S hopping C enters N orther N ew J ey
Real Estate Journal — New Jersey — September 12 - 25, 2014 — 21B
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M id A tlantic
Class A office building part of Keystone’s acquisition of Tri-State area portfolio Keystone Property Group closes on acquisition with Mack-Cali for $12.5 million
AIR LAWN, NJ — A joint venture led by Keystone Property Group announced that it has closed on the acquisition of 17-17 Rte. 208 North in Fair Lawn for approximately $12.5 million from Mack-Cali Real- ty Corporation . This closing is part of a portfolio acquisi- tion pursuant to agreements entered into earlier this year between Keystone and Mack- Cali to form various joint ven- tures to acquire the portfolio of several office properties that Mack-Cali owns throughout Northern New Jersey, New York, and Connecticut. Conveniently located within Bergen County’s prestigious corporate community, 17-17 Rte. 208 North is a three-story, 150,477 s/f class A office build- ing, featuring underground executive parking for 114 cars, as well as generous surface parking. The property pro- vides access to NJ TRANSIT trains and bus service, as well F NEWARK, NJ — The As- pen Companies announced the $3 million acquisition of a 50-unit HUD supported apart- ment building in downtown Newark. The three-story rental build- ing created in a converted factory is located at 75 Lock St. next to the New Jersey Institute of Technology and just blocks from the New Jer- sey Performing Arts Center. The red brick mid-rise build- ing – which is 100% occupied -- consists of a mix of one-, two- and three bedroom apart- ment homes. The Teaneck, NJ-based As- pen Companies plans to in- stitute an aggressive capital improvement program to the property, including upgrading common areas, hallways and exterior, improving building systems and renovating apart- ments. “Newark is rallying and we believe the rebirth will only get
as Rtes. 4 and 17, Interstates 287, 87 and 80, the Garden State Parkway, the New York State Thruway and the George Washington Bridge. Owner- ship will invest in enhance- ments to the building’s com- mon area hallways, bathrooms and amenities, including an on-site cafeteria. “In line with our strategy to create value through rein- vestment, we look forward to executing on our plans to en- hance 17-17 Route 208 North by making upgrades to the building’s common areas,” said Bill Glazer , president of Key- stone Property Group. “The property’s desirable Bergen County location, with direct access to a robust highway network, positions it strongly in the regional market among quality tenants.” Earlier this year, Keystone closed on four other New Jer- sey commercial properties as part of the company’s portfolio deal withMack-Cali, including stronger in the years to come,” said Azi Mandel , a principal of The Aspen Companies. “Panasonic has opened the first new commercial building in the downtown district in more than 20 years. The long awaited Teacher’s Village, which features retail, hous- ing and charter schools, was unveiled last fall on Broad and Market St. minutes from the 75 Lock building. “We’ve long been active in the City ensuring that afford- able housing keeps pace with the gentrifying neighborhood. We purchased this unique HUD building and plan to modernize the homes and property to fit into the chang- ing landscape. By completing key improvements and aggres- sively managing the property, it will become an over perform- ing asset that benefits the entire community-at-large.” As a leader in purchas- ing and managing affordable
17-17 Rte. 208 site. Through its partnership with Keystone, Mack-Cali will participate in value creation above certain hurdle rates, handle leasing of the portfolio, as well as share in manage- ment fees. Mitchell Hersh , president and chief executive officer of Mack-Cali, said, “The rein- vestment strategy in place for WEST NEW YORK, NJ — Michael Cervelli Real Es- tate, LLC announced the sale of 2West New York apartment buildings. The first, a Brick 15 unit mixed use property with separate utilities traded for $1.3m all cash. Located just a few blocks from Boulevard East, the buyer quickly saw the value in this ascending market. The second, a smaller yet even more strategically located property just 250 feet from Boulevard East is a com- muter’s dream. The property traded for $97,500 per unit. Boulevard East offers a one seat bus ride directly into the New York Port Authority bus terminal. “There is no quicker way to get to the region’s most heavily trafficked public transportation system, not Brooklyn, not Queens. There is so much upside on this side of the Hudson River before we hit outer borough levels, that we feel this is a relatively safe investment given pent
412 Mt. Kemble Ave. inMorris Township, 30 Knightsbridge Rd. in Piscataway, 470 Chest- nut Ridge Rd. in Woodcliff Lake, and 530 Chestnut Ridge Rd. in Woodcliff Lake. Reflect- ing the ownership’s strategy for the portfolio, Keystone will reinvest in the properties through redevelopment, man- agement and upgrades to each
17-17 Route 208 North will enable the partnership to both retain and attract high-caliber tenants as we capitalize on the building’s prime location and space opportunities. We are pleased to be closing on this transaction, as we continue to identify new avenues for growth through strategic in- vestment.” n
The Aspen Companies purchases 50-unit HUD building for $3m
Michael Cervelli Real Estate sells apartment bldg. for $1.3m
multi-family HUD properties, The Aspen Companies has customized its management style towards improving un- derperforming rental com- munities from top-to-bottom, including capital improve- ment programs to upgrade building systems, modernize grounds and common spaces and renovate homes them- selves. The company possesses a strong working relationship and is held in high regard by HUD national and field offices throughout the Country. The Aspen Companies also provides full-service manage- ment capabilities to third- party real estate investment and property owner clients throughout the country. The Company passes along its expertise and knowledge to outside property owners and developers concerned about ef- fective community operations, raising the bottom line and increasing profit margin. n
up investor demand, and the difficulty of residential home buyers to qualify for mort- gages.” said Cervelli. n
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