ROP

www.marejournal.com

ISSUE HIGHLIGHTS Volume 31, Issue 5 March 15 - 28, 2019 1031 EXCHANGE SPOTLIGHT 8-14A GREENSPRING REALTY PARTNERS ACQUIRES 68,000 S/F INDUSTRIAL BUILDING IN BALTIMORE COUNTY FOR $4.37M

CBRE Group prepares comprehensive marketing portfolio MandelbaumSalsburgreps.Rubenstein Props. in $197M national portfolio sale

N

practices to ensure a successful portfolio sale for Rubenstein Properties, a long-standing client,” said, Barry Mandel- baum, a founding member of the firm and chairman of the board. “The transaction involved complex contract negotiations, title and survey issues, property condition dili- gence, tenant issues, bulk sale and environmental compliance activities and negotiation and procurement of environmental insurance.” A comprehensive market- ing portfolio was prepared by CBRE Group on behalf of Rubenstein Properties. The company’s team consisted of Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki from CBRE Capital Markets’ Institutional Properties, Bill Waxman and his team from NJ along with Kyle Roberts (CT), Morey Knutsen (IA), Tom Cooler (IN), John Reed (MA) and William Wolf (PA). 

EW JERSEY, CON- NECTICUT, MASSA- CHUSETTS, IOWA,

INDIANA AND ALABAMA — Mandelbaum Salsburg P.C. , represented Rubenstein Properties of Little Falls, NJ on the sale of a national port- folio comprised of 28 properties to the Silverman Group of Basking Ridge, NJ for a sum of $183 million. The portfolio consisted of more than five million s/f of leasable space for industrial distribution and warehouse use. The properties span across NJ, CT, MA, IA, IN and AL. In addition, Ruben- stein Properties sold a property located at 1055 Crossroads Blvd. in Muhlenberg Twp., PA, to the tenant occupying the property for the sum of $14 million. Among the properties in the portfolio are 10 Park Pl., But- ler, NJ; 20-21 Wagaraw Rd., Fair Lawn, NJ; 39 Avenue C, Bayonne, NJ; 101 East Main St., Little Falls, NJ; 114 Beach

$197 million national portfolio sale

St., Rockaway, NJ; 1578 Sus- sex Tpke., Randolph, NJ (units two through five). Mandelbaum Salsburg’s team, consisted of senior mem- bers Barry Mandelbaum and Owen Hughes and a team of attorneys and support personnel from the Real Es- tate practice. Gordon Duus

of the firm’s Environmental Law Practice group provided assistance on securing envi- ronmental liability insurance policies that would protect both the seller and purchaser after closing. “We’re proud of the team effort by the members of our real estate and environmental

3A

UPCOMING CONFERENCES March 20, 2019 Philadelphia Office & Industrial Conference

Progress Capital’s Domenico secures $60M formultifamilyportfolio inHudsonCounty

April 9, 2019 New Jersey CRE Forecast Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

Hammer represented both the buyer and the seller in the transaction. Domenico

HUDSON COUNTY, NJ – Brad Domenico , partner at Progress Capital , negotiated a $60 million acquisition loan for a portfolio of 18 multifam- ily buildings located in Hudson County, NJ. The portfolio was purchased for $75 million. Niko Nicolaou of Gebroe-

s e c u r e d a 4 . 14% rate f i x e d f o r 7-years based on a 30-year a m o r t i z a - tion with two years inter- est only. The

Directory DelMarVa.......................................................... 3-6A Business Card/Billboard Directory.......................19A Organization Events. ...........................................20A New Jersey................................................. Section B Northern New Jersey. ......................................5-16B Pennsylvania.............................................. Section C Southeastern PA. ...............................................5-11 Northeastern PA. ................................................12C www.marejournal.com

Brad Domenico

non-recourse loan represents 80% of the subject properties total value. Financing was provided by John Darrow of RED Capital . Hudson County is one of the fastest-growing counties in New Jersey due to its proximity to NYC. It has become a desired place to live for those who work in Manhattan, especially with the recent build-up of its larg- est city, Jersey City. As these towns and cities keep develop- ing, we’ll see more multifamily properties manifest and more

$60 million multifamily portfolio

people flock to these areas for lower cost of living as an alter- native to Manhattan. Progress Capital is a com- mercial mortgage banking firm specializing in arranging debt for commercial real estate own- ers and residential developers. Since 1990, Progress has suc- cessfully closed in excess of $40 billion in commercial loans

and directly funded over $150 million. Gebroe-Hammer is a mul- tifamily focused investment sales brokerage firm through the New Jersey/Pennsylvania/ New York area with a focus on suburban garden-style, hi-rise and townhome communities as well as urban low and mid-rise buildings. 

Made with FlippingBook - professional solution for displaying marketing and sales documents online