8 — May 2025 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
383 Route 46 trades for $3.6 Million in Fairfield, NJ Lee & Associates – WBE negotiates NJ office sale
BBAM, Bettina Equities & Echevarria Inds. launch $125M NJ multifamily JV
building featuring 80 residen - tial units, while the Gutten- berg site will follow, which will be a seven-story building with 50 residential units. Both buildings, scheduled to deliver in 2026 and 2028, respectively, will offer a wide range of amenities including rooftop terraces, solarium lounges, a state-of-the-art fitness center, indoor garage parking with EV charging stations, and a large com- munity center with grills and entertainment space. Cen- trally located near transit, shopping, and schools—with elevated views of the Man- hattan skyline and Meadow- lands sunsets—the buildings offer both modern living and exceptional connectivity. The JV is also on track to de- liver its latest project, 6810 Polk St., a 36-unit multifamily devel - opment located in Guttenberg. “Echevarria Industries has a proven track record of identify- ing and executing high-quality multifamily developments in markets like North Bergen, Guttenberg, and West New York,” BBAM senior managing director Bryan Manz said. “Partnering with experienced developers like Echevarria remains a cornerstone of our investment strategy as we con- tinue to expand in dynamic, high-growth areas.” Echevarria is forming plans for additional develop- ment sites in West New York and Guttenberg totaling $50 million located in opportu- nity zones where BBAM will invest equity as part of the new JV. MAREJ reliable, long-term returns. C-Stores in the Future of CRE As consumer preferences shift, C-stores are becoming a go-to destination for those look- ing for quick, fresh meals. This transformation, paired with economic trends like inflation and rising grocery costs, ensures that C-stores will remain a key asset class for investors in the net-lease real estate market. “With a new generation of consumers focused on health, value, speed and convenience, C-stores are perfectly posi- tioned to expand,” the report concludes, highlighting why investors continue to view this evolving retail category as an attractive addition to their portfolios. Coldwell Banker Commer- cial offers expert real estate services across office, retail, industrial, and multifamily properties. MAREJ
NEW YORK, NY + HUD- SON COUNTY, NJ — Black Bear Asset Management (BBAM), Bettina Equities Management, and Echevar- ria Industries have formed a joint venture to invest up to $125 million in residential development projects through- out NJ with a primary focus in North Bergen, Guttenberg, and West New York, NJ. To date the venture has already acquired three projects with a total capitalization of $65 million, with the properties in various stages of development. The JV aims to acquire and aggregate urban infill land parcels for the development of multifamily properties within Hudson County. BBAM and Bettina Equities will contribute investment capi- tal, while Echevarria Industries will serve as the property devel- oper and manager and will also co-invest in the projects. “BBAM and Bettina Equi- ties are ‘best-in-class invest- ment partners,’” Echevar- ria Industries CEO Mario Echevarria said. “We have assembled a quality portfolio of projects together across Hudson County on an expedi- ated basis. BBAM is a valued partner and financial advisor having structured financing for a multitude of E Residenc- es projects prior to the recent JV partnership.” The JV recently acquired two new development sites: 6205–19 Madison St. in West New York and 416 69th St. in Guttenberg. The West New York project, already under de- velopment, will be a six-story Investment Opportunities for C-Stores Despite 60% of C-stores be- ing independently owned, the sector is seeing significant con - solidation. Major players like 7-Eleven plan to open 500 new stores in the US and Canada by 2027, while regional chains such as Wawa, Sheetz, and Buc-ee’s are expanding into new markets. This consolidation creates opportunities for inves- tors to acquire properties with stronger tenant profiles and more predictable cash flows. The sector’s strong position, driven by convenient loca- tions, long-term leases (up to 20 years), and low vacancy rates, makes C-stores a stable investment option in the net- lease market. These factors, combined with steady demand, make the sector appealing to net-lease investors seeking
