S HOPPING C ENTERS N EW J ERSEY
Section B of the Mid A TLANTIC Real Estate Journal
Bringing firm’s total units sold in last 12 months to 247 Two Gebroe-Hammer Associates sales net $3.58 million for 42 units E L I Z A B E T H , N J — Boasting a coveted Union County loca- in light of current economic conditions,” said Tragash.
source of investment trading activity, according to Stephen Tragash , sales associate Ge- broe-Hammer Associates . The area market specialist recently arranged two sepa- rate transactions, netting a combined $3.58 million for 42 total units, including three ground-floor retail units. As one of the largest met- ropolitan areas in the nation, Elizabeth is making a come-
back. In the past 12 months, Tragash has recorded nine transactions in the city in- volving a total of 247 units. Combined, the trades total almost $13 million and in- clude four note sales arranged on behalf of one of the largest and most prominent New York-based banks. “In recent years, Elizabeth has experienced significant revitalization and develop- ment efforts. The city offers a quality tenant base as well as a large stock of existing hous- ing inventory. With interest rates still hovering at record lows, deal velocity in the city has substantially increased over the last six months, a trend that should continue AVENEL, NJ — Metro Logistics LLC has leased 82,000 s/f, encompassing the full building at 4 Engelhard Ave. in the Avenel section of Woodbridge Twp. Cushman & Wakefield team of Daniel Badenhausen and Andrew Stypa represented bothMetro Logistics, a long-time client, and the landlord. With the signing, Metro Logistics has relocated its operations from a 25,000 s/f unit in Secaucus. Prior to that, the company, a full-ser- vice warehouse, trucking and distribution operator special- izing in LTL pick-ups and de- liveries, had occupied 10,000 s/f in North Bergen, with the Cushman & Wakefield team facilitating that previous re- location as well. “Rapidly growing and add- ing new customers, includ- ing for e-commerce fulfill- ment, Metro Logistics was constrained at its previous site,” said Badenhausen. “The site search included locations up and down the New Jersey Turnpike corridor in Northern and Central New Jersey. The
mer sales associate also rep- resented the seller and iden- tified the buyer in the $1.8 million trade of 20 one-bed- room apartments and three ground-floor retail units at 150-152 Elmora Ave. The fully rented three-story brick building is situated on a main thoroughfare in one of the city’s in-demand locations, according to Tragash. “Elmora is one of Elizabeth’s most cov- eted neighborhoods, offering some of the finest restaurants and retail establishments, along with the convenience of a nearby NJ Transit train station,” he said. According to Tragash, average rents for the building’s one-bedroom units are around $875. ■
Tragash’s most recent sales activity includes the $1.78 million sale of 19 apartment- rental units at 547-555 South Broad St. The three-story all-brick building, which has a courtyard, is within walk- ing distance of mass transit and shopping. All units have two bedrooms and there are 17 on-site parking spaces. Average rents in the area for two-bedroom units range from $900-$1,050, according to Tragash, who also noted, “On-site parking really adds to this building’s appeal, as does its excellent access to Routes 1 & 9.” The five-year Gebroe-Ham-
tion and a h i g h c o n - c en t r a t i on of existing mul t i - fam- ily proper- ties, the city of Elizabeth continues to be a steady
Stephen Tragash
OCTOBER 12 - 25, 2012
HI-LIGHTS
Tucker Development Corp. holds ribbon-cutting
Cushman & Wakefield arranges 82,000 s/f lease for Metro Logistics
Mayor Cory Booker joined representatives from Tucker Development Corporation and Marriott International at a ribbon-cutting ceremony to mark the completion of the Courtyard by Marriott Newark Downtown. See page 3B.
Accordia Realty Ventures re- finances two North NJ assets
Accordia Realty Ventures, LLC has refinanced the first mortgage loans on two of its assets, Greenbrook Execu- tive Center and River Drive Center II. See page 4B.
4 Engelhard Ave.
a building this size—all the things we were looking for. And once again, Dan Baden- hausen and Andy Stypa were instrumental in the decision- making process for us.” The signing and relocation comes as activity in New Jersey’s industrial market continues to pick up steam. “This was a very advanta- geous deal, and the timing was just right in a market that has been improving,” said Stypa. “We were able to secure a good lease rate with a substantial amount of TI built in under terms that might not have been available for very much longer.” ■
Turnpike Exit 12 area pro- vided a good place to move, and the landlord provided major improvements includ- ing a new roof, repaving and upgraded security to suit the tenant’s needs. Another major factor is that this is a stand-alone facility, not a multi-tenant facility as was their previous location.” “This location is close to the ports, closer to many of our customers, and has easy access not only to the Turn- pike, but also to Routes 1 and 9,” said Richard Morello , president of Metro Logistics. “It is the right size, has the right yard, a lot of doors for
ALSO INSIDE:
S OUTHERN N EW J ERSEY S POTLIGHT .....................7-13B SNJ C OMPANY P ROFILES ......................................... 11B SNJ AI O RGANIZATION .......................................12-13B ICREW NJ O RGANIZATION .....................................14B P EOPLE & C OMPANY N EWS ......................................16B
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