8B — December 8 - 21, 2017— Northern New Jersey — M id A tlantic
Real Estate Journal
N orthern N ew J ersey
The building sold for $1.8 million CBRE Tri-State Investment Properties team arranges sale of 30-32 Clinton Street in Newark N
est among potential buyers. We were able to rapidly generate eleven offers, which helped elevate the final price and ul- timately led to an all-cash, no- contingency transaction. We were pleased to have had the opportunity to serve both the school system and the teachers’ union in a way that helped all parties achieve their goals.” The new owner plans to con- vert the property to multifam- ily use and add a ground-floor retail component. n Levin arranges lease with Flame Kabob House at Rutgers Plaza in Franklin Twp. FRANKLIN TWP.,NJ — Commercial real estate ser- vices firm Levin Manage- ment Corporation (LMC) has arranged a 1,500 s/f lease with Flame Kabob House at Rutgers Plaza in Franklin Twp. “Rutgers Plaza’s proxim- ity to Rutgers University, a diverse and growing local population, and the presence of strong anchor tenants make it a great location for Flame Kabob House,” said Jordan Korris , LMC leasing repre- sentative, who arranged the long-term lease. “In turn, high-quality fast-casual din- ing options are welcome addi- tions to any shopping center, and Flame Kabob House is no exception. In other news, ALDI has celebrated the grand opening of its new, 23,400 s/f store at Flemington Marketplace in Flemington. Levin Management Corpo- ration recently was named leasing and managing agent for Flemington Marketplace. “We are extremely pleased to welcome ALDI to this dynamic shopping center,” said LMC leasing representative An- drea Kyriacou . “The grocery chain is aggressively growing its geographic presence in key markets throughout New Jersey and across the United States. Flemington Market- place’s prominent and highly visible location will help ALDI gain recognition in the Central New Jersey market.” ALDI joins many well-estab- lished retailers at Flemington Marketplace, including nation- al anchor tenants Burlington Coat Factory, and Kohl’s. n
EWARK, NJ — The CBRE Tri-State In- vestment Properties team of Charles Berger, Elli Klapper and Mark Silver- man , along with Advisory & Transaction Service’s Cheryl Hardt , has arranged the sale of 30-32 Clinton St. in Newark. The team represented New- ark Public Schools and the Newark Teachers Union, joint owners of the property, which was vacant at the time of the transaction. The building, which sits on less than an acre of land, was sold for $1.8 mil- lion to an undisclosed buyer
represented by Charles Lagi- nestra , also of CBRE. “Our CBRE team is highly active in New Jersey’s urban markets,” said Elli Klapper , first vice president, CBRE. “We’re able to leverage the power of the CBRE platform to the benefit of our clients across the board.” The sale had required mul- tiple approvals from various government entities, including the superintendent of Newark Public Schools. Klapper added: “Our team’s aggressive marketing approach generated considerable inter-
30-32 Clinton St.
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