Real Estate Journal — New Jersey — July 14 - 27, 2017 — 17B
www.marejournal.com
M id A tlantic
N ew J ersey
85,000 s/f building in Journal Square neighborhood Rhodium Capital Advisors gain Jersey City office building for $20 million
ERSEYCITY, NJ — Rho- diumCapital Advisors , a fully integrated real estate owner, operator, manager and developer in the New York metropolitan area announced the $20 million acquisition of an office building located at 600 Pavonia Ave. in Jersey City. The eight-story building is located in the heart of the city’s Journal Square neigh- borhood. “We are pleased to have been J Zimmel inks two building sales totaling $12.6 million
able to not only acquire this prime property, but also to have immediately improved its value by securing leases with a diverse mix of new com- mercial tenants,“ said Daniel Shragaei , managing princi- pal of Rhodium Capital Advi- sors. “This acquisition serves as a testament to Rhodium’s unparalleled ability to identify and reposition buildings in up-and-coming neighborhoods, creating exceptional returns in the process. By leverag- ing our vast experience and relationships across both real estate and finance, we expect to execute similar value-add
strategies at additional prop- erties in Jersey City and other emerging corners of the New York Metro area.” The property, which was closed via Rhodium Capital’s newly launched investment platform, will also undergo ap- proximately $3 million in new capital expenditures and ten- ant improvements to further expand its value. “We are tremendously ex- cited to have facilitated the deal on our new investment platform, which streamlined much of the process toward closing. We look forward to leveraging this innovative
technology to add even more efficiency to our unique invest- ment model,” said Shragaei. Rhodium Capital maintains substantial investments in Jersey City, which is undergo- ing significant growth due to its extensive access to public transportation and proximity to Manhattan. The building at 600 Pavonia Ave.is located just steps from the Journal Square PATH station, and is surrounded by billions of dol- lars in ongoing development, including many residential towers that will add more than 5,000 apartments to the area in the coming years. n
600 Pavonia Ave.
18 Engelhard Ave.
3421 Rte. 22 East
Avenel, NJ — David Zimmel , CEO, Zimmel Asso- ciates reports two sales trans- actions totaling $12.6 million. In the first transaction, Zim- mel arranged the sale of 18 Engelhard Ave., an 85,000 s/f warehouse in Avenel, for $9.6 million. David Zimmel repre- sented the seller, Fleet Street, and the buyer, 18 Engelhard Ave., LLC in the transaction. “Fleet Street awarded us the exclusive to market the build- ing based on our high level of activity in the New Jersey in- dustrial market,” said Zimmel. “Not too many buildings like this come on the market and demand is high, so we had numerous offers quickly,” said Zimmel. “Fleet Street wanted the ability to remain in the of- fice space portion of the build- ing for five years. We were able to find a buyer that did not need the office space area for their operation,” he adds. In the second transaction Zimmel brokered the sale of 3421 Rte. 22 East, a 64,000 s/f, two-story office building located in Branchburg, for $3 million. The seller is Somerset Thor Building Realty Hold- ings. The buyer is Cyzner Properties of Green Brook. “We were hired by the court to market and sell the build- ing. It had been vacant for about two years and was in receivership.” said Zimmel. n
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