Real Estate Journal — New Jersey — July 14 - 27, 2017 — 3B
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M id A tlantic
N ew J ersey
illsborough/ Edi son , NJ — Drawing a close com- Recent Central Jersey retail sales top off at 132,000 s/f/$18.6 million Gebroe-Hammer reports close comparison between shopping center & multi-family investment demand H
marketing mixed-use and free- standing retail and office prop- erties throughout its 42-year history. The firm also is the acknowledged brokerage leader specializing in suburban and high-rise, mid-rise and garden- apartment properties through- out the NJ, Northeastern PA and New York State region. The company provides innova- tive services to a wide range of private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe- Hammer is a 14-time CoStar Power Broker. n
parison to multi-family, neigh- borhood retail center invest- ment is in demand throughout Central Jersey’s thriving shop/ dine/ride/live corridors, accord- ing to the brokerage profession- als at Gebroe-Hammer Asso- ciates . The Livingston-based firm recently closed a series of community shopping center transactions, approximately 132,000 s/f of which sold for a combined $18.6 million in Som- erset and Middlesex counties. “At a time when industry analytics point to a slowed – and even stalled – retail transaction pace in certain New Jersey submarkets, many of Gebroe-Hammer’s long-time and new clients are seeking to expand their portfolios to include neighborhood shopping centers, with a focus on Central New Jersey where there is a high concentration of office, institutional and apartment- home properties that foster a walkable, easy-commute life- style,” said Ken Uranowitz , the firm’s president. “These savvy investors recog- nize that the dominant multi- family tenant population – mil- lennials – is a feeder for local, bedroom community-based retail investment properties,” he added. “Just like their Baby Boomer predecessors, this de- mographic is redefining the landscape of the neighborhoods in which they live, giving rise to retail-based lifestyle services within a short stroll of where they live and commute.” In particular, the millennial tenant/consumer base is solidi- fying diverse lifestyle and food and restaurant occupancies at neighborhood shopping centers. “This is a foodie generation and they like to have options in the same place where they get their groceries, mani/pedis and clothes cleaned,” explained Uranowitz. Among Gebroe-Hammer’s recent Central Jersey neighbor- hood retail center sales is the $12.75 million trade of Hills- borough Centre, a 90,905 s/f shopping center located at 649 Rte. 206 North in Hillsborough, and the 40,000 s/f, two-building Nixon Plaza at 2048 Rte. 27 in Edison. The brokerage team of senior vice presidents Stephen Tragash and Nicholas Nico- laou exclusively represented the seller and procured the buyer in the Hillsborough sale
Hillsborough Centre
while the team of executive vice presidents Greg Pine and David Jarvis did the same on behalf of a separate seller and buyer in the Nixon Plaza trade. Both open-air properties,
which are well located near mass transit and major high- way connections, boast a roster of lifestyle and dining tenants. In addition to local business operators, Nixon Plaza has a
Domino’s and Hillsborough Centre features national ten- ants that include GNC, The UPS Store, Stop & Shop, Wells Fargo and Starbucks. Gebroe-Hammer has been
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