6B — January 15 - 28, 2016 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey In partnership with Blue Vista Capital Management KRE Group, Oxford Realty acquire 550-unit rental property in Piscataway
ISCATAWAY, NJ — The KRE Group and Oxford Realty Group announced that they have acquired a 550-unit rental property in Piscataway, NJ, in partnership with Blue Vista Capital Management . Royal Gardens Apartments, located at 3060 New Brunswick Ave. in Piscataway, comprises 258 one-bedroom apartments and 292 two-bedroom residenc- es on a 36-acre site. The part- nership paid $107.25 million for the asset. Joseph Brecher of Gebroe-Hammer Associ- ates represented the seller. The partnership’s interest in P
increase the value of the prop- erty.” Royal Gardens is situated in a residential enclave of Piscataway near Route 287. The property is currently 96% occupied. The community
includes surface parking for all residents and additional parking for guests. The Part- nership plans to install addi- tional amenities and property improvements, including an outdoor swimming pool. n
Sitex Group closes on twenty acres in Exit 12 submarket
Royal Gardens Apartments
the Royal Gardens community was based on several key fac- tors it looks for in an invest- ment opportunity, including the potential for increased profitability through capital improvements. “Our acquisition strategy is flexible and opportunistic,”
said Darin Raiken , director of acquisitions for The KRE Group. “We identified Royal Gardens as a value-add op- portunity where we could ef- fectively reposition the asset through capital improvements that will enhance tenant qual- ity of life and significantly
Jersey. The property includes a 175,000 s/f warehouse facility with four acres of trailer park- ing as well as excess land for the development of a 200,000 state-of-the-art cross-dock dis- tribution facility. Sitex will immediately em- bark on a multi-million dollar rehab project. When complete, the facility, which has 24’ to 32’ ceiling heights, ESFR sprinkler system and 37 load- ing docks, as well as a truck maintenance garage on site, will be transformed into a contemporary, distribution center featuring a new roof, façade and docks; new HVAC and lighting systems; repaved parking and loading areas; and updated office space. In addition, Sitex will con- struct a 200,000 s/f logistics facility on spec with 36’ ceiling height, 53 loading docks and several acres for trailer park- ing on site. “This was a rare opportu- nity in one of the most active submarkets in the country,” said Blake Chroman , a se- nior vice president at Sitex. “Inventory is tight while new construction is extremely rare. We’re excited to be able to add a property with so much poten- tial to our growing portfolio in Northern New Jersey.” The Exit 12 submarket is experiencing a surge in inter- est by companies looking for easily accessible facilities to accommodate regional and local distribution as well as “same day delivery” offered by so many online retailers today. CBRE 's Supply Chain and Logistics team of Mindy Liss- ner , executive vice president, William Waxman , executive vice president, Steven Bey- da , vice president, Kevin Dudley , senior associate, Robert Pine , senior associ- ate, Jennifer Ferrara , client services specialist and Susan Strauss-Rickwalder , client services specialist, represent- ed both the buyer and seller in the transaction. CBRE has been retained as leasing agents for the property. n
AVENEL, NJ — Capital- izing on increased demand by large industrial users for space in the Port Newark-Elizabeth area, Sitex Group (Sitex) has acquired a rare 20-acre site located at 215 Blair Rd. in the Exit 12 submarket in New
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