1B — October 11 - 24, 2013 — New Jersey — Mid Atlantic Real Estate Journal


N ew J ersey

1031 exchange buyer for a 2,30 s/f net-leased property Marcus & Millichap’s Lombardi inks $1.3 million sale


EDaR GROVE, NJ — Marcus & Millichap Real Estate Invest-

ment Ser- vices has an- nounced the sale of Burger King, a 2,307 s/f net-leased property lo- cated in Ce- dar Grove . T h e a s s e t sold for $1.3 million.

Michael Lombardi

Michael Lombardi , a se- nior associate in Marcus & Millichap’s New Jersey office, had the listing to market the

330 Pompton Ave.

tOtOwa, NJ — Commer- cial andmultifamily real estate owners and operators continu- ously work hard to increase the bottom line by maximiz- ing incomes and minimizing expenses. Many, however, are still exposed to oftentimes unforeseen costs stemming from disjointed property and lease information, according to Michael Mullin , president of property management and accounting software firm In- tegrated Business Systems (IBS) . “From forgotten renewal deadlines, to expired war- rantees, to late safety inspec- tions and insurance payments, among other oversights, there are many easy-to-miss tasks that carry measurable finan- cial risk,” Mullin said. “Sim- ply put, the devil is in the details.” As part of its Version 11.0 upgrade to be released this fall, IBS is introducing a “tickler” application that, combined with a new generation of lease abstracting, virtually elimi- nates the problem – and as- sociated cost – of things falling through the cracks. IBS’ new ReAct function helps system users keep track of key dates and reminds them to follow through on date-sen- sitive items. n New IBS functionality helps RE operators minimize risk The property is located at 330 Pompton Ave. Burger King has operated in this location since 1971. n property on behalf of the seller, a private investor. In a short period of time, eight offers were presented on the deal with a 1031 exchange buyer ultimately purchasing in an all cash transaction.

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