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Real Estate Journal — New Jersey — June 13 - 26, 2014 — 5B


M id A tlantic

JMF Properties Group purchases the property Colliers International arranges sale of 330,000 s/f Morris Business Campus for $6.85 million


keting approach we engaged more than half a dozen active bidders through an auction platform to achieve this great result.” “The property is currently zoned as light industrial, but presents a wealth of reposi- tioning opportunities,” said Joseph Forgione , founder and principal of JMF Proper- ties Group. “We are thrilled to add this asset to our in- creasingly diverse portfolio, which includes multifamily residential developments and shopping centers anchored by tenants like Whole Foods, BJ’s, Ulta Cosmetics, and Chase Bank.” The Morris Business Cam- pus is conveniently located two miles from Interstates 287 and 80, and is 45-minutes away from New York City. Morris Plains is situated between Parsippany and Mor- ristown, and touts numerous shops and restaurants. n

ORRIS PLAINS, NJ — Colliers In- ternat ional has

arranged the sale of the 330,000 s/f Morris Business Campus at 1000, 1100, and 1200 The American Rd. in Morris Plains for $6.85 mil- lion. The multi-tenant office building was sold to local real estate investor and developer JMF Properties Group . The Morris Business Cam- pus encompasses more than 28 acres of land and is com- prised of three interconnect- ed class B office buildings that were renovated in 2001. Building amenities include a glass atrium entrance, fit- ness center, and full-service cafeteria. The rear of the property features a walkway with direct access to the Mor- ris Plains train station. “Our marketing strategy targeted investors and de- velopers with experience in ‘value creation’. Due to the UNION & ESSEX COUN- TY, NJ — Gebroe-Hammer Associates has completed a trio of multi-family invest- ment sales totaling $5.76 million and 86 units located throughout Northern New Jersey’s Essex and Union counties. In all three trans- actions, the Gebroe-Hammer brokerage teams represented the sellers, long-time clients of the firm, and identified the buyers. In Union County, vice presi- dents Stephen Tragash and Steven Follman arranged the sale of 1009-1015 East Jersey St., a 34-unit property in Elizabeth that traded for $2.2 million. The low-rise garden-style property is cen- trally located just off Spring St. between the intersections of East Grand St. and Eliza- beth Ave., a short distance from the New Jersey Tpke. Nearby at 409-421 Jefferson Ave., David Oropeza , man- aging director, and Tragash

positioning purposes,” said Jacklene Chesler , a man- aging director at Colliers In- ternational who represented the seller in the transaction. 1000 The American Rd.

overall size of the asset, acre- age, and strong submarket fundamentals, we knew this opportunity would appeal to buyers for an array of re-

“JMF Properties Group is a visionary in transforming properties into assets that enrich communities. With an aggressive, hands-on mar-

Gebroe-Hammer completes a trio of multi-family sales for $5.76 million in in Union and Essex counties

also concluded the sale of a 34 apartment-rental unit com- plex, which was constructed in 1971. The seller was a multi-billion dollar private equity fund Gebroe-Hammer has recently represented ex- clusively in several other multi-family transactions throughout Northern and Southern New Jersey. In the urban hub of Irving- ton in Essex County, Gebroe- Hammer’s team of Joseph Brecher , managing director, and David Jarvis , executive vice president, completed the sale of Gold Haven Commons, an 18-unit “fractured” condo- minium apartment property that sold for $1.65 million. Situated at 512-516 Union Ave., just north of the inter- section of the Garden State Parkway and I-78, Gold Ha- ven Commons features nine one-bedroom and nine three- bedroom units, as well as nine on-site parking garages. “Demographic trends have

512-516 Union Ave.

shifted to New Jersey’s urban and semi-urban locations,” said Brecher. “Tenants want to live near where they work, and/or have close access to

transportation that will allow them to take advantage of sporting, entertainment and dining venues from Newark to New York City and every-

where in between. Investors have been flocking to these markets for some time now due to fortified occupancy rates.” n

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