S hopping C enters C entral NJ S potlight
M id A tlantic Real Estate Journal — Central New Jersey — May 15 - 28, 2020 — 5B
IDDLESEX COUN- TY, NJ —As the mid- point between NYC Sales involve more than 269 units Gebroe-Hammer reports Central Jersey multifamily sales of $64.9+M inMiddlesex County M
expansive warehouse, along with an attached office struc- ture – provides easy access to both Rte. 287 and Rte. 78. In addition, it’s less than 10 miles from the Garden State Pkwy. and a 50-minute drive to NYC. Philadelphia is less than a 90-minute drive. “Acquiring this property is an excellent opportunity for Saadia Group because of its size and its location,” Glick ex- plains. “The structure and the lot surrounding it offer tremen- dous flexibility, and Piscataway has always been an extremely desirable location. Essentially, it provides accessibility to the entire New York Metro area.” In a seperate transaction, A 57,722 s/f space within the com- mercial building at 125 Jackson Ave. in Edison has been leased by Izzy Trucking and Rigging, Inc. Glick and Sheldon Gross Realty sales representative Matthew Leonelli repre- “It is this diverse economy that places Middlesex Coun- ty in a favorable position to withstand the impact of the current state of the economy and work/educate from home mandates,” added Brecher. “And when these restrictions are lifted, Middlesex County’s highly talented labor pool can return to commuting via rail, bus, highway or ferry to their high-paying executive and management jobs with relative ease and minimal disruption.” In addition to Central Jersey, Gebroe-Hammer Associates represents clients whose in- terests extend throughout the entire state, Eastern Pennsyl- vania/Greater Philadelphia Metro and New York State. During Q1, the leading na- tionally ranked multifamily- operations as well as three universities, including Rut- gers University, and a high concentration of world-class pharmaceutical, healthcare and research facilities.
sented owner Ross Industries, which the commercial real es- tate firm has worked with for decades. The new tenant was represented by Greg Irving of Bussel Realty. Izzy Trucking and Rigging, which is headquartered at a separate Edison location, leased the 125 Jackson Ave. location for additional space. “I’ve had the opportunity to lease various portions of this property going back more than 20 years,” Glick notes. “The new tenant has gotten a terrific, spacious location for conducting business. And geo- graphically speaking, Edison is absolutely a prime location.” Adjacent to Edison’s bor- ders with Woodbridge and Metuchen, theMiddlesex Coun- ty property is less than a mile from Rte. 1, Rte. 287, and the New Jersey Tpke. The Garden State Parkway and Rte. 9 are just two miles away. Since 1975, Gebroe-Ham- mer’s brokerage activities have concentrated on all multifam- ily types including Class A, B and C high-rise and garden- apartment properties. While initially focusing on New Jer- sey, the Livingston-based firm has evolved during the past 45 years to also dominate the northeastern Pennsylvania and New York State submarkets as well as represent client in- terests nationally. Widely rec- ognized for its consistent sales performance, the firm is a 16- time CoStar Power Broker and is credited with arranging the largest portfolio sale in 2019 for the MidAtlantic Region and in New Jersey. focused firm closed $316.4M in sales for a total of 1,574 units. The 18 transactions were or- chestrated on behalf of private owners, family offices, private equity funds and institutional investors with local, regional, national and global investment interests.
and Philadelphia, Central New Jersey’s Middlesex County has distinguished itself as a sus- tained multifamily-investment trading-activity hotbed during the past decade. In the past two months alone, Gebroe-Hammer Associates has arranged $64.9 million in sales involving more than 269 units spanning the East, Southwest and Northwest Middlesex submarkets. In each of the sales, Gebroe- Hammer’s investment brokers exclusively represented each of the sellers and procured the buyers. Market special- ists involved in one or more of the transactions included president Ken Uranowitz ; executive managing directors Joseph Brecher and David Oropeza ; and executive VPs Greg Pine, Niko Nicolaou and Steve Tragash . The transactions included a mix of new-construction class
Transactions included class A and value-add properties
A and value-add properties, the latter of which offered signifi- cant upside and repositioning potential. “The three Middlesex County submarkets account for the largest and second- and third- largest of Central Jersey’s nine unique submarkets, in terms of total unit inventory,” said Brecher, who consistently spearheads the region’s most prominent deals. “As a result, this apartment-rich corridor has more than 80,765 units and over 258 buildings. It is one of the most in-demand submar-
kets in the state and appeals to a highly educated tenant base as well as investors seeking to add the full range of apartment properties to their portfolio.” From South Plainfield and Woodbridge Twp. in the north to Princeton Meadows and Monroe Twp. at the southern tip, Middlesex County has earned the distinction as one of the largest and top-perform- ing commercial real estate markets in the country. It is home to numerous Fortune 500 companies with regional, satellite and headquarters
Irving of Bussel Realty represents Izzy Trucking and Rigging in a 57,722 s/f industrial space lease in Edison Glick of Sheldon Gross Realty brokers sale of 135,668 s/f Piscataway / Plainfield industrial property on nearly 6 acres
PISCATAWAY, NJ — An 135,668 s/f industrial facility, which sits on nearly six acres
at 1711 South Second St. in Pi scataway (Mi dd l e s ex County) and 1700 South 2nd S t . i n P l a i n f i e l d (Union Coun- ty), have been
purchased from Second Street Associates by the Saadia Group real estate investment firm. The deal was brokered by Sheldon Gross Realty , which has represented Saadia Group during multiple transactions. Overseeing the arrangement was Sheldon Gross Realty executive vice president Jona- than Glick . Located only a few blocks from the Dunellen, NJ busi- ness district along Rte. 28, the property – which features an
1711 South Second St. in Piscataway
125 Jackson Ave. in Edison
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