S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Berkadia provides financing for 110-unit complex Kislak completes $7.65 million sale of Mapleview Apartments in Merchantville, NJ
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apartments and 84 two-bed- room apartments. The prop- erty includes new kitchen cabinets and appliances and presented upside potential upon completion of unit reno- vations to increase revenue. The property is located a short walk to downtown Merchant- ville, minutes fromCherry Hill Mall, less than one mile away from Rte. 38 and near Rte. 70, and a bus stop is in front of the property. “The market for multifamily properties remains very strong
lheimer. “The solid rental market and professionally managed building enabled us to market it widely and iden- tify the right purchaser.” “This is the purchaser’s first transaction with Kislak,” said Keenan. “I am pleased that I represented the purchaser in their largest acquisition to date and look forward to working together again in the future.” Financing was provided by Berkadia . The seller was rep- resented by Leon D. Dembo, Esq. of Dembo & Saldutti LLP of Mount Laurel, New Jersey. The purchaser was represented by James R. Lisa, Esq. of Jersey City, New Jersey. At the time of closing, the property was 98% occupied. n
ERCHANTVILLE, NJ — The Kislak Company, Inc. an-
nounced the $7.65m sale of Mapleview Apartments, a 110-unit multifamily complex in Merchantville. Senior vice president Matthew Weil- heimer represented the seller and vice president Joseph Keenan represented the pur- chaser. Mapleview Apartments is an all-brick, well landscaped property with on-site parking. It includes 26 one-bedroom
MapleviewApartments
properties in and around the area given its close proximity to Philadelphia, the lack of availability properties, high occupancies and increasing rents.” “The seller engaged us on an exclusive basis,” said Wei-
throughout New Jersey,” said Robert Holland , president and co-managing director. “The local area, which includes Cherry Hill, is a strong Phila- delphia submarket and we noticed a marked increase in demand among investors for
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JUNE 13 - 26, 2014
HI-LIGHTS
Scott and Lou Belfer represent Van Dyke Associates CBRE handles 173,746 s/f renewal & expansion lease in New Brunswick, NJ
Prestige Group sells twelve apartment units for $692,500
NEW BRUNSWICK, NJ — CBRE Group Inc. , one of New Jersey’s largest commer- cial real estate brokerage firm, announced the completion of a 173,746 s/f industrial renewal and expansion lease at 14 Van Dyke Ave. and 20 Van Dyke Ave., in New Brunswick. The CBRE team of Scott Belfer and Lou Belfer , se- nior vice presidents, repre- sented the landlord, Van Dyke Associates, LLC , in the transaction. The tenant, Prime Source Building Prod- ucts, renewed and expand- ed its lease at the property, which will continue to serve as the company’s northeast distribution hub and provide storage space. Prime Source Building Prod- ucts renewed 84,824 s/f of space at 20 Van Dyke Ave. and expanded into 88,922 s/f of space at 14 Van Dyke Ave. The company decided to renew its lease due to the additional outside storage available at the building complex. In addition to this feature, the location is also valued for its proximity to
Prestige Group, Inc. was responsible for the sale of “Smith Lane Apart- ments”, a 12 unit multi- family property in Runne- mede . See page 2B .
Colliers International arranges $6.85millionsaleof 330,000 s/f
Colliers Internation- al has arranged the sale of the 330,000 s/f Morris Business Campus at 1000, 1100, and 1200 The Ameri- can Rd. in Morris Plains. See page 5B
ALSO INSIDE:
14 & 20 Van Dyke Ave.
Northern NJ Spotlight.............................5-11B NJ CRE Summit Forecast....................13-BCB ICREW NJ......................................................20B
contributed to the tenant’s decision to stay in place in the New Brunswick location,” said Scott Belfer. “The property was also able to accommodate the tenant’s desire to expand its in- dustrial footprint, which sealed the deal in this transaction.” n
major highways, such as the New Jersey Tpke. and Rte. 1, plus the ability for tenants to expand their operations within the campus. “The location of these ware- houses, in addition to the price offered by the landlord, greatly
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