March 2023

12A —March 2023 — M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal

Rosen of Commercial & Investment Realty Associates, LLC represents buyer in transaction Edge brokers sale of Finmarc Management- owned 32,000 s/f suburban office building

AITHERSBUR, MD — Edge acquired by KLNB , has brokered the sale of 811 Russell Ave., an 32,000 s/f suburban office asset in Gaithersburg. Joe Fried- man, and Joshua Norwitz , of Edge teamed up with Ken Fellows with Edge’s Suburban Maryland landlord advisory team as the agent of the seller, an affiliate of Finmarc Man- agement, Inc. Joe Hoffman of Kelley Drye & Warren LLP provided legal advisory services for the transaction on behalf of the Finmarc Manage - ment affiliate. The property sold G TOMS RIVER, NJ — Green Meadows at Pleasant Plains – a new community of 175 luxury rental residences in Toms River by developer Gar- den Communities – is nearly 100% leased. This milestone coincides with the recent in - troduction of Green Meadows’ clubhouse, hosting a full suite of lifestyle amenities. “Resort-style living is a key draw for today’s renter, offer - ing the opportunity to social - ize, exercise or relax right outside their front doors,” said Mark Ginsberg , developer for the community. “Response to Green Meadows at Pleasant Plains has been overwhelming - ly positive since we launched leasing in late 2020 – and our highly anticipated clubhouse JAMESBURG AND FAIR- VIEW, NJ — Lee & Associ- ates New Jersey has negoti - ated the $4.4 million sale of Forsgate Commons, a 26,295 s/f office building in Jamesburg. The commercial real estate firm’s Beth Chezmar repre- sented the seller in the $4.4 million transaction. “The buyer, a not-for-profit organization, was initially attracted to the property’s Central Jersey location, the building size and its stately construction,” Chezmar said. Dan De Palma of North American Realty , who rep- resented the buyer, added: “The ample parking capacity and ability to occupy a portion of the building on closing were major factors in my client’s decision to move forward with the acquisition.” Forsgate Commons was origi -

for a $4.075M to purchaser, Russell Plaza LLC who was represented by Larry Rosen of Commercial & Investment Realty Associates, LLC . 811 Russell Ave. is a 32,000 s/f office building leased to local office and retail businesses. The three-story building is situated in Gateway Center on 1.20 acres with a C-2 zoning. It is located less than one mile to In - terstate 270 in the Montgomery Village neighborhood of Mont - gomery County and in Gaith - ersburg, which is known as an internationally-recognized biotechnology hub, benefiting

from its proximity to federal re - search facilities and regulatory agencies in Gaithersburg and broader Montgomery County. “The asset is home to a diverse mix of professional services, medical, and retail tenants that serve the local community,” said Friedman. “Montgomery Vil - lage is seeing tremendous inter - est from developers to redevelop and reposition underutilized land in a densely populated submarket of Montgomery Cty., located off I-270 with a diverse employment base. There is a lot of runway for growth in the area,” he added. MAREJ State Parkway, affording easy travel to NeYC, Philadelphia, Princeton, Atlantic City and Jersey Shore points. Right in Toms River, Green Meadows residents have access to top- rated public schools and a wide variety of shopping, dining and entertainment options. As one of the region’s most active developers in its high- end niche, Short Hills, N.J.- based Garden Communities has a robust multifamily proj - ect pipeline that will introduce dozens of new communities in the tri-state area over the next several years. The company is recognized for its responsive, hands-on approach to property operations, and its focus on meeting the needs and desires of modern renters. MAREJ The commercial real estate firm’s Josh Krantz repre- sented both the property owner, Vail Development, LLC, and its new tenant, an experienced regional restaurant owner. “This family-owned and oper - ated eatery is a great addition to Valley Plaza’s tenant mix,” said Krantz. “The neighborhood shopping center’s ideal location in a heavily trafficked area – right on the corner of Fairview and Broad Ave./Rte. 9 – were major factors in El Primo’s deci - sion to commit there.” Valley Plaza is anchored by national retailers, including QuickChek, and Advance Auto Parts. Last year, State Farm Insurance Office joined the roster in a lease Kranz also negotiated. MAREJ

811 Russell Ave.

Garden Communities' Green Meadows is nearly 100% leased residences at the pet-friendly community include private patios, spacious living accom - modations, gourmet kitch - ens, oversized closets, in-suite washers and dryers, Latch keyless entry and private en - trances. Select residences also offer private balconies.

With the opening of Green Meadows’ 5,000 s/f clubhouse, residents have access to a state-of-the-art fitness cen- ter and a lavish community room. Outside, a swimming pool, playground, exercise trail and an EV charging station complete the active and eco- friendly lifestyle. Located at 950 Shoal Road, Green Meadows at Pleasant Plains is proximate to public transportation and the Garden

Green Meadows at Pleasant Plains

has been a driver in drawing families, single professionals and empty nesters alike.” Available residences at Green Meadows include two- and three-bedroom townhomes with up to 2,330 s/f of living

space, featuring living room fireplaces, unfinished base - ments, attached garages, and two-zone heating and air con - ditioning. Green Meadows’ one- and two-bedroom apartment homes are fully leased. All

Lee & Associates New Jersey negotiates 26,295 s/f Jamesburg, NJ office property sale lease, bringing Valley Plaza Shopping Center to 100% oc - cupancy.

El Primo Mexican Restaurant

Forsgate Commons in Jamesburg

nally constructed in 1930 as Jamesburg High School and renovated for multi-tenant of - fice use in the 1980s. Situated on 3.3 acres, the two-story, Art Deco building features a park- like setting with easy access to the New Jersey Tpke., Rte. 130, and other regional thorough - fares. Its tenants include many

long-term occupiers in a range of industries. According to Chezmar, Fors - gate Commons’ healthy his - toric performance speaks to the desirability of the Greater Brunswick office market. With an inventory of nearly 670 buildings totaling 8.6 million square feet, this Northern New

Jersey submarket maintains a vacancy rate well below re - gional averages, with rents hovering around all-time highs. In a second transaction, El Primo Mexican Restaurant has opened a new location at 175 Broad Ave. in Fairview. Lee & Associates New Jersey negoti - ated the 1,737 s/f long-term

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