S hopping C enters N ew J ersey
Mid Atlantic Real Estate Journal — New Jersey — Section B
74 units located near shopping, schools and transit Gebroe-Hammer Associates arranges $4.655m sale of two-property multi-family package
ties and parking, with 20 ga- rages available to tenants at the Prospect Street property. “As one of New Jersey’s most populous municipali- ties, East Orange has a very strong tenant base, proximity to mass transit and employ- ment hubs like Newark and a high concentration of existing multi-family product, all of which appealed to this buyer who is a seasoned investor,” said Nicolaou. Oropeza said, “Demand for multi-family investments throughout East Orange is not only contributing toward the city’s urban revitaliza- tion, it is having a ‘spill-over effect’ in terms of investment demand for Orange and South Orange as well.” One example FLORHAM PARK, NJ — HFF announced that it has closed the sale of an eight- property, fully leased indus- trial portfolio totaling 420,244 s/f in the Meadowlands sub- market of New Jersey. HFF marketed the portfolio on behalf of the seller, Wilson Associates. The portfolio is located at 325, 425, 521 and 599 Go- tham Parkway; 193, 194 and 320 Veterans Boulevard; and 300 Chubb Avenue in Carl- stadt, close to the New Jersey Turnpike/I- 95, the Newark Liberty Airport, Port New- ark/Elizabeth and Midtown Manhattan, which is less than 10 minutes away. Each ware- house/distribution facility is fully leased to a single ten- ant. Tenants include H Mart, Glasscrafters, EMR Graphics and Tribeca Oven. The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz , manag- ing directors Michael Nach- amkin and Kevin O’Hearn and real estate analyst Marc Duval . “The Meadowlands indus-
AST ORANGE, NJ — Gebroe-Hammer Associates ’ brokerage
seller while Nicholas Nico- laou , vice president, identified the buyer. The buildings are located at 112 Lincoln St. and 444-450 Prospect St. in the heart of the city and offer a mix of one- and two-bedroom units. Con- venient to shopping, schools and local transit links, the four-story Lincoln street and three-story Prospect street complexes were fully occupied at the time of sale. Both also feature on-site laundry facili-
professionals closed out 2013 recording $29.335 million in multi-family trades through- out Essex County’s “The Or- anges,” the latest of which involved the $4.655 million sale of a two-property, 74-unit multi-family package in East Orange. The team of manag- ing director David Oropeza and vice president Stephen Tragash represented the
One Campus Drive
February 14 - 27, 2014
112 Lincoln St.
of this trend is the recent $24 million sale of an East Orange/Orange multi-fam-
ily portfolio arranged by the market specialist and 28-year firm veteran. n
HFF announces eight-property sale of 420,244 s/f industrial portfolio
CBRE represents KABR/ Capstone in 56,742 s/f lease
Dish Network signs a 10- year NNN lease with KABR Real Estate Investment Partners and Capstone Re- alty Group for 56,742 s/f. Lee &Associates represents tenant. See page 4B.
Cushman&Wakefieldcompletes sale of 222,536 s/f ind. building
Cushman & Wakefield completes the sale of 51 Commerce Dr., a 222,536 s/f industrial building located in South Brunswick. See page 7B.
Meadowlands Industrial Portfolio
trial submarket, one of New Jersey’s top industrial sub- markets, has experienced a very active leasing environ- ment as of late with rental rates trending upward, bod- ing well for properties such as this portfolio of well-located quality assets,” said Nach- amkin. A full service real estate organization, Wilson Associ- ates is a developer and owner/
manager of industrial, retail and office projects in northern New Jersey. The company is one of the largest developers of Meadowlands commercial projects and is an investment builder that retains ownership of its properties and directs all operations in connection with development, financing, construction, leasing, property management, maintenance and engineering activities. n
C entral N ew J ersey S potlight ........................7-11B D evelopment of the M onth ...........................10-11B ICREW NJ.............................................................15B P eople O n T he M ove ............................................16B
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