Mid Atlantic Real Estate Journal — New Jersey — September 14 - 27, 2012 — 11B
www.marejournal.com
N ORTHERN N EW J ERSEY C OMPANY F OCUS
NGLEWOOD, NJ — Michael Cervelli Real Estate announces Cervelli Real Estate & Property Management lease over 28,000 s/f at 1 Marine Plaza Michael Cervelli Real Estate announces the sale of 66-68 West Palisade Avenue for $850,000 E
the sale 66- 68 West Pali- sade Avenue i n E n g l e - wood NJ. The property is a m i x e d - u s e investment property with 3 stores and
66-68 West Palisade Avenue can succeed in any economic climate. JERSEY CITY, NJ — Mi- chael Cervelli Real Estate announces the lease up of 29 Cottage Street in Jersey City’s
1 Marine Plaza
1 Marine Plaza
29 Cottage Street
James Cervelli
Journal Square. Cervelli Real Estate obtained the listing and proceeded to take the property to market. After showing the space to many prospects, the landlord decided to go with
the security of a large national company. The tenant “Fre- senius Medical Care Jersey City” is the largest provider of dialysis services in the country employing 45,000 people. Due
to the nature of the business, the tenant had many logisti- cal and political hurdles but the parties were able to come to an agreement after several months of negotiations. ■
3 apartments and features all separate utilities. James Cervelli orchestrated the sale, which involved negotiating leases in order to stabilize the asset and demonstrate its investment value. Once the commercial tenants were in place, a buyer was secured. A sales price of $850,000 and Capitalization rate of 7.7% signals the continued strength of Investment Sales in Bergen County, which has been driven by low interest rates, and strong demand for safe invest- ment platforms. NORTH BERGEN, NJ —Michael Cervelli announced the aggressive lease up of 1Ma- rine Plaza, which sits adjacent to the Palisade Medial Center on River Road overlooking Manhattan. A local group pur- chased the property, which at the time had suffered from se- vere functional obsolescence. In less than a year the building, which was bought in distress from a bank, has undergone major capital improvements in- cluding new electrical service, new lobby, windows and land- scaping. Cervelli Management handled oversight of all con- struction management while the real estate teamworked on the leasing end. This has attracted many new tenants including architects, professional services and tech- nology groups. Using a team based approach, Cervelli Real Estate and Property Manage- ment has leased over 28,000 s/f. Michael Cervelli has been conducting professional real estate and management ser- vices for 25 years, and with the aid of his two sons, has carried the company through this very difficult environment. By example of what they have accomplished in this one deal (bringing the building from a non usable structure, to hav- ing a healthy occupancy and being refinanced to return 100% of the investment to its partners) it gives proof that quality service and experience
PROFESSIONALLY MANAGING PROPERTIES FOR OVER 25 YEARS
You Get What You Inspect Not What You Expect. Experience
Transparency Accountability Proven Systems Staff Accountants New Jersey, New York, Delaware 201-868-6300 www.cervellimanagement.com James@realestatenj.com
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