6B — October 10 - 23, 2014 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

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20 units consisting of 17 apts. and 3 comm’l. stores Michael Cervelli RE sells mixed use property for 1.22m

ERSEY CITY, NJ — 171 Martin Luther King Jr. Dr., a 20 unit mixed use property on a major retail street in Jersey City sold for $1,220,000 announced Mi- chael Cervelli Real Estate, LLC. The property consisted of 17 apartments and 3 commer- cial stores. The all brick asset, which boasted brand new win- dows and mechanical systems, offered a near 10% return on investment. This particular section of Jersey City may have the most upside of all of the other districts. “Given its location and cost to service dif- J

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171 Martin Luther King Jr. Dr.

ferential, investors could see major value inflation in the coming years,” said Michael Cervelli. This type of return on investment, when compared to Brooklyn and Queens, New York makes it difficult to ig- nore this strategically located market. With the addition of major infrastructure to its utility service, transportation system, and favorable zoning laws, it is no wonder Jersey City is poised to overtake New- ark and as the most populous city in New Jersey. n Colliers Int’l handles 16,000 s/f mortgage firm HQ BLOOMFIELD, NJ — Col- liers International has ar- ranged a long-term lease for Reverse Mortgage Investment Trust, Inc.’s new headquarters at 1455 Broad St. in Bloomfield. The reverse mortgage provider will take 16,606 s/f on the second floor of the four-story, 94,960 s/f office building. The property is one of four buildings at BroadAcres Of- fice Park, owned by BR/Prism Central Park Owner, LLC and operated by Prism Capital Partners, LLC , which recently completed a major capital im- provement program to upgrade the campus grounds and lobbies. Amenities atBroadAcres include anon-site cafe, conference center, and outdoor parking. “This class-Aspace is agreat fit for the growing firm, which will have more than 50 employees stationed here,” said Richard Madison , an executive manag- ing director at Colliers Interna- tional, who represented Reverse Mortgage in the transaction. Principal Edwin Cohen rep- resentedPrismCapital Partners in-house. n


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