AIRFIELD, NJ — Lee & Associates – WBE negotiated the $3.6 mil - lion sale of 383 Route 46, a 34,445 s/f office property in Fairfield. Peter Rasmusson , a partner with the commercial real estate services firm, rep - resented the seller, the Glass- man Family, and procured the buyer, Fairfield Real Estate LLC, in the transaction. Built in the mid-1970s, the three-story building at 383 Route 46 sits on 1.6 acres and has been owner-occupied since 1985. It serves as a lo - cal landmark, recognizable by its architecturally distinctive design with rounded corners and full-height glass curtain wall exterior. “383 Route 46 is a unique office asset with exceptional access and visibility in one of suburban Essex County’s most desirable places to do busi- ness,” said Rasmusson. “The F
383 Route 46
building’s features and ideal location were major draws for the buyer, which will continue the property’s tradition of owner occupancy. This offer- ing was met with significant interest from a diverse group, including both investors and private players.” Situated at the interchange
of Route 46 and Hollywood Av- enue, 383 Route 46 is strategi - cally located within minutes of major roadways including interstates 80, 287 and 280, and Rte. 23. Its proximity to public transportation, hotels, restaurants, shopping and Essex County Airport add to its appeal. MAREJ
Veris Residential consolidates majority stake in Urby JERSEY CITY, NJ — Veris Residential, Inc. , and Urby , a hospitality-driv- en multifamily development brand, announced that Veris Residential has acquired Iron- state Holdings’ (Ironstate) 15% stake in Jersey City Urby, a 762-unit, class A multifamily property located on the Jersey City Waterfront, for $38.5 million, excluding transaction costs but including consider- ation for the termination of Urby’s management contract and the annual tax credit. Upon the close of the trans- action on April 21, 2025, Veris Residential assumed manage- ment of the property, now known as Sable. “The consolidation of Veris Residential’s ownership of Sable represents an exciting milestone for our company as we continue to simplify our portfolio while accreting earn- ings through strategic capital allocation,” said Mahbod Nia , CEO of Veris Residential. “In addition to attracting strong demand given its expansive views, premium amenities and convenient Waterfront location facing Manhattan, the property fits seamlessly into our high-quality, class A man- aged multifamily portfolio.” Developed in 2017, the 69-story cantilevered high-rise at 200 Greene St. offers a mix of studios, one-bedroom and two-bedroom apartments with more space and more affordable prices than comparable alter- natives in NYC. The property is equipped with amenities that matter for a modern life. MAREJ Real estate slowdown in hospitality: A perspective on . . . continued from page 3
continued from page 2 Coldwell Banker: C-Stores are CRE . . .
tive reuse strategies, and educating both domestic and foreign investors on localized submarket resilience. The travel downturn can- not be entirely divorced from political dynamics. Whether it’s rhetoric, visa restrictions, or shifting global perceptions, the international community’s interest in visiting or investing in the U.S. has cooled in ways that affect our bottom line. The second Trump term, regardless of one’s political stance, has the potential to prolong or intensify those headwinds, especially if global perception continues to shift unfavorably. Hospitality Real Estate in a Holding Pattern For now, CRE professionals Political Overhang: The Trump Effect
in the hospitality sector are navigating a perfect storm of weakening demand, cautious capital, and geopolitical uncer- tainty. Sellers must be realistic, buyers must be strategic, and real estate professionals must be agile. The fundamentals of hospitality real estate are still strong in the long term, but in the current environment, patience and creativity are as important as price per key or cap rate and in retail leasing, adaptability is no longer a luxury—it’s a survival tactic. Tyler Foresta, sales & leasing, LMT Commercial Realty, LLC/CORFAC International. Joe Latina, SIOR, manag- ing principal, LMT Com- mercial Realty, LLC/COR- FAC International. MAREJ
market evidence. The Challenge with For- ward-Looking Deals With the uncertainty of fu- ture performance, determin- ing valuations of hospitality opportunities are becoming in- creasingly more difficult. Take Hyatt’s Q1 earnings, which on the surface look positive, but warns of a slowdown in for- ward bookings, sending a clear message to the market. Don’t count on the same momentum heading into the second half of the year. As the real estate profes- sional role has shifted from transactional to consultative, we’re helping sellers embrace creativity including restruc- turing deals to include seller financing, advising on adap -
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