Real Estate Journal — New Jersey — September 12 - 25, 2014 — 9B
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M id A tlantic
NJ A partment & M ultifamily S ummit
Michael Shover and Matthew Gorman market the property on behalf of the seller Marcus & Millichap arranges the sale of a 3,291 s/f net-leased property for $3.2m
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with a pitched roof, in addi- tion to all of the other im- provements which included a new parking lot, curbing and professional landscaping. This property has a twenty year corporately guaranteed ground lease with 10 percent rental increases every five years. It is also has an abso- lute-net ground lease with no landlord management. The retail branch operations take in over $200 million in deposits to this new location and illustrate the tenant’s continued commitment to this site. n
P R I N G L A K E HE I GHTS , NJ — Mar cus & Mi l l i c - hap announced the sal e of Investors Bank (ground lease), a 3,291 s/f net-leased property located in Spring Lake Heights, according to Brenton Baskin , regional manager of the firm’s Phila- delphia office. The asset sold for $3,200,000. Michael Shover and Mat- thew Gorman , investment specialists in Marcus & Mil- lichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer, a limited liability company, was also secured and represented by Gorman and Shover. Mi- chael Fasano , broker, as- sisted in closing this trans- action. “Due to our ability to ex- pose assets nationally we were able to source multiple all cash offers from both pri- vate and institutional buyers from around the country,” said Gorman. “Ultimately we were able to source a list- price, all-cash offer with an upfront non-refundable de- posit raising the probability of a closing for our seller,” he added. The property is located at 1001 Highway 71 in Spring Lake Heights, NJ. Investor’s Bank took the opportunity to relocate across the intersection and develop the entire site at their cost, building the ap- proximately 3,291 s/f branch
1001 Highway 71
New Jersey Real Estate Journal
Relationship Driven. Execution Focused. Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.
Meridian Capital Group, LLC proudly advised on financing for the following transaction: Short Hills Terrace 133-Unit Multifamily Property Short Hills, NJ $24,200,000 Permanent Financing This transaction was negotiated by: Abe Schonfeld, Senior Loan Officer
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MAREJ - $24.2MM - Short Hills Terrace - A. Schonfeld - September 2014 v2.indd 1
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