jersey and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York served as the agents for the seller in the transaction while James Gunning , Donna Falzarano and Evan Kleppe of CBRE Capital Markets’ Debt & Structured Finance team secured the financing for the deal. The new owner plans to hold the property for investment purposes with the possibility for redevelopment in the future. The CBRE team was able to
Eleven80 Phillips Realty Capital adds three new analysts and business development manager
writing our clients expect from us. We are not trying to be the biggest name in commercial real estate capital, but we are delivering big results, so we are adding to our roster.” Connor Bell was most re- cently a financial analyst at Crestline Hotel & Resorts in the Development & Acquisi- tions group. Amanda Gestl , an attorney and financial analyst, comes to Phillips from regional real estate develop- ment company Buchanan Partners, LLC . Both Bell and Gestl are additions to PRC’s EB5 Capital real estate finance team. Peter Loukas previously focused on real as- sets investment strategies at Cambridge Associates and
joins PRC’s structured debt and equity finance team. Hav- ing been a research associate at The Costar Group , Lau- rie Peltola will develop and lead PRC’s market research team. “We are extraordinarily careful about who we hire,” said Shaw. “First and fore- most, I hire people who make me smarter. But there has to be a culture match. Every associate needs to be able to hold their own around our conference table and be as passionate as the rest of us about commercial real estate finance. We operate as a team here, and I couldn’t be more excited about this group of young recruits.” n
Judi LaValle returns to Perkins+Will’s DC office as director of finance
WASHINGTON, DC — Perkins+Will announced that Judi LaValle has returned to
the global ar- chitecture and design firm’s Washington, DC office as its director of finance. In this role, she will re- sume l ead
Judi LaValle
responsibilities for theDCoffice’s accounting department, working
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