S hopping C enters N ew J ersey
M id A tlantic Real Estate Journal — New Jersey — Section B Multi-family & commercial properties in Bergen & Passaic totaling $11.4m Gebroe-Hammer Associates orchestrates a 4.3 million sale in Westwood
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exclusively represented the seller in the trade of 22 units at 110-120 Blaine St., and represented the sellers and procured the buyers in the sale of 18 units at 104-108 Willett St. as well as 34 residential units and one commercial unit in adjoining buildings at 49 Third St. and 144 and 156 Passaic St. “Commercial real estate in Passaic and Bergen coun- ties – and all of Northern NJ for that matter – continues to surge from an investment standpoint,” said Pomerantz. “We expect this heightened interest from investors and awareness among property owners that the time is right to sell to trend throughout the year.” n
itz , president; Greg Pine , senior vice president; and Nicholas Nicolaou , VP, represented the seller, a long- time Gebroe-Hammer client, in the $4.3 million sale of 542-544 4th Ave. inWestwood. This is the first time in over 45 years the two-building prop- erty has been marketed for sale. The 27-unit, three-story brick garden-style apartment complex, consisting of one studio, 23 one-bedroom, and three two-bedroom layouts, traded for $160,000 per unit.
ESTWOOD, NJ — Northern New Jersey’s real estate
investment markets are heat- ing up as indicated by five recent transactions in Bergen and Passaic counties arranged by Gebroe-Hammer Associ- ates , the Livingston based brokerage firm. The latest sales total 101 apartment units and eight commercial units, garnering combined sales of $11.4 million. In Bergen County, the bro- kerage team of Ken Uranow-
542-544 4th Ave. in Westwood
Also in Bergen County, the team of Pine and Debbie Pomerantz , assistant VP, represented the seller in the $865,000 sale of 155 North Washington Ave. in Bergen- field. The 10,382 s/f, three- story office building consists of seven commercial spaces
occupied by professional ser- vices firms, including medical offices. To the west in Passaic Coun- ty’s City of Passaic, Pomerantz arranged three separate trans- actions totaling $6.225 million and 75 units. The Bergen/Pas- saic County market specialist
MAY 16 - 29, 2014
HI-LIGHTS
3.9-acre tract of land approved for 64 garden apartments NAI Hanson represents seller in $1.7m sale of development site
SELA Realty completes $7.65m purchase of a 110 unit complex
FAIR LAWN, NJ — NAI James E. Hanson , a lead- ing New Jersey-based com- mercial real estate firm, an- nounced that BergenCounty’s United Way has acquired the second phase of the Gateway to Fair Lawn, a residential and retail development in Fair Lawn. Bergen County’s United Way acquired the 3.9-acre, fully entitled land site from the Borough of Fair Lawn for $1.7 million. A portion of a subdivided seven-acre parcel, the site has been approved for 64 garden apartments, which Bergen County’s United Way will develop as affordable senior housing. Located at 18-35 River Rd., the residential portion of the Gateway to Fair Lawn will be situated adjacent to phase one of the development, which consists of 20,000 s/f of neighborhood retail space that is currently occupied by CVS and Advance Auto Parts. The residences will also be located a short distance from several shopping centers,
SELA Realty Invest- ments has announced its recent acquisition – Ma- pleview Apartments, a 110 unit garden apartment community See page 2B .
MatrixDevelopmentGrp. begins construction on 183,000 s/f
Matrix Development Group is currently under construction on a 183,000 s/f speculative industrial facility withinMatrix Busi- ness Park at 7A in Rob- binsville. See page 5B
Gateway to Fair Lawn Rendering
restaurants and drug stores, and a short drive to public transportation, highways and various recreational activities. The NAI Hanson team of as- sociate vice president Darren Lizzack and vice president Hal Messer represented the Borough of Fair Lawn in the transaction. “Bergen County’s United Way was attracted to the op- portunity to acquire a fully entitled site that is located near an abundance of re- tail options, making it ideal
for senior housing,” Lizzack said. “The transaction comes at a perfect time for Bergen County’s baby boomers, who will enter the age of retire- ment over the next 15 to 20 years. Empty nesters simply do not have a need or desire to maintain their homes as they get older, and with fewer se- niors moving away from their family to be in Florida during retirement, we’re going to see a greater need for senior hous- ing that accommodates their needs here in New Jersey.” n
ALSO INSIDE:
Central NJ Spotlight................................5-8B ICREW NJ....................................................12B
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