Real Estate Journal — NJAA CONFERENCE & EXPO — May 16 - 29, 2014 — 5D
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Dunne, Pride, and Carino represents 350 Warren LP CBRE Group, Inc. announces sale of 350 Warren Apartments in Jersey City, NJ J the 1.2 million s/f Newport Centre Mall. unlike any of the conven- tional apartment projects in Jersey City.”
ERSEY CITY, NJ — CBRE Group, Inc. an- nounced that Jeffrey Dunne , vice chairman; Gene Pride , senior vice president, and Patrick Carino , financial analyst, all with CBRE’s New York Institutional Group, repre- sented 350 Warren LP in the sale of 350 Warren St., the 366-unit residential redevelopment project in Jersey City. The team was also responsible for procur- ing the buyer, Mill Creek Residential Trust . An eight–story, former industrial building located in the heart of Jersey City, 350 Warren’s redevelopment offers a one-of-a-kind oppor- tunity to provide loft-style units within a rehabbed historic industrial build- ing boasting 12.5-foot ceil- ings, exposed brick, large windows, wood beams and columns. Mill Creek Property Trust, a national multifamily com- pany focused on the develop- ment, acquisition and opera- tion of apartment commu- nities in targeted markets nationwide, is teaming with equity partner Rockwood Capital to transform 350 Warren into loft-style luxury apartments unavailable anywhere else in the Jersey City market. The property will boast a rooftop deck, fitness center, clubroomwith bar, dog washing station, bicycle storage and repair station, conference rooms and 24-hour concierge. Within a mile of 350 War- ren St. there has been an approximately 50% increase in the population since 2000, comprised of the key renter demographic of 25-to-44 year olds, with more than 75% having at least a col- lege degree, 88% working in white collar jobs, and having an average annual house- hold income of $132,000. Since 2003 more than 7,600 residential rental units have been added and absorbed in the Jersey City’s CBD, creat- ing a 24/7 environment. “350 Warren garnered interest from national, re- gional and Manhattan de- velopers for its unique ‘loft building’ characteristics and prime Jersey City Central Business District,” Dunne said. “Mill Creek is acquir- ing a redevelopment asset
“Mill Creek is actively and strategically identifying investment opportunities within the Northeast and we are excited to continue to expand our presence in New Jersey with another luxury apartment community,” said Richard Murphy , man- aging director, Mill Creek Residential. “Jersey City is teeming with new devel- opment and we anticipate playing a major role in the continuing transformation of this neighborhood.” n
Situated within the Power- house Arts District just two blocks from the nearest Light Rail station and one block from the Grove Street PATH station, 350 Warren provides seven-minute access to Man- hattan’s World Financial Center and 18-minutes to Midtown. Future residents will benefit from the prime 24/7 surrounding neighbor- hood, which encompasses millions of s/f of office, resi- dential and retail, including
350 Warren St.
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