S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
M id A tlantic
David Oropeza and Joseph Brecher represent the owner and procure the buyer Gebroe-Hammer Associates inks $18.5m sale of 184-unit East Orange multi-family portfolio
HI-LIGHTS AUG. 12 - 25, 2016 urban bedroom community in decline to a leading millen- nial/generation Y residential hotspot was recently punctu- ated by the $18.5 million sale of a prominent three-property apartment-community portfo- lio arranged by Gebroe-Ham- mer Associates . Managing directors David Oropeza and Joseph Brecher represented the owner and procured the buyer of the properties located E AST ORANGE, NJ — East Orange’s on-going transformation from an
High-priority considerations include amenity-filled residen- tial options for those priced out of New York City, proximity to metro-area employment centers and access to mass transit and educational cen- ters. Green space near shop- ping, dining and recreational venues also are priorities. The recently sold South Har- rison Street portfolio includes 243 South Harrison/Harrison House and 179 and 158 South Harrison St., encompassing a total of 184 units. Approxi- mately 50% of the units have been updated with upscale finishes and one-to-two full or half baths. Each property also has modern luxurious lobbies and commons areas. According to Brecher, the buyer expects to implement a capital improvement program
along South Harrison St. Situated within the north- eastern quadrant of Essex County, New Jersey, East Orange continues to dominate as one of the region’s leading multi-family investment sub- markets and emerging rental- living destinations, according to the Livingston-based invest- ment brokerage firm’s market specialists. “East Orange is leveraging its historical architecture, spacious homes and wide tree- lined streets to realize city-wide revitalization that combines the best of urban and suburban living,” said Oropeza, the firm’s East Orange and urbanmarket specialist. “As a result, this urban renewal movement is si- multaneously attracting wide- spread investment, private and public collaboration and the EDISON, NJ — Jordan Metz , vice president, at Bus- sel Realty Corp. (BRC) , an industrial real estate services firm in New Jersey, has ar- ranged the sale of 2401 East Linden Ave. in Linden, a 82,000 s/f industrial asset. The sales price for the transaction was $9.1 million. The buyer was Penwood Real Estate Management LLC and the seller was 265 Pennsylvania Realty, LLC. Metz represented the buyer and the seller in the transac- tion. This is the fifth industri- al investment asset Metz has sold over the past 12 months, totaling over $40 million in aggregate sales/lease volume. “The Ports market is expe- riencing strong, unparalleled demand, compounded with an historically low vacancy and inventory, resulting in a tremendous amount of competition which has led to some of the highest sale and lease prices that we’ve ever seen,” said Metz. “With the continued explosion of growth in the e-commerce sector, and with institutional fund money
to upgrade 60 units that have yet to be renovated. “Of the total unit count, about half are two-, three- and four-bedrooms which are garnering the greatest tenant demand in the current market where the renter-household percentage exceeds that of the state average,” he said. Situated at the Crossroads of New Jersey where I-280 and the Garden State Parkway intersect, 18 miles from Mid- town Manhattan, the portfolio is within one of the city’s most historic residential neighbor- hoods. East Orange’s 2012 transit-village designation also has contributed toward advancing the city’s profile, resulting in average asking- rent increases spanning nine consecutive quarters, accord-
243 South Harrison St.
nation’s most desirable ten- ant base – those born between the early 1980s through early 2000s – commonly known as millennials or Generation Y.” According to Oropeza, the same requirements that are important to this new tenant demographic are equally or more essential to investors.
Central NJ 5-13B
ing to REIS. n Metz of Bussel Realty brokers sale of 2401 East Linden Ave. in Linden, New Jersey
WCRE facilitates sale of major Class “A” investment property in Westmont,NJ
Denholtz Associates secures $3.975m refinancing of mixed use building
1099 Wall Street West 2401 East Linden Ave.
Metz represented both the tenant and Penwood in that lease transaction as well. “We chose to sell to Pen- wood Real Estate Manage- ment, which is a testament to its managing director Howard Freeman, who was instru- mental in completing this complex transaction,” Metz continued. 2401 East Linden Ave. is a fully-leased industrial prop- erty totaling 82,000 s/f and
located near Exit 13 of the New Jersey Turnpike and Rte 1-9. The property fea- tures 5,000 s/f offices, 21-foot clear ceilings heights, ten loading docks, and a new paved parking lot, doors and HVAC system. Located in the heart of the Ports market, the property offers easy access to Port Newark/Elizabeth and Newark Liberty Airport as well as the Goethals Bridge to Staten Island. n
chasing any well-located asset in these markets, buildings like 2401 East Linden Ave. commanded interest from a myriad of buyers.” 2401 East Linden Ave. is a fully stabilized net-leased building, with three tenants in the food and pharmaceu- tical sectors, one of which, Ultimate Foods, signed a new five-year lease on ap- proximately 20,000 s/f with Penwood as it took ownership.
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