10B — March 14 - 27, 2014 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N orthern N ew J ersey To oversee management of Arlington Park in NJ Value Asset Management scores second Bergen City assignment
A
Bergen County. The company’s successful turnaround and lease up of the 200-apartment Dorchester Manor in NewMil- ford drew the attention of the owners of Arlington Park who cited VAM’s high standards, well-respected track record and ability to turnaround ex- isting apartment complexes such as Dorchester Manor as the major reasons for selecting the Clifton-based company. “Our decision to hire Value Companies was an easy one,” said Arthur R. Kramer , one of the managing partners of Dorchester Manor. “They have
ment communities through- out the area,” said Andrew Abramson , CEO and presi- dent of the Value Companies. “At communities such as Dorchester Manor, we’ve suc- cessfully formulated innova- tive, relevant and well-man- aged programs that address various market conditions. Our in-house capabilities, coupled with a focus on estab- lished apartment communities and wealth of experience in the marketplace, will enable us to customize a program that will raise the bar for Arlington Park’s management and leas- ing campaigns.” Value Companies currently owns and manages a port- folio of approximately 3,226 residential units across fifteen communities located through- out New Jersey, Pennsylvania and New York. “One key to our success has been an ability to grow and adapt to the ever-changing rental marketplace and ex- pand from traditional methods by employing innovative tech- niques to effectively market and manage our properties,” said Abramson. n Black Oak and MCB acquire shopping center BELLEVILLE, NJ –A joint venture between Black Oak Associates and MCB Real Estate acquired a 54,000 s/f grocery anchored shopping center for $10.5 million. The property was purchased from Mount Kellett Capital Man- agement, LP , owner of A&P. The shopping center is an- chored by Pathmark and is located in Belleville. The cen- ter benefits from exceptional population density and totals 10 acres, which creates the opportunity to develop over 20,000 s/f of new retail space in the future. According to Dara Hewat , the lead Black Oak partner on the acquisition, “We are ex- cited to enter the growing and diverse market of northern New Jersey. We were attracted to this property due to its population density, significant development opportunity and proximity to New York City.” Greg Sobol , a partner at Tri- State Commercial, Inc. , will be the broker managing new tenant leasing. n
RLINGTON, NJ — Value Companies, Inc. announced that
Value Asset Management (VAM) has been retained to oversee the management of Arlington Park, formerly known as Ridge Park Apart- ments in the Bergen County Borough of North Arlington. VAM will immediately take over leasing, operations and marketing efforts at the 234 garden-style home community located at 20-B Ridge Park Dr. Arlington Park will be VAM’s second assignment in
Dorchester Manor
“We have a unique insight into the Bergen County mar- ket having developed and managed award-winning new home and existing apart-
made such a great contribution to the growth of our property with their first class team. We feel fortunate to have them as partners.”
Made with FlippingBook - Online catalogs