Real Estate Journal — New Jersey — December 12 - 18, 2014 — 7B
M id A tlantic
N orthern N ew J ersey
Activity nears unprecedented levels in final stretch of 2014 Gebroe-Hammer completes multifamily sales totaling 463 units throughout Northern NJ & PA L IVINGSTON, NJ — Ge- broe-Hammer Associ- ates ’ investment broker- executive vice president, repre- sented the seller and identified the buyer of 12 units. 8th St., in Plainfield, arranged by Greg Pine , executive vice president, and Gehane Tri- arsi , sales representative. cancy rates are steadily trend- ing downward.
specialists continue to record a high velocity of trades in North Jersey’s urban and suburban municipalities. “Proximity to main roadways and major high- ways, mass transit links and walking distance to shopping districts are requisites for to- day’s investors and tenants,” said Uranowitz. “Each of the multifamily and mixed-use buildings that were recently sold satisfies these criteria.” Recent New Jersey transac- tions in Union, Essex, Hudson and Bergen Counties include the: • Sale of 227 units at 315 W
“Thanks to the Millennial generation, who no longer want to live with their parents, and improved job opportunities, occupancy rates are gaining strength,” said Brecher, who ar- ranged the two separate sales of Drexel Court, a 24-unit complex in Boothwyn, and 37 units at Creebank Apartments in Ed- dystone. “Inventory is now be- ing absorbed by investors very quickly and long-time owners who have been considering a sale are now acting to market their properties.” n
age activity in Northern New Jersey and Pennsyl- vania is near- ing unprece- dented levels as multifami- ly buyers and sellers seek
Adding to the firm’s latest activity is Stephen Tragash , senior vice president, who ar- ranged the sale of 621-623 Ea- gle Rock Ave., a 7,500 s/f office/ retail building in West Orange. In Delaware County, PA, which is adjacent to the city- county of Philadelphia, man- aging director Joseph Brech- er reports an increase in the median per-unit asking price for multifamily properties as compared to just a few months ago. Asking rents are up and va-
• Exclusive representation of the seller of 175 Pompton Ave. in Verona, by Uranowitz, who also procured the buyer. • 32-unit trade of 1203-1205 Broad St., in Newark orches- trated by managing director David Oropeza. • $1.71 million sale of 85 An- derson St., in Hackensack, also arranged by Pine. • Sale of 11 N. Harrison St., a mixed-use property in East Orange, where David Jarvis ,
PARSIPPANY, NJ — GSH Group, Inc. , a multi-national facilities and energy manage- ment provider throughout the United States, Europe and India, announced that it relo- cated its headquarters office to 4 Gatehall Dr., 2nd Floor in Parsippany in October. The move is essential for sup- porting GSH’s rapidly growing business in the United States. The office houses GSH’s cor- porate management team and support departments, and is the home base for the firm’s roving technicians supporting the Tri- State Area. Four Gatehall Dr. is a “class A” facility, and it is a recipient of theEnergy Star label and is also a LEEDSilver accredited build- ing. It is located just off of Rte. 10 and is nearby Rte. 287. n GSHGroup moves headquarters to Parsippany “Whether the economy is white-hot or recessionary, or somewhere in between like it is now, multi-family is the real estate investment asset class of choice because people always need a place to live,” said Ura- nowitz. Gebroe-Hammer’s market properties with rent-growth and value-add potential. The firm’s area market specialists recently arranged 12 sales in- volving 463 units. “Multifamily is a hot invest- ment throughout Northern New Jersey and the Philadelphia metro region because apart- ment rentals possess enduring investment value that stands the test of time and erratic economic cycles,” said Ken Uranowitz , president.
Dominance: “...most inuential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
2014 100+ Closings! Over 2 deals PER WEEK
INVESTMENT REAL ESTATE
2 West Northeld Road, Livingston, NJ 07039 Tel. (973) 994-4500 Fax (973) 994-9752
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