4B — August 28 - September 10, 2015 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers &M anagers Nat Gambuzza and John Veniero handle transaction Marcus & Millichap inks $4.475m sale of 49-units
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LOOMFIELD, NJ — Marcus & Millichap announced the sale of a 49-unit apartment property located in Bloomfield, accord- ing to Brian Hosey , regional manager of the firm’s New Jersey office. The asset sold for $4.475 million. Nat Gambuzza and John Veniero , investment special- ists in Marcus & Millichap’s New Jersey office, had the list- ing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured by Gam- buzza and Veniero. B
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The property was marketed with 24 vacant units that were destroyed by a fire. “Selling a partially vacant and dam- aged building was a significant challenge,” said Veniero. “The value-add nature of this invest- ment generated tremendous interest. We receivedmore than 15 offers within 30 days.” “Ultimately the strategy that netted the seller the most proceeds was to allow the pur- chaser to renovate and lease the apartments prior to tak- ing ownership of the property, which needed to be carefully negotiated,” said Gambuzza. This four story multi-family investment property is located at 210-214 Franklin St. in Bloomfield, NJ with easy access to the center of town along with the Garden State Parkway. Gambuzza and Veniero to- gether closed on the sale of six other transactions in Essex County this year. n DeSimone Consulting Engineers opens Boston office NEWYORK, NY — DeSim- one Consulting Engineers , a structural engineering firm with offices in nine cities worldwide, announced the opening of a new office in Bos- ton to accommodate growth. “DeSimone is expanding to accommodate our growing na- tional and international prac- tice,” said Stephen DeSim- one , president of DeSimone. “The new space is ideally suited for our needs as we con- tinue to develop new projects and respond to our clients in the Boston area.” The newDeSimone Consult- ing Engineers office is located at 31 Milk St., Suite 1016, Boston, MA.
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