M id A tlantic S hopping C enters N ew J ersey S potlight S outhern Brecher represents sellers while Pomerantz procures buyer Gebroe-Hammer Associates arranges two Lakewood, NJ trades totaling $38.25 million
Real Estate Journal — New Jersey — July 11 - 24, 2014 — 5B
www.marejournal.com
L AKEWOOD, NJ — Lakewood Township’s reputation as a live- ly, academic community has made it one of the most in- demand multi-family invest- ment markets in New Jersey as evidenced by two recent trades totaling $38.25 million arranged by Gebroe-Ham- mer Associates . Joseph Brecher , managing director, represented the sellers in the separate transactions involv- ing The Crest at Washington Square and Shenandoah Vil- lage. The firm’s brokerage executive also identified the buyer for The Crest while Debbie Pomerantz , assis- tant vice president, procured the buyer of Shenandoah Vil- lage. The Crest at Washington Square, which sold for $26 million, is a mid-rise elevator building located at 415 Cedar Bridge Rd. Constructed in 2006, the 144-unit building is
comprised of a mix of one- and two-bedroom/one-bath and two- and three-bedroom/two- bath layouts. The sale also in- volved an adjoining two-story, 17,516 s/f retail plaza/office building. The fully occupied ground-floor retail center in- cludes a dry cleaner, grocery store, health food store, res- taurant and pharmacy. “Once considered a small, scenic township near the Jersey Shore, Lakewood has emerged as a hub for large and small businesses – home to the second largest industrial park in the state – as well as its parks, lakes and quaint Victo- rian downtown section,” said Brecher. “These characteristics are a draw for a strong tenant base as well as multi-family investors who recognize future property performance poten- tial where there are growing employment, recreational and commerce opportunities in one convenient, central locale.”
Less than two miles away, on the north shore of Lake Shenandoah, the 72-unit Shenandoah Village sold for $12.25 million. Built in 2000, the well-maintained luxury apartment community gar- nered a price-per-unit of more than $173,000. Located at 102 Susan Dr., just off Ocean Ave./Rte. 88, Shenandoah Village’s mix of one- and two-bedroom units offer spacious floor plans, mod- ern appliances, walk-in closets, hardwood flooring, central air conditioning, a washer and dryer and a balcony, deck or patio. On-site amenities range from an outdoor barbecue area and playground to 160 parking spaces. Lakewood is centrally lo- cated in Ocean County, N.J., with average area rents rang- ing from $1,200 for a one- bedroom unit to $1,400 for a two-bedroom unit, according to Gebroe-Hammer Associates. n
The Crest at Washington Square
Colliers Int’l facilitates $1.66m sale at 41,400 s/f industrial park
Marcus & Millichap arranges the $1.1m sale of a 9,900 s/f retail property
575 North Main Street
tor of the Net Leased Property Group in Marcus & Millic- hap’s New Jersey office, had the listing to market the prop- erty on behalf of the seller, a private investor. The buyer was represented by Julienne Pape , an investment special- ist in Marcus & Millichap’s New Jersey office. Union Plaza is located at 575 North Main St. in Bar- negat. n
BARNEGAT, NJ — Mar- cus & Millichap , a commer- cial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Union Plaza, a 9,900 s/f retail property located in Barnegat, according to Brian Hosey , regional manager of the firm’s New Jersey office. The asset sold for $1.1m. Michael Lombardi , direc-
9255 Commerce Highway
The buyer, Generation Y, LLC is expanding their mate- rial handling and light manu- facturing division.The site is conveniently located off Rte. 130 and provides excellent access to Rtes. 73 and 90. The building features 20’ ceilings, five loading docks and one
drive-in door The completed sale contin- ues the success Isdaner and Richman have had in sellings buildings in Pennsauken. They have been involved in the sale of eighteen buildings in the township since the beginning of 2012. n
PENNSAUKEN, NJ — The Colliers International team of Marc Isdaner and Ian Richman recently completed the sale of a 41,400 s/f ware- house facility at 9255 Com- merce Highway in Pennsauken on behalf of the owner, Helios Creative, for $1.66m.
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