4D — July 22 - August 18, 2022 — Brokerage Directory — M id A tlantic Real Estate Journal
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B rokerage D irectory
Uzun, Ferguson, Jolley and Chae secure & rep. Cleghorn Capital in sale of Valore at Southern Park Marcus & Millichap arranges multiple sales throughout the Mid Atlantic region
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“This is the second deal that we sold for Valore and it repre- sents a perfectly executed mul-
IRGINIA, DC & NEW JERSEY — Marcus & Millichap announced
tifamily val- ue-add execu- tion on their behalf,” said Uzun. “They bought the deal in 2017, stabilized and renovat- ed the asset, achieved rent growth, and exited at a 3x multiple on their initial investment. The buyers were great to work with and gained a
the following mul i t fam- ily and retail transactions: • Valore at Southern Park , a 104- unit apart- ment proper- ty located in Norfolk, VA has sold for $12.8 million. A l t a y Uzun, Jus- tin Fergu- son, Theo Jolley and David Chae , investment
Valore at Southern Park
The Rochelle
Cherry Hill Center
den State, anchored by the top performing Wegmans in New Jersey.” Dougherty, senior VP invest- ments, in addition to Mark Krantz , senior associate, and Scott Woodard , first VP in - vestments, had the listing to market the property on behalf of the seller. All three brokers are located in the firm’s Phila - delphia office. John Horowitz, New Jersey broker of record, assisted in closing this trans- action. “The seller and his team should be commended for re- positioning this asset in 2014 with a reputable tenant mix, clean leases, great visibility and plenty of parking available for the tenants and customers,” added Dougherty. MAREJ
Zupancic, in addition to first VP investments Dennis Cravedi and investment advi- sors Nick Murray and Eric Jentoft-Herr , had the list- ing to market the property on behalf of the seller. The buyer, a California-based developer, was also secured by the team. • Cherry Hill Center , a four-suite, 17,800 s/f shopping center located in Cherry Hill, NJ has sold for $5.925 million, or $332.87 psf. “Cherry Hill Center is located in one of the wealthiest and attractive submarkets in the Philadelphia MSA,” said Der- rick Dougherty . “This asset benefits from being strategi- cally located along Haddonfield Rd., directly across the street from the Market Place at Gar-
to the Chesapeake Bay and Ocean View Beach. The three- building, two-story property was built in 1964 and renovated in 1999. The community totals 104,944 s/f across 5.04 acres. • The Rochelle , a 20-unit multifamily asset located at 2800 Connecticut Ave. NW in Washington, DC sold for $7.25 million, or $362,500 per unit. "With disruptive changes across the multifamily market over the past several months, transactions are becoming increasingly challenging to get across the finish line,” said Marty Zupancic , senior VP investments. “Because of this, we are excited that our client was able to reach a successful conclusion to his ownership of this unique asset.”
Altay Uzun
Justin Ferguson
Theo Jolley
David Chae
stabilized asset with a ton of remaining upside that can be unlocked fairly quickly. The Uzun Group is proud to have brokered yet another great Vir- ginia multifamily community.” Valore at Southern Park, lo- cated at 7922 Old Ocean View Rd., is within a short drive
specialists in Marcus & Mil- lichap’s Hampton Roads office, had the listing to market the property on behalf of the seller, Valore, an investment fund based out of Israel. The buyer, Cleghorn Capital, was secured and represented by Uzun, Fer- guson, Jolley and Chae.
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