S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Townsend, MacLaren, and Talone market property on behalf of Tryko Partners Marcus & Millichap sells 392 unit multifamily property in Camden totaling $34.45 million
AMDEN, NJ — Mar- cus & Millichap an- nounced the sale of the Crestbury Apartments, a 392-unit multifamily property located in Camden. The asset sold for $34.45 million, just under $88,000 per unit. AndrewTownsend, Ridge MacLaren , and Clarke Talone , investment special- ists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Brick-based Tryko Partners . The asset was C HI-LIGHTS Nov. 10 - 23, 2017 Q&A Environmental concerns in the wake of a hurricane, flood event
long-term investment.” After purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunc- tion with the Camden Police Department; a playground; updated lighting, landscaping and sidewalks. “We are seeing a tremen- dous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia,” added MacLaren. The apartments are a mix- ture of one- and two-bedroom units. The Crestbury is situ- ated on over 18 acres at 2552 South 8th St.. The property is minutes from the Walt
The long-term extension and modernization will pre- serve more than 150 jobs in Southern NJ and create an estimated 100 construction jobs, supporting Sky’s core val- ues of creating and providing a substantial positive social and environmental impact in the communities that it is active in. John Dargan, president of Checkpoint Inc. said “We are delighted to partner with Sky Management Services on the modernization of this facility, this project allows us to create a State of the Art Technol- ogy Development Center for Intelligent Retail Solutions, it also allows us to significantly reduce our carbon footprint through the installation of a solar energy system.” The lease extension was brokered NAI Mertz , the leasing agent for Sky Man- agement Services’, while Binswanger Companies was the leasing agent repre- senting Checkpoint Systems in the transaction. n Whitman and Ben Franklin bridges, Cooper Hospital, the Campbell’s Soup head- quarters, and the Camden Waterfront. J.D. Parker , senior vice president and division man- ager, is Marcus & Millichap’s broker of record in New Jersey. Marcus & Millichap an- nounced the sale of a 20,000 s/f office building located in Palisades Park, NJ. The asset, located at 111 Grand Avenue sold for $3 million. Fahri Ozturk and Tyler Van Wagoner, investment sales specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the sell- er. The building was partially occupied by the owner who vacated at the time of sale and delivered the property at ap- proximately 33% occupancy. n
Crestbury Apartments
purchased free and clear of debt by an affiliate of Lincoln Avenue Capital LLC fromNew York City, owner and devel- oper of low-income housing properties nationwide. “The property was part of the RAD (Rental Assistance
Demonstration) program and received a new 20-year sub- sidy contract,” said Townsend. “The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made the asset attractive and a great
Checkpoint Systems renews lease at Sky Management’s 101 Wolf Dr. in Thorofare portunities.
THOROFARE, NJ — Alex Dembitzer , founder of Sky Management Services, LLC , has announced that Checkpoint Systems, a sub- sidiary of CCL Industries Inc., has entered into a ten- year lease extension at their headquarters facility. Located at 101 Wolf Dr. in Thorofare, the asset is located a fewmiles from the Philadelphia CBD. Checkpoint’s global head- quarters, which facilitates its North American distribution, research and development, and office operations, was designed and built for the company in 1994. As part of the lease extension, the facility will be modernized through a capital improvement program of approximately $10 million, funded by Sky Management. According to Dembitzer, renovations are scheduled for completion in 2018. Through its affiliate compa- ny, Sky Power LLC, the com- pany will also be installing a renewable solar energy system to help Checkpoint reduce its carbon footprint and produce
Michael Novak AESI 2B
5-11B SPO TLIGHT Central NJ
101 Wolf Dr.
5 years after Superstorm Sandy Bayshore Village reopens
nearly all of its electric con- sumption from non-polluting solar energy. “The renovations at Check- point will modernize the facil- ity, and the renewable energy solar project will reduce their carbon footprint while con- verting the property into a sustainable facility,” said Dembitzer. As part of Dembitzer’s so- cial mission, reducing the environmental impact of Sky’s buildings is an increasing pri-
ority. At New Jersey’s Wedge- wood Waterford US Corporate Headquarters, for instance, Sky installed a 1.5 MW solar energy system which is ex- pected to provide 90% of the facility’s electricity. Additionally, Sky Manage- ment made the proactive deci- sion to purchase an adjacent land parcel, making it possible for Checkpoint to expand in the future if needed or for Sky Management to pursue additional development op-
5B
www.marejournal.com
Made with FlippingBook - Online catalogs