18B — July 12 - 25, 2019 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

$4.28M in refinancing structured by MMCC

S Company collaborates closely with The Blau & Berg Co. Hollister delivers additional projects in Short Hills, NJ

SOUTHERNNJ — Marcus & Millichap Capital Corp. (MMCC) , a provider of com- mercial real estate financing and capital markets expertise, has arranged a total of $4.28 million in refinancing for 29 single-family rental properties in the southern New Jersey area. This loan was lever- aged at 80 percent and was structured with five years of interest-only payments. Matthew Rosenberg , first vice president capital markets, and Jim Wolfe , associate, of Marcus &Millichap’s Philadel- phia office, led the refinance. “Financing for SFR portfo- lios in the Greater Philadel- phia Area has increased over the last 12 months with many different capital outlets,” said Wolfe and Rosenberg. “In order to get to the high-leveraged 80% LTV for the cash-out refinance, the fixed rate was priced over LIBOR requiring only interest payments. Brian Hosey is the firm’s Broker of Record in New Jer- sey. In Saddle Brook, Marcus & Millichap announced the sale of Woodland Plaza, a 34,765 FRANKLIN TOWNSHIP, NJ — National developer Crow Holdings Industrial has started construction on its first industrial project in New Jersey, a 925,000 s/f facility in Franklin Twp. The property, Crow Holdings at Veronica Ave., is expected to open in the first quarter of 2020. Crow Holdings Industrial and multifamily developer Trammell Crow Residen- tial are the development companies of Crow Holdings. The CrowHoldings businesses own and manage over $18 billion in real estate assets and have developed over 15 million square feet of indus- trial space and over 30,000 residential units over the past seven years. In 2018, Crow Holdings Industrial hired Clark Ma- chemer as a senior managing director to expand its national platform in the Northeast. The Northeast team has pipe- line of five million s/f of indus- trial space. “Clark is one of the savviest and most well-connected pro- fessionals in New Jersey real estate and his ability to take this deal from land acquisition through design to construc- tion in just 12 months is a

s/f office property located at 155 Prospect Ave. in West Or- ange, for $5,750,000 according to Hosey. Fahri Ozturk and Rich- ard Gatto , investment sales specialists in Marcus & Mil- lichap's New Jersey office represented the seller and the buyer, both private inves- tors. "155 Prospect provided a sought-after opportunity for quality stabilized mixed medi- cal office building in Northern New Jersey. Attractiveness of the property combined with our marketing process, we were able to close on the prop- erty with no contingencies and within 45 days of the contract execution," Ozturk reflected on the deal. Built in 1984, Woodland Plaza recently went through some improvements including new tenant buildouts and reno- vations to common areas, bath- rooms, parking lot, roof, and HVAC systems. The property was 100% occupied at the time of sale with 12 strong diverse tenants. The property was located 12 miles from Newark Liberty Airport and 16 miles from Manhattan.  testament to his great skill and market knowledge,” said Ken Valach , CEO of Crow Holdings Industrial and Trammell Crow Residential. “The Central New Jersey industrial market has incredible demand, but there is a scarcity of developable land in attractive locations. Crow Holdings at Veronica Ave will be a significant addition to the submarket and is expected to meet with strong demand from e-commerce, logistics, and other industrial occupiers.” Crow Holdings at Veronica Ave. will fill the market’s growing need for class-A in- dustrial space. Located in close proximity to New Jersey Transit buses and trains, the facility is designed to appeal to the modern worker. Its features include large trans- lucent windows that allow natural light, LED lights that create an open and bright working environment, murals that infuse the property with a sense of vibrancy, access points for food trucks, and on-site walking trails. The building will have 40-foot clear heights and will include 170 trailer parking spots, 159 dock positions, four drive-in ramps and doors, and 394 car spaces. 

