7-14-17

Real Estate Journal — New Jersey — July 14 - 27, 2017 — 19B

www.marejournal.com

M id A tlantic

N ew J ersey

ORTHERN NEW JERSEY — New- mark Associates has Settlow represents the seller in $6.6 million transaction at 90 Kingsland Ave. Newmark Associates closes over $9 million in industrial sales in Northern New Jersey N facilities. Team Resources, a Lyndhurst-based real estate firm, represented the seller, A&H Partnership, LLC.

Jersey, has earned recognition as one of the top real estate bro- kerage companies by NJBIZ magazine, and the CoStar Commercial Real Estate orga- nization. Specializing in lease and sales transactions of office, industrial, retail, land, health- care and mixed-use properties, Newmark Associates custom- ers range from regional, en- trepreneurial firms to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members. n

a n n o u n c e d over $9 mil- lion in sales of two North Jersey indus- trial proper- ties located i n M o r r i s and Passaic Counties. The

In Passaic County, the prop- erty at 90 Kingsland Ave. in Clifton includes a 10,000 s/f complex which occupies seven acres of divisible land. Con- veniently located near Routes 3 and 21, the abundant acre- age, ideal for outdoor storage of vehicles, was an attractive draw for the buyer. Settlow represented the seller, Potam- kin Auto Center Ltd. in the $6.6 million transaction. Newmark Associates CRE, located in Cedar Knolls, New

Allan Settlow

Morris County property at 69 King St. in Dover is a 200,000 s/f complex composed of five, interconnecting, multi-story buildings on 1.84 acres of land. Allan Settlow , senior sales as- sociate at Newmark Associates, represented the buyer, Lakos Construction, which intends to convert the former textile and clothing manufacturing complex into a mixed-use re- development consisting of both residential and commercial Cervelli completes sale of West New York property

90 Kingsland Ave.

We are experts in real estate. Real instinct, real collaboration, real outcomes Specialized Brokerage Services: • Office and Industrial Leasing and Representation • Retail Leasing and Representation • Sale of Office, Industrial, Retail, and Mixed Use properties Your goals. Our partnership.

5808 Buchanan Pl.

West New York, NJ — Cervelli Real Estate &Prop- ertyManagement announced the sale of 5808 Buchanan Pl. in West New York. The prop- erty, a mixed use brick property which was comprised of two separate building on one lot contained 10 apartments and one retail space. The property traded for $ 1.7 million, which equated to a 5.4% capitalization rate. The extremely high price per unit represents the faith investors have in the West New York market as the flight to quality continues. There were many challenges involved in the sale of this property including rectifying multiple code violations. Jug- gling the requirements of both the bank and the municipality was difficult as the timelines for each were different, but Cervelli was able to manage the expectations of each well enough to bring the transac- tion to a close. Upon closure of the sale, the purchaser re- tained Cervelli to professionally mange the asset. n

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