O wners , D evelopers & M anagers
Mid Atlantic Real Estate Journal — August 31 - September 13, 2012 — A
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Gentile and Fasano of the Philadelphia office close $2.45m sale in South Harrison Marcus & Millichap sells two self-storage facility building’s totaling 118,750 s/f in New Jersey
T SOUTH HARRISON, NJ —Marcus & Millic- hap Real Estate Invest- ment Services has announced the sale of South Harrison Self Storage, a 66,750 s/f self-stor- age facility property located in South Harrison, according to Spencer Yablon, VP/regional manager of the firm’s Phila- delphia office. The asset com- manded a sales price of $2.45 million. Bob Gentile, an investment specialist in Marcus & Mil- lichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was also secured by Gentile. Michael Fasano, Broker, assisted in closing this transaction. South Harrison Self Storage is located at 500 Tomlin Station Road. “The facility was built in two phases and occupancy is steadily increasing,” noted Gentile. “We’re starting to see an uptick in transactional ve- locity in the self-storage space
South Harrison Self Storage
Moore Self Storage
as fundamentals improve and the economy stabilizes. There are more buyers today than there were a year ago,” he added. The facility installed solar energy panels on the roof to reduce energy expenses and produce additional income. South Harrison Self Storage offers all amenities including climate control units. Marcus & Millichap New Jersey office announced the sale of Moore Self Storage, a 52,000 s/f self-storage facility property located in Neptune, NJ. Converted from a clothing district. Constructed in 1971, the property consists of seven two-story brick apartment buildings with a combina- tion of one- and two-bedroom units. Senior vice president Joni Sweetwood represented both parties in the transaction pursuant to an exclusive list- ing agreement. “Asbury Park is becoming increasingly popular for resi- dents and investors alike as the revitalization of the city pro- ceeds,” said Sweetwood. “The area has become trendier with restaurants, shops and night- life. People want to live there. Occupancy at the property is nearly 100% and rent conces- sions, which had been offered in the past, are no longer needed to attract tenants.” The pur- chaser assumed the seller’s ex- isting financing. The mortgage assumption was facilitated by Arbor Commercial Mortgage. The seller was represented in-house and the purchaser was represented by Richard Kelin, Esq. of Feinstein, Raiss,
manufacturing building into a self-storage center in 1997, the property offers 499 climate controlled units and 105 non climate controlled units. At the time of sale the property was about 85% occupied. R i c ha r d Sc hon t z , Dan Burkons, Mike Mele, and Christopher Munley with the assistance of Fasano, had the listing to market the property on behalf of the seller, a limited liability company and secured the buyer, an out-of-state in- vestor. The buyer was selected
after a national marketing campaign. There were several qualified offers including local, regional, and national self-stor- age operators. “Currently, the market is experiencing a high demand for quality self-stor- age properties. When a quality property hits the market we are receiving a large number of of- fers with aggressive terms. This buyer was ultimately selected because they were a very repu- table company and they were willing to assume an existing loan which saved the seller several thousand dollars in
penalties.” said Rick Schontz a member of the listing team. Dan Burkons, another one of the listing agents, said, “Self storage assets are finding Buy- ers willing to pay strong prices because of good market funda- mentals, and also because of low interest rates. In this case a new loan was not part of the equation (due to the assump- tion of the existing mortgage) but the buyer was able to get the property at a discount by enabling the seller to avoid payment of a stiff prepayment penalty.” n
WOODBRIDGE, NJ — The Kislak Company, Inc. re- cently completed five sales Kislak completes $11.75m New Jersey multifamily sales region,” added Holland. “De- mand for housing is strong given the area’s population density, proximity to NewYork City and many other employer centers, and abundant mass transit. Occupancies are at or near 100% in many com- munities, although there are pockets of distressed proper- ties in some of the more urban areas.” Eighth and Ninth Sts. with a total of 39 units. Vice presi- dent Alan Sommer Storozum represented the seller and Sweetwood represented the purchaser. Kelin & Booker, LLC. The sale marked the second transaction that Kislak that handled on behalf of each of the seller and purchaser.
transactions throughout N e w J e r - sey totaling $11.75 mil- lion. In sepa- rate transac- tions, a 90- unit property i n A s b u r y
The first East Orange sale was of a 45-unit four-story masonry building with eleva- tor service. Sweetwood also represented both parties in the transaction pursuant to an exclusive listing agree- ment. Constructed in 1940, the property had been owned by the same owner since 1979. “The building has an attractive lobby, very large one-, two- and three-bedroom units and ga- rage parking and is situated on one of the best and most de- sirable Sts. in the city,” added Sweetwood. “The property is within close proximity to the major commercial centers of Newark, NJ and New York City and is within walking distance of city parks and city recreation.” “East Orange is in the heart of Essex County, a major sub- market within the tri-state
“In Plainfield, there have been sales of both market rate properties and distressed prop- erties as there had been sev- eral distressed or bank-owned properties in the area,” added Sweetwood. The owner initial- ly purchased these properties from a lender at a discount. We then marketed the properties on an exclusive basis and sold them at a market rate price.” The Jersey City sales were of two neighboring properties onArlington St. with a total of 16 units. The seller had previ- ously purchased a distressed mortgage on the property and foreclosed. Sales associate Scott Davidovic represented the seller and Sweetwood represented the purchaser. The seller provided the pur- chaser with a purchase money mortgage. n
Joni Sweetwood
The purchaser obtained a new first mortgage at an attractive rate. The seller was represented by Jonathan Mehl, Esq. and the purchaser was represented by Melanie Scroble, Esq. of Ansell, Grimm & Aaron, PC. The second East Orange sale was of a 47-unit four-story brick building. The transaction was a distressed sale wherein Sweetwood facilitated the all- cash sale of the mortgage on the property and the transfer of the deed, both to the pur- chaser. The Plainfield sales were of two neighboring properties on
Park sold for $4.5 million; a 45- unit property in East Orange sold for $2.9 million; a 47-unit property in East Orange for $1.6 million; two properties with a total of 39 units in Plainfield sold for $2.1 millon and two properties with a total of 16 units in Jersey City sold for $650,000. The Asbury Park sale was of Frederick Douglas Apart- ments, a 90-unit garden apart- ment complex located two blocks from the city’s train station and only a few blocks from the beach and the city’s vibrant downtown commercial
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