12-20-13

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 25 Issue 24 Dec. 20 - Jan. 16, 2013

Investment market for multi-family properties continues to be “Voracious” Gebroe-Hammer completes $8 million in apartment sales

Annual Review

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building on an 8.15 acre lot off West Forest Grove Rd. in Vineland. The contractor is building the distribution facility, which will be leased and operated by RLS Logis- tics , for its real estate de- velopment company, BDGS, Inc . RLS Logistics is a lead- ing temperature-controlled logistics provider, offering transportation, warehousing, packaging and distribution services for many local and international food producers in the Mid-Atlantic region. This project marks the sec- ond Vineland location for the company, which has addi- tional facilities in Newfield, NJ and Pittston, PA. When completed, the building will stand 56 feet tall and house more than 41,600 s/f, encom- passing a variety of energy efficient technologies. n seller holding a long-termfirst mortgage plus the buyer’s cash investment. Because of our long-standing relation- ships with both buyer and seller, we were able to bring them together and complete the transaction, from offer to closing, in just 30 days.” The two-story brick build- ing, constructed in 1970, consists of 18 one-bedroom and nine two-bedroom apart- ments. It was fully occupied at the time of sale. The property features tenant parking in the rear and is located just one block from Bloomfield Ave., Caldwell’s main business district. The completion of this sale marked a milestone as well for Uranowitz, who has now sold every garden complex over 18 units located on Rose- land Ave. In Montclair, the four sto- ry, 22-unit brick, elevator

IVINGSTON, NJ — Gebroe-Hammer As- sociates has arranged

the sale of two Northern New Jersey apartment properties for a combined total of nearly $8 million, reports Ken Ura- nowitz , president of the firm. The two separate transactions total 49 units in Caldwell and Montclair, and both proper- ties were sold by long-term owners. In the Caldwell transac- tion, the 27-unit complex at 40 Roseland Ave. traded for $4.3 million. The firm’s bro- kerage team, which included Uranowitz and David Jar- vis , executive vice president, represented the seller and identified the buyer. “This was a very unique off-market transaction as the seller was a private in- dividual I have known for 27 years,” said Uranowitz. “The sale was structured with the

Caldwell and Montclair portfolio

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building at 9-11 Seymour St. was sold for $3.655 mil- lion, which factors out to more than $166,000 per unit. Uranowitz represented the second generation private ownership and teamed with Jarvis to procure the buyer. Consisting of 18 one-bedroom and four two-bedroom units, the property is adjacent to a municipal parking lot with available permit parking and one half block from the center of Montclair’s main business

artery, Bloomfield Ave. “The Montclair property had been owned by the same family since 1959, whom I’ve known since my very first days in the business back in 1975, and this was the first time it had become available for sale,” said Uranowitz. “Indeed, both of these proper- ties had many-decades-long ownership in which each seller decided to capitalize on extremely favorable market conditions”. n

BEST RETAIL POM/DOM OF 2013 11A BUILDING SERVICES &SUPPLIERS

Construction on an industrial freezer facility Stanker & Galetto break ground for RLS Logistics building

VINELAND,NJ — Stank- er & Galetto , a leading general contracting firm in southern New Jersey, broke ground on the construc- tion of an industrial freezer

5B-11B

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People on the Move.............................. 22A Owners, Developers & Managers..Section B Green Buildings............................. 13-19B Shopping Centers........................ 5-20A

Upcoming Spotlight January17th, 2014 2014 Forecast

Shown at the groundbreaking ceremony (L-R): Dave Manders, Manders Merighi Portadin Farrell Architects, LLC; Jesse Amoroso, Amoroso’s Baking Company; Russell Leo, RLS Logistics; Sandy Forosisky, Director of Redevelopment, City of Vineland; Anthony Leo, RLS Logistics; Peter Galetto, Stanker & Galetto; Dawn Hunter, Greater Vineland Chamber of Commerce; Mark D’Onofrio, Stanker & Galetto; and Fred Bernardini, BDGS

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