16D — March 2023 — The Best of 2022 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MIXED-USE PROJECT of 2022
The Kislak Company, Inc. Mosaic on Main Bound Brook, NJ
Greysteel 4111 Kansas Avenue NW Washington, DC
Campbell Commercial Real Estate 6295 Allentown Blvd. Harrisburg, PA
Type of mixed-use: Multifamily and Retail Size: 63 Market-Rate Units
Type of mixed-use: Brand-New Condo Building
Type of mixed-use: Retail/Office Size: 120,000 SF
The property is a newly constructed ve-story elevator building with 63 market-rate units and one retail space located steps from the Bound Brook train station, restaurants and shopping. It includes a 15-year PILOT program. Property features include on-site parking (indoor and out- door spaces), package concierge, keyless entry and on-site fitness center. Unit features include Bosch washer and dryer, granite countertops, GE appliances including dishwasher and microwave. The record sale price represents the highest price achieved for a multifamily property in Somerset County, New Jersey in 2022 according to data available from CoStar. Benchmark Construction Co. SpringHill Suites Camp Hill, PA The LARGEST HOSPITALITY PROJECT of 2022
This Mixed-Use property is a brand-new condo building in the burgeoning neighborhood of Petworth with new finishes and large units. This condo development project had high carried costs due to the property taxes and the developer was looking to exit through a quick sale. This property was sold to a non-profit, and non-profit entities do not pay property taxes.
An undisclosed buyer purchased the 120,000 +/- SF retail/ office building at 6295 Allentown Blvd, Harrisburg, for $15,000,000 as an investment. Fully leased, the tenants include Super Shoes, Ollie’s Bargain Outlet Headquarters, and Ollie’s Bargain Outlet flagship store. Prior to the sale, extensive renovations were completed including a new roof and signage.
The LARGEST INDUSTRIAL ACQUISITION of 2022
The MOST INVESTMENT SALES COMPLETED of 2022
Bussel Realty Corp 1301 W Elizabeth Avenue Linden, NJ
Marcus & Millichap 591 Total Sales
In 2022, Marcus & Millichap closed 591 total sales equating to $3.26B in sales volume across New Jersey, Washington, DC, Pennsylvania, Delaware, Virginia, and Maryland.
Brokers: Jordan Metz, Senior Vice President, Gregory Irving, Executive Vice President & Steve Bussel, President, Bussel Realty Corp Size: 138,000 SF The buyer, Gold Tree Management, was represented by Jordan Metz, senior vice president, of BRC. “This was a true value-add play; our buyer, a long term client, rec- ognized the opportunity and acted quickly and decisively to acquire it,” noted Metz. “This multi-tenant industrial facility is superbly located with immediate access to major highways, has ceiling heights up to 24 feet, and is outfitted with loading docks and grade level doors. Our buyer will be making various improvements to the site and will capture huge upside with expiring leases com- ing due soon, as market rental rates continue to soar.”
A five-story, 124-room hotel located in Camp Hill, PA. The hotel offers guests a full range of amenities includ - ing a lounge, complimentary breakfast, a convenience store, a fitness center, an outdoor patio with a fire pit, and electric car charging stations. The hotel offers flex - ible spaces perfect for working, meeting and relaxing. The hotel is conveniently located near the Harrisburg airport and within minutes of major hospital systems in Central PA.
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