16A — October 30 - November 12, 2015 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Totaling 176 units in Essex County, New Jersey Gebroe-Hammer Associates arranges 4 multi-family sales

To Westview Business Park St. John Properties attracts three companies

FREDERICK, MD —Three companies have signed leases cumulatively representing nearly 16,000 s/f of space with St. John Properties at West- view Business Park, a busi- ness community located at the intersection of I-270 and MD Rte. 85 in Frederick. With the addition of these transactions the park has exceeded 95% oc- cupancy. Westview Business Park is a 423,000 s/f , 49-acre business campus consisting of nine R&D/office/flex buildings with additional developable land directly along MD Rte. 85. Danny Severn of St. John Prop- erties represented the landlord in each transaction. Ford Motor Company signed a lease for 8,520 s/f of space at 5107 Pegasus Court and will utilize the new space as a regional technician training facility. Dibert Valve & Fitting Company, a company involved in the fluid system industry and an authorized supplier for Swagelok, leased 4,500 s/f of space at 5119 Pegasus Court. I.B. Abel Electric, an electrical and communication contractor and electrical engineering firm, leased 2,760 s/f of space at 5112 Pegasus Court. All three build- ings are single-story R&D/flex/ office product equipped with 16

ssex County, NJ — The fervor for multi- family property invest- ments in major transportation arteries throughout Essex County is escalating as antici- pation of rising interest rates continues to loom, according to the professionals at Gebroe- Hammer Associates . The Livingston-based firm recently arranged four trades totaling 176 units on behalf of private investors in Irvington, Mont- clair and East Orange, where major highways include the Garden State Pkwy., I-280 and I-78. “Investors who tradition- ally target Essex County’s high concentration of existing apartment properties are ex- ploring virtually any and all options, from class A to class B and class C product, to newly renovated versus value-add opportunities,” said David Oropeza , managing director and the firm’s Essex County market specialist. “An over- whelming majority of these potential buyers are private individuals who have been and continue to be the sustaining force behind New Jersey’s multi-family market, in terms of ownership and investment.” Oropeza recently arranged the $5.65 million sale of a two- property package in Irvington. He exclusively represented the seller and identified the buyer of 336 and 505-515 Stuyvesant Ave., a six-building portfolio of 80 and 40 units, respectively. Both properties include on- premises parking, garages, on-site laundry and balconies. Nearby, at 649 Chancellor Ave., executive vice president David Jarvis arranged the sale of 14 renovated studio apartments and two ground- floor retail units. Located at E NEW YORK, NY — RCS Real Estate Advisors an- nounced the conclusion of their engagement by Anna’s Linens, debtor-in-possession. RCS Real Estate Advisors senior vice president Spence Mehl made the announce- ment. PHILADELPHIA, PA — Brennan Investment Group, LLC announced its purchase, and simultaneous leaseback to Markel Corpora- tion (“Markel”) of a 168,000 s/f facility located at 435 School

foot ceiling heights and dock or drive-in loading capabilities. “Companies from a variety of different sectors, including those in the professional servic- es and contracting industries, continue to choose Westview Business Park to satisfy their diverse real estate require- ments,” said Matt Holbrook , regional partner for St. John Properties. “The buildings offer flexibility and versatility for different uses, and the loca- tion near major transportation axes provides convenience and accessibility to their customer base.” n

7 & 101 Pine St.

two-building portfolio of 28 units. Located at 97 and 101 Pine St., adjacent to one an- other, the properties garnered a combined $4.05 million. The mix of studio and one- and two- bedroom floorplans feature newmodern kitchen and baths as well as hardwood flooring. The buildings are two blocks from one of seven rail stations serving Montclair – the Bay Street Train Station, which offers Midtown Direct service. Bus and private vehicle traffic access the Garden State Pkwy. to the east, U.S. Rte. 46 and Rte. 3 to the north and N.J. Rte. 23 to the west, slightly past the town’s borders. Rounding out Gebroe-Ham- mer’s recent Essex County sales activity is the trade of 9 residential and three com- mercial units at 13-23 Har- rison St., in East Orange. The Oropeza/Jarvis team once again exclusively represented the seller and the buyer in the transaction. The building’s one, two to three-bedroom layouts feature distinct floor- plans. n

the intersection of Campfield Street and Chancellor Ave. , the three-story walk-up is in the heart of the city, close to transit, highways, dining and shopping. The township’s highway net- work includes I-78 along the southeastern border and the Garden State Pkwy. running thought its center from Exits 143 and 144 County Rd. 509 and Rte. 124 are among the local roads. According to Oropeza, many owners are evaluating their holdings along major trans- portation routes during this time when an interest rate hike is inevitable. “In the com- ing months, we expect to see accelerated trading through year-end in markets through- out Essex County and greater Northern NJ as a whole,” he said. In the suburban commuter hub of Montclair, the Gebroe- Hammer brokerage team of Ken Uranowitz , president, and Nicholas Nicolaou , senior vice president, collabo- rated to arrange the sale of a “RCS was retained to mar- ket leases and conduct a bank- ruptcy auction to create value for the estate,” said Mehl. “RCS concluded a success- ful auction generating close to $2 million for the debtor’s estate by selling leases and sub-letting to temporary users Ln. in Plymouth Twp. Kevin Brennan , vice pres- ident of acquisitions at Bren- nan Investment Group stated, “The overall Philadelphia industrial market contains nearly 445 million s/f of in-

NAI Hanson completes lease of 2.9-acre industrial paved lot

as Halloween stores. A highly successful outcome based on initial expectations of value.” The results of the auction have been approved by the United States Bankruptcy Court for the Central District of California (Santa Ana Divi- sion). n RCS secures $2 million in auction on behalf of Anna’s Linens ventory and continues to re- cover, as evidenced by strong absorption numbers and a declining vacancy rate of 7.2%, which is down 30 basis points from the first quarter of 2015.” n Brennan acquires Markel Corporation HQ in Philadelphia

442 Avenue P

Newark, NJ — NAI James E. Hanson announced it has arranged the lease of a 2.9-acre paved parking lot lo- cated at 575 Ave. P in Newark that is zoned for I-3 Heavy Industrial use and just .3 miles from the ports. Port Logistics Group agreed to the lease terms of Federal Business Cen- ters, the property owner. NAI Hanson’s Barry Cohorsky, SIOR and James Kenah ar- ranged the lease agreement on behalf of the land owner. “As the nation’s leading gateway logistics provider,

Port Logistics Group services and supports major retailers and retail manufacturers at all major U.S. port locations including the Port of Newark,” said Cohorsky. “With a 432,000 s/f, fully automated cross-dock and trans-loading facility lo- cated at 442 Ave. P in Newark, Port Logistics Group was in need of additional trailer and container parking to meet the increased activity at the Port. We were able to find a solu- tion to their parking needs to further enhance their drayage capabilities and efficiencies.” n

Made with FlippingBook - Online Brochure Maker