S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Averaging two sales per week during the past 90 days Gebroe-Hammer Associates inks 24 deals totaling 1,147 units and over $148m in Northern Jersey
HI-LIGHTS DEC. 9 - 22, 2016 Northern NJ 3-13B where almost half of the in- ventory was built before 1970, supply of for-sale product re- mains tight as asking rents re- cently hit a 17-quarter streak of gains, according to the brokerage professionals at Gebroe-Hammer Associ- ates . Throughout the metro’s seven distinct geographic submarkets, the Livingston, NJ-based firm has averaged two North Jersey sales per L Lotus Equity Group closes aquisition of former Bears & Eagles Riverfront Stadium IVINGSTON, NJ — In multi-family’s North Jersey metro market,
week in the last 90 days. “As the economy heats up, rents and occupancy rates – particularly as they relate to class B apartment assets – are becoming even stron- ger,” said Ken Uranowitz , Gebroe-Hammer’s president, who noted the firm’s North Jersey market specialists have closed 24 deals totaling 1,147 units and over $148 million. “Thanks to the metro’s proxim- ity to major employment cen- ters, ease of major highway/ mass transit access and lower rents as compared to New York City and its outer-bor- ough of Brooklyn, tenants and investors are in hot pursuit of North Jersey’s 223,000-plus total units. Investor demand is unlike I’ve seen in my 41 years in business!” In the largest single transac-
North Jersey transactions in Essex County, which spans an East and West geographic submarket. Within East Essex County, Gebroe-Hammer’s brokerage teams closed a total of 15 separate trades in the municipalities of East Orange, Newark and Bloomfield. East Orange’s transactions alone totaled 692 units. Sales highlights include 285 units spanning several buildings on South Harrison St.; a total of 199 units located at 7 Chestnut St. and 23, 33 and 56 S. Munn Ave.; and 28 units at 560 Cen- tral Ave. and 115 Evergreen Pl. Additional transactions in- volved 46 units at 115 Halsted St. and 51 units at 147 Halsted St.; 66 units at 157 Halsted St.; and 17 units at 116 Lenox Ave. Each of the sales involved representation of the seller by
how to deliver these condi- tions to their tenants. Two Executive Campus is profes- sionally managed and will be phasing in improvements to the common areas as part of their continuous beautification initiatives,