S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Vacant hospital to be redeveloped into mixed-use complex CBRE Group arranges sale of 350,000 s/f former Elizabeth General Hospital
LIZABETH, NJ — CBRE Group, Inc. , one of New Jersey’s largest commercial real estate brokerage firms announced it has arranged the sale of the former site of the Elizabeth General Hospital in Eliza- beth. The 350,000 s/f former hospital spans a five-acre block and includes a parking structure with more than 500 spaces. CBRE Capital Markets In- vestment Properties’ Charles Berger and Mark Silver- E
Former site of the Elizabeth General Hospital
SEPTEMBER 11 - 24, 2015
Trinitas relocated the hospital to a new facility. Though it was a complex transaction due to environmental concerns – which were heavily investi- gated prior to closing – CBRE was able to close the sale in 90 days from start to finish. The buyer plans to redevelop the property into a multifamily
and retail complex. “The CBRE Tri-State In- vestment Properties team is one of the most active team of brokers in multifamily in the northern and central New Jer- sey markets, as well as in the overall Tri-State area, with this being our third sale of a vacant former hospital facil-
ity with plans for multifamily redevelopment,” said Klapper. “We are excited to have had the chance to collaborate with our colleague Gil Medina, who was instrumental in dealing with the various municipali- ties on a local and state level in order to bring this deal to fruition.” n
man , in New Jersey, and Elli Klapper , in New York, along with CBRE’s Gil Medina , brokered the transaction. The team worked closely with the seller and the private, out-of- state, buyer. The vacant hospital had been on the market for ap- proximately 10 years, after
HI-LIGHTS
Northern NJ
SPOTLIGHT Binswanger negotiates 82,181 s/f long-term lease 5-12B
Warner Real Estate & Auction to hold Online Only auction of 45 +/- acres in Chesterfield Twp.
CHESTERFIELD TWP., NJ — Warner Real Estate & AuctionCompany has been se- lected by the owners to sell their Chesterfield Township property. The online only auction begins at 8:00 am (EDT) on September 11, 2015 and ends at 10:00 am (EDT) on September 24, 2015. The property inspection will be Sunday, September 13, 2015 from 1:00- 3:00 pm. All bidding will be online only at www. warnerrealtors.com and broker participation is encouraged. The property consists of 45.812 +/- acres with multiple structures, developable land and two residential dwellings, including a 1,340 +/- s/f 2-story 3 BR, 1 bath home and a 4,713 +/- s/f 2-story 4 BR, 3 bath home. According to Rich Warner , president and founder of War- ner Real Estate & Auction Company, “This is an incredible opportunity for a buyer to pur- chase a property with a variety of residential development pos- sibilities and bid their price!
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Gebroe-Hammer reports on sustaining multi-family investing
The property is minutes from the NJ Turnpike, I-295, Rte. 130 and Rte. 206. It has 1,287 +/- feet of road frontage and is an AG zoning district with a minimum lot size of 1 to 10 acres. Additionally, gas, public water and sewer is available to the site along Ward Avenue. The entire auction process will take place online, so it couldn’t be more convenient for buyers.” A detailed property infor- mation package, survey, sub- division proposal, property description and video tour are available online at www.war- nerrealtors.com. n
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ALSO INSIDE CREW NJ.............................. 16B www.marejournal.com
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