11-13-15

4B — November 13 - 26, 2015 — New Jersey — M id A tlantic

Real Estate Journal

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N ew J ersey

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Michael Scrima and Jeremy Wernick broker sales Redwood Realty inks three apartment sales for $6.5m

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able to leverage the strong buyer demand and the attrac- tive attributes of each mar-

property was owned by the same family for more than 40 years and is located in a mar- ket where very few properties come to market. The property sold for $3.025 million and a cap rate of 5.9%. Palisades Park, NJ : This 11-unit property is located in a high barrier to entry location in Bergen County. The signifi- cant upside in rents helped it to achieve a high price per unit price at $184,000. The prop- erty sold for $2.025 million and a cap rate of 5.7%. Belleville, NJ : This 16-unit property is a well-maintained garden complex that is close to major transportation. The property sold for $1.467 mil- lion and a cap rate of 6.5%. n Rockaway property ROCKAWAY, NJ — New- mark Grubb Knight Frank (NGKF) announced that it represented owner, Lexington Realty Trust, in the leasing of its property at 333 Mount Hope Ave. in Rockaway. The three-story, 92,000 s/f build- ing is now occupied entirely by Atlantic Health System as the property’s sole tenant. The 12-year lease was bro- kered by NGKF vice chairman David Simson , senior man- aging director Jamie Drum- mond and executive manag- ing director Tim Greiner . The tenant was represented by Bryn Cinque , executive managing director of Colliers International . Atlantic Health System has a number of nationally and regionally ranked hospi- tals throughout northern and central New Jersey, as well as Pennsylvania. 333 Mount Hope Ave. serves as the fa- cility for Rockaway Family Medicine Associates. After its initial lease of 64,000 s/f at 333 Mount Hope Ave. in the previous year, At- lantic Health System outgrew the space and chose to expand. Drummond noted, “We were pleased by the tenants de- sire to grow their practice at this location and know the surrounding community will benefit from the increased accessibility of health ser- vices.” Drummond and team represented Lexington Realty Trust in both transactions and were hopeful for this eventual expansion. n NGKF extends tenant lease at

A S B R O U C K HEIGHTS, NJ — Redwood Real ty

ket and as- set to get a very positive outcome for our clients,” said Kevin McCrann , m a n a g i n g par tner at Redwood Re-

A d v i s o r s c o n g r a t u - lates associ- ates Michael Scrima and J e r e m y Wernick in successfully brokering the sale of three

Michael Scrima Jeremy Wernick

alty Advisors. “All three of the properties garnered an incred- ible amount of buyer interest and traded for very favorable pricing.” Dumont, NJ : This 22-unit

separate New Jersey apart- ment properties. Combined, the three garden-style proper- ties included 49 units and a total price of $6.5 million. “Michael and Jeremy were

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