Real Estate Journal — December 23 - January 12, 2017 — 3A
M id A tlantic
M id A tlantic R eal E state J ournal 232 units sell for $ 237,000 + per unit Gebroe-Hammer Associates records $55m trade of apts. N EW PROVIDENCE, NJ — In one of the na- tion’s wealthiest bor-
oughs that also happens to be one of New Jersey’s best-kept secrets, Gebroe-Hammer As- sociates has arranged the $55 million sale of 232 multi-family units at New Providence Apart- ments and Gardens, located at 4 Gales Dr., in New Providence. The brokerage team of Greg Pine , executive vice president, and Gehane Triarsi , sales representative, represented the seller, NP Gardens LLC, while Nicholas Nicolaou , senior vice president, procured the buyer, Madison Hill Proper- ties LLC. Located in northwest Union County, this quaint suburban borough connects Summit to Berkeley Heights. For the past 20 years, New Providence has been undergoing a population boom that has resulted in a tight supply of housing options and six successive quarters of asking-rent gains. “New Providence has become an enclave for urban sophisti- cates – highly educated indi- viduals who gravitate toward the arts, hold executive-level employment positions and are SHORT HILLS, NJ — The Blau & Berg Co. brokered a 343,485 s/f industrial lease on behalf of a global logistics firm. A logistics provider of supply chain management solutions will occupy the space located at Middlesex Center Blvd. at I-8A. Marc Petrella of Cushman & Wakefield represented the landlord, GLP, and Charles
New Providence Apartments and Gardens
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well traveled,” said Pine. “De- mand for apartment-rentals has escalated in this post- single-family-housing-crisis era, particularly in a borough like New Providence, which benefits from its scenic location within theWatchungMountain region, 15-mile proximity to Newark and 30 miles to Mid- town Manhattan.” “While New Providence has a clandestine identity, it is well known among prospec- tive multi-family tenants and investors for its ease of access to highways, local and regional Kavanagh , executive VP of The Blau & Berg Co., was the procuring broker for the tenant in the transaction. “E-commerce is driving de- mand for premium facilities particularly along the NJ Tpke. corridors that provide good ac- cessibility and access to its cus- tomers and densely populated areas. The industrial vacancy
employment centers and overall charm,” added Pine. “In short, the borough offers something for everyone, from millennials and senior-level executives with families to active retirees.” According to recent U.S. Cen- sus estimates, the municipality has a population of 12,000 resi- dents with an estimatedmedian household income of $123,078. NewProvidence’s housing stock is comprised of owner-occupied single-family dwellings as well as garden apartments like New Providence Apartments and Gardens. n
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rate for Northern and Central NJ markets is currently at a his- torically low level of 5.4% for the 3Q16,” said Jason Crimmins , president, The Blau & Berg Co.. “With 24/7 delivery becoming the norm for many retailers, package delivery companies are expanding their presence in NJ markets to satisfy growing fulfillment needs.” n The Blau & Berg Co’s Kavanagh procures 343,485 s/f
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