- DC

Highest Concentration of sold properties span Northern and Central NJ Gebroe-Hammer Associates marks mid-year with $1.015 billion in sales

ISSUE HIGHLIGHTS Volume 28 Issue 13 July 15 - 28, 2016 DelMarva• DC 11-16A Southern NJ 5-11B Northeastern PA 5-8C The Impact Of Driverless Cars On Real Estate


apex that has yet to peak in terms of asking rents, occupan- cies and per-unit pricing,” said Ken Uranowitz , Gebroe-Ham- mer president. “Since the be- ginning of ‘time’ – and through many an economic downturn – apartment buildings have al- ways proven to be the most sta- ble real estate asset class versus office, retail and industrial properties. The Great Recession was a watershed event with lasting impact. It profoundly shifted the dynamics of single- family residential ownership to apartment-rental living in tandemwith an ever-increasing tenant pool of millennials and baby-boomer retirees.” According to Uranowitz, ask- ing rents will continue to climb through year end and extend over the course of the next two years. In turn, he expects valuations to mirror this trend, notwithstanding eventual inter- est-rate hikes. “Right now, the

main level shared spaces is the transformative installa- tion of motion-activated media displays created by ESI Design. The large-scale, reactive media on lobby walls and corridor por- tals create a better sense of con- nectivity in the first floor space. The diffused LED wall displays are activated by passersby via an infrared camera system. Three content modes – Seasons, Color Play and Cityscape – of- fer a selection of scenes which can be programmed with vary- ing durations and sequences, ensuring tenants never see the same scene even if they arrive and leave at the same time every day. ESI also rede- signed the Mary Church Terrell Memorial, showcasing Terrell Place’s status as a designated stop on the city’s “Civil War to Civil Rights” heritage trail. The tribute to the building’s namesake features a prominent exterior marker and main lobby placard that both provide his- toric context and photos of the sales arranged in Q1 and Q2, Hudson and Essex counties recorded the most transactions, totaling 25, while Middlesex and Union counties led the way with the most number of units sold, topping off at more than 3,100. The balance of the Q1 and Q2 sales/units were in the multi-family strongholds of Bergen, Passaic, Morris, Monmouth and Ocean counties. The municipalities through- out these counties boast some of the highest population den- sities in the nation. They also include a high concentration of existing and under-con- struction multi-family product that is attracting – and be- ing absorbed by – a dynamic, young professional tenant demographic. Properties in emerging submarkets, such as Warren, Gloucester and Camden counties, rounded out Gebroe-Hammer’s latest six- month activity. n continued on page 18A

economy is holding steady, al- beit markedly soft as compared to prior years, and job creation is weak as of the latest reports,” said Uranowitz, who has been with Gebroe-Hammer since its inception in 1975. “From busi- nesses to the workforce demo- graphic, everyone is taking a wait-and-see-approach when it comes to economic and jobs growth, especially nowwith the unexpected Brexit vote and its unknown long-term impact on our economy. This is only feed- ing the tenant base pipeline as well as opportunities for gen- trification/property reposition- ing in submarkets undergoing redevelopment.” The majority of Gebroe-Ham- mer’s 2016 urban and subur- ban multi-family sales have spanned the 16 geographic submarket concentrations that comprise Northern and Central New Jersey, home to more than 397,000 total units. Of the 67

IVINGSTON, NJ — As multi-family property performance continues

its positive climb at mid- year – main- taining a run of gains that exceed eight- plus quarters and counting – the broker- age pro f es -

Ken Uranowitz

sionals at Gebroe-Hammer Associates report never-be- fore-seen trading velocity that is showing no immediate signs of deterioration. The 40-year- old Livingston based firm has surpassed the $1.015 billion sales threshold in the first six months of the year, notably closing 67 deals involving more than 6,600 units, a company milestone. “Multi-family investments and apartment-rental perfor- mance have reached a historic

Wes Guckert, PTP The Traffic Group 12A

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES July 22, 2016 Delaware Multifamily Summit September 8, 2016 Pittsburgh Commercial Real Estate Forecast Summit September 15, 2016 3rd Annual NJ Apartment/ Multifamily Summit

Beacon completes first phase of a $20 million capital improvement campaign

WASHINGTON, DC — Beacon Capital Partners , a leading office investor and manager, announced it has completed the first phase of a $20 million capital improve- ment campaign at Terrell Place, a trophy property in Washington, DC that anchors the corner of 7th and F Streets Northwest in the heart of


Terrell Place interior rendering ©jeffwolfram.com

Financial Digest................................................5-10A DelMarVa • DC.................................................11-16A New Jersey................................................. Section B Pennsylvania.............................................. Section C

Penn Quarter. Terrell Place is a 476,000 s/f office and re- tail complex. The property is comprised of three connected components: the historic for- mer Hecht’s Department Store, where Mary Church Terrell led a successful protest regarding its segregated dining policy in 1950; a nine-story South Wing, incorporating four historic fa- cades; and a connected 11-story office tower fronting F Street. The project consists of 441,000 s/f of trophy office

space and 35,000 s/f of retail space. With this first phase of the renovation, new street-fac- ing retail has been integrated into the F Street lobby pro- viding activated collaboration areas for tenants and guests. Additionally, the Hecht’s tower lobby and the gallery corridor with its 11-story naturally-lit atrium, has all been architec- turally enhanced to encourage gathering and stimulate co- working. Extending throughout the

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