M id A tlantic Real Estate Journal — Northern New Jersey — March 2026 — 17A
www.marej.com
N orthern N ew J ersey
HATHAM, NJ — ICON Real Estate Advisors has arranged Managing partners David Jarvis and David Oropeza complete transaction Icon Real Estate Advisors arranges $11.2M sale of Chatham, NJ multifamily building C one-bedroom, and two-bedroom residences with open floor plans, updated kitchens, hard -
locations, modern renova - tions, and stable funda - mentals continue to attract private capital,” said Jarvis. “Delivering a quick, efficient process while maintaining strong buyer interest was a key objective for our client.” Oropeza added, “Private investors continue to seek well-located multifam - ily opportunities that offer long-term stability. This transaction reflects our ability to generate competi - tive interest and connect qualified buyers and sellers efficiently.” MAREJ
wood flooring, 9-foot ceil - ings, stain - less steel appliances, and in-unit climate con - trol systems. Common ar - eas have also
the $11.2 million sale of Chatham Arms, a fully renovated 31-unit mul - tifamily rent - al building at 49 South Passaic Av- enue in Chatham.
David Jarvis
David Oropeza
been upgraded. Building ame - nities include a fitness center, laundry facilities, bike storage, and high-speed internet access. “Properties with strong
asset classes in the post-pan - demic market, it is no longer immune to the rapid escalation of operating expenses. Rising property taxes, surging insur - ance premiums, higher main - tenance costs, and significant increases in utility delivery charges are collectively push - ing operating costs to levels not historically associated with industrial properties. If these trends continue, landlords and tenants alike will need to adapt through improved efficiency, cost management, and careful lease structuring. Ultimately, the long-term stability of indus - trial real estate will depend not only on strong demand for logis - tics and distribution space, but also on the industry’s ability to manage and offset these ac - celerating operating expenses. Chris Moore, CCIM is managing principal and broker at LMT Commer- cial Realty, LLC/CORFAC International. Joe Latina, SIOR is man- aging principal at LMT Com- mercial Realty, LLC/COR- FAC International. MAREJ continued from page 3A Changes to CRE The transaction was complet - ed by ICON Real Estate Advi - sors managing partners David Jarvis and David Oropeza . Located in downtown Cha - tham on a quiet, tree-lined street, the building is near NJ Transit rail service with direct access to Manhattan and con - venient travel via Rtes. 24, 78, 80, and 287, along with nearby retail and dining. The building features studio, The building was acquired by Cornerstone 2025 LLC, a private investor completing a 1031 exchange facilitated by ICON. The property was brought to market and placed under contract in 30 days, reflecting strong investor de - mand for well-located subur - ban multifamily assets across North Jersey.
49 South Passaic Avenue in Chatham
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