HORT HILLS, NJ — Hollister continues to collaborate closely with The Blau & Berg Company , a full-service commercial real estate bro- kerage firm, serving as gen- eral contractor on the de- livery of multiple projects within 830 Morris Turnpike in Short Hills. Our team recently turned over proj- ects on the third floor—for a large medical practice and a financial institution. As one of the largest and oldest physician-owned mul- tispecialty medical practices in New Jersey, Summit Med- ical Group recently debuted their new medical center within the 3-story building. Summit Medical Group’s new medical space features various amenities to accom- CLIFFSIDE PARK, NJ — Steven Kratchman Ar- chitect, P.C. (SKAPC) , of NYC, recently completed the final phases of a four-year, multi-faceted renovation of a 30-story cooperative on New Jersey’s Gold Coast. The proj- ect transformed Apogee in Cliffside Park into an ultra- modern high-rise featuring a dramatic entranceway, revi- talized lobby and resort-style amenities. Built in 1972 and perched atop a hill at 250 Gorge St., the property has panoramic views of the Man- hattan skyline and Hudson River waterfront. The repositioning of the former Briarcliff co-op began in 2014, when the Board of Directors hired SKAPC to re- brand the 315-unit residential complex. “We were looking for a highly regarded architect/de- signer with New York sophis- tication,” said Jerry Sher, who served as president of Apogee’s Board at the time. “The strat- egy was to find someone who could give the building a new lease on life, bring it into the 21st century in terms of look, technology and functionality, and ultimately raise property values. Steven and his team fit the bill perfectly.” StevenKratchman, SKAPC’s owner and founder, recognized that “the property needed up- scale aesthetics and a stylistic Manhattan feel to compete

830 Morris Turnpike in Short Hills

modate patients and staff. Amenities include: • Reception area • Waiting room • Administrative area

• Examination rooms • Private offices • X-ray room • Break room and • Therapy room 

Steven Kratchman Architect reno. 1972 High-Rise on NJ’s Gold Coast

with the area’s newer luxury properties.” His firm served as master planner, architect and designer of the project, using a comprehensive design strat- egy focused on exterior curb appeal and interior amenities to enhance the resident experi- ence and increase shareholder value. K r a t c hma n l a u n c h e d SKAPC in 1999 with the goal of breathing new life into un- derused and overlooked prop- erties. Recalling his initial visit to the property, he said, “It was dated and needed a complete overhaul. A forebod- ing concrete barrel-vaulted canopy projected from the building’s entry and spanned the drive. The lobby, which ap- peared to be abandoned, had mirrored ceilings, black clad walls and outdated furniture pushed back on all sides.” On the plus side, the lobby featured a large expanse of terrazzo flooring and was three stories high in the center and two stories high on either side. “In residential real estate development in the New York City area, it is rare to see this proportion of usable floor area allocated to open space rather than to apartment units,” Kratchman noted. In addi- tion, considerable attention to detail was evident in the seasonal outdoor plantings and flowers. The SKAPC t eam ap -

proached the project from a master plan point of view. They positioned the building’s three-story lobby as the proj- ect’s centerpiece, but also took into account the entire front- age, the building beyond the lobby, the amenities, and site- specific features of igneous rock cliff and sloping contours. “Placing the lobby in this broader context allowed us to develop a comprehensive design plan centered on creat- ing an eye-catching entrance- way and inviting interior,” Kratchman said. “We also considered inventive ways to refresh existing elements to minimize cost and maximize sustainability.” SKAPC replaced the existing canopy with a distinctive glass, metal and wood marquis, and added exterior enhancements that included a new driveway highlighted by modern pav- ers and updated landscaping. Inside the building’s oversized revolving door, the lobby’s terrazzo floor was seamlessly integrated with new features like custom furniture scaled to fit the expansive space and a re- designed front desk, relocated to serve as a centerpiece and increase concierge visibility. Introducing a large, two-sided fireplace as a divider and seat- ing and gathering arrange- ments in warm, vibrant-colored materials created a sense of intimacy. 

Crow Holdings Industrial Breaks Ground on First New Jersey Project

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