www.marejournal.com Mid Atlantic Real Estate Journal — Section B O WNERS , D EVELOPERS & M ANAGERS F EATURING B UILDING S ERVICES & S UPPLIERS VP Squires represented the purchaser Kislak’s VP Waisbrod leads apartment sales totaling $9.4 million in Central New Jersey
O O D B R I D G E , NJ — The Kislak Company, Inc. an- nounced the sale of five mul- tifamily properties in central New Jersey totaling $9.39 million. The transactions in- clude the $5.35 million sale of Colonial Gardens, a 98-unit property in Trenton; the $2.375 million sale of Riverside Tow- ers and a building on Bruce Park Dr., totaling 50 units in Trenton; the $840,000 sale of a 12-unit property in Perth Am- boy; and the $825,000 sale of a 36-unit building in Trenton. W HIͳLIGHTS AUG. 30 - SEPT. 12, 2013
Steve Hambro, Esq. , and the purchaser was represented by Morris Silberberg, Esq. The Perth Amboy proper- ty on Smith St. is a 12-unit apartment building. Waisbrod represented the seller and the purchaser. “The purchaser believes strongly in Perth Amboy given its convenient location and strong rental market” said Waisbrod. “He intends to up- grade the property.” The seller was represented by George J. Otlowski, Jr., Esq. , and the purchaser was represented by Jon Skolnick, Esq. Financing was provided by Northfield Bank . The Trenton property on South Overbrook Ave. is a 36- unit all-brick garden apartment complex. Waisbrod represented the seller and the purchaser. This was an all-cash transac- tion and part of a Section 1031 like-kind exchange. The seller was represented by George Otlowski, Jr., Esq. , and the purchaser was represented by Morris Silberberg, Esq. ■ While there will be immedi- ate job opportunities for local contractors when they break ground, and permanent brew- ery jobs upon opening, The Miller Group is most excited about the long- term impact Green Flash may have on the city in other areas. “Green Flash will have a tre- mendous impact on Virginia Beach and the entire Hampton Roads area,” said Whit Hill , vice president of The Miller Group. “It is a slam dunk from a real estate, economic and cultural perspective. Green Flash’s presence in Virginia Beach is certain to revitalize the immediate area and be- yond, and we are excited to be a part of this new chapter for Virginia Beach.” As the end of the high season in Virginia Beach draws near, Green Flash will create a valu- able new draw for both visitors and locals alike. ■
Waisbrod. Squires said, “This was a challenging sale due to the lack of product availability, especially in larger apartment complexes. The large demand and shortage of supply makes deals like this very difficult to acquire. All parties worked hard to achieve a successful sale.” The seller was represented by Steven I. Pfeffer, Esq. , and the purchaser was represented by Scott Herzog, Esq. Fi- nancing was provided Kearny Federal Savings Bank. At the time of closing, the property was 95% occupied. Riverside Towers on River- sideAve. in Trenton is a 40-unit all–brick five-story apartment building. Riverside Towers was sold along with a 10-unit all-brick two-and-one-half story Bruce Park Dr. apartment building. Waisbrod represented the seller and the purchaser. “The two properties were part of a Section 1031 like-kind ex- change,” said Waisbrod. The seller was represented by
Colonial Gardens
VIRGINIA BEACH, VA —Co-founders of Green Flash Brewing Co., Mike and Lisa Hinkley, announce that The Miller Group will lead both development and construction of the Green Flash East Coast brewery in Virginia Beach (located at Corporate Landing and General Booth Blvd.). The Miller Group estimates that more than 250 Virginia Beach area residents will have a hand in building the 58,000 s/f brewing facility from groundbreaking to fin- ish. After the construction is complete, Green Flash will create permanent jobs for more than 40 people in the re- gion. Surrounding the project is positive speculation on the long-term economic benefits that the city and residents of Virginia Beach will reap from the Green Flash brewery’s presence. Mike Hinkley and TimHar- “The market for multifamily properties remains very strong throughout New Jersey,” said Robert Holland , president and co-managing director. “Led by Barry Waisbrod , our team did an exceptional job market- ing and selling these properties. Trenton is a strong submar- ket for multifamily properties within central New Jersey and we noticed a marked increase in demand among investors for properties in and around the area given the lack of availabil-
ity properties, high occupancies and increasing rents.” Colonial Gardens on West State St. in Trenton is a 98- unit all-brick garden apart- ment complex consisting of four three-story buildings. Vice president Barry Waisbrod represented the seller and vice president Robert Squires rep- resented the purchaser. “The seller engaged us on an exclusive basis, which enabled us to widely market it and find the right purchaser,” said
BUILDING SERVICES & SUPPLIERS 7-9B GILLIS GILKERSON ANTICIPATES ADDING 85 CONSTRUCTION JOBS IN MARYLAND
Green Flash selects TheMiller Group as project-lead & local liaison for 58,000 s/f brewing facility in VA
Green Flash Brewing Co. rendering
kins , president of The Miller Group, met while Hinkley was in the early stages of seeking a location for their 2nd brewery. While Green Flash was inves- tigating Virginia Beach as a possibility, The Miller Group was extremely helpful, and the leaders developed a comfort- able working relationship. “The Miller Group champi- oned Virginia Beach and the community,” said Hinkley with regards to the decision. “They
are genuinely interested in fostering both economic and cultural growth to directly benefit residents. Because of their solid experience and locally focused intentions, I completely trust The Miller Group as our on-site Virginia Beach liaison, confident that their team will work well with our existing engineering advi- sors as well as choose Virginia- based contractors to see the project to fruition.”
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