O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
AST ORANGE, NJ — CBRE Group, Inc. , one of New Jersey’s Transit-oriented portfolio with almost 100% occupancy attracts great interest CBRE Group announces $5.5 million sale of 73-unit multifamily portfolio totaling 74,500 s/f E to New York City, while offer- ing cheaper rents for spacious, high-end apartments that are newly renovated.
CBRE Capital Markets In- vestment Properties’ Charles Berger and Mark Silver- man , in New Jersey, and Elli Klapper , in New York, repre- sented the seller, a long-time CBRE client, and procured the buyer in the transaction, securing an aggressive cap rate and price-per-unit figure. Adding to its existing portfolio of Essex County properties, the new owner plans to hold the multifamily complex for investment purposes. The East Orange portfolio’s four buildings each near 100% occupancy, with a recent influx of residents from New York City and the outer bor- oughs as a result of its stra- tegic transit-oriented location in the immediate proximity of a New Jersey Transit rail sta- tion. The attractive location provides tenants with access V I LLAGE OF THE BRANCH, NY —Developer Whitetop Mountain Pro- fessional Properties and general contractor Stalco Construction have broken ground on the new 15,100 s/f 226 Middle Country Road Medical and Research Build- ing in the Village of The Branch, a part of Smithtown, Long Island. The building will house two tenants, North Shore-LIJ Health System diagnostic imaging center and the headquarters and product research and de- velopment facilities of MIDI, a medical-, life sciences- and home healthcare-product de- velopment consulting firm. “226 Middle Country Road is the cornerstone of White- top Mountain’s strategy of developing properties for the medical services and product research & development industries,” said Whitetop principal Gregory Montal- bano . “Our firm focuses on building a portfolio of real estate facilities designed specifically for healthcare, research, and professional
HI-LIGHTS A ugust 28 - S ept . 10, 2015 largest commercial real estate brokerage firms announced that it has arranged the $5.5 million sale of the East Or- ange Portfolio. The multifam- ily portfolio is comprised of four properties, located at 6 Glenwood Ave., 30 Beech St., 46 South Arlington Ave. and 345 Williams St. in East Or- ange. With 73 units, the com- plex totals more than 74,500 s/f, with a great mix of one-, two- and three-bedroomunits.
“The CBRE Tri-State In- vestment Properties team is one of the most active bro- kerage teams of multifamily properties in the northern New Jersey market,” said Berger. “We are proud to have achieved an aggressive sale price for our long-time client, both on a cap rate and price per unit basis, and by the same token provided the buyer with fully-renovated properties in an ideal transit- oriented location with value- add potential. On the foot- steps of this successful trans- action, we have just released to market a rare opportunity for investors to purchase a 251-unit multifamily portfolio in Newark.” n landscaping and a new sur- face parking lot for employ- ees and visitors, new curbs, new exterior lighting, and a connection easement road to provide courtesy access for a church located adjacent to the property.” Additional site work will include a new keystone retaining wall on the southeast corner of the property. Construction Superinten- dent Michael Marchese said, “The team will install new utility connections – power, water, and telecom- munications. The property will feature its own septic and sewer system, and crews will install an irrigation sys- tem for lawns, shrubs, and trees planted at the site.” In addition to general con- tractor Stalco Construction, the project team includes architect nf architectural designs ; structural engineer Design Bureau of Leonid Krupnik ; civil engineer RMS Engineering ; and mechanical, electrical and plumbing (MEP) engineer Mottola Rini Engineers . n
Whitetop Mountain & Stalco Construction break ground on medical/research building East Orange Portfolio
Building Services & Suppliers
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MAREJ’ s D evelopment of the M onth
226 Middle Country Road Medical and Research Building
Hollister Construction Services begins work on 69,000 s/f vertical farm
services tenants in the great- er New York region.” Alan Nahmias , presi- dent of Stalco, said, “The architecture of the new one- story building will reflect the colonial feel of the his- toric Village of The Branch neighborhood, which dates back to the late 1600s. The building’s façade will feature brick face, columns, and other ornamental architec- tural elements prevalent in the landmark structures neighboring the new devel- opment.” The structure will house state-of-the-art medical ser- vices and research & de- velopment facilities. The foundation will feature re-
inforced-concrete footing and foundation walls. The build- ing will have a steel struc- tural system and six-inch metal frame exterior walls with brick veneer as well as colonial-looking Fypon PVC trim to reflect the heritage of the neighborhood. The façade will also showcase masonry elements, columns, two separate Kawneer archi- tectural aluminum and glass entrances, and split-faced block as well as EIFS (exte- rior insulation and finishing system) in certain areas. The roof will feature ornamental fencing and railing by Fypon. According to Stalco proj- ect manager, John Furey , “The project will include new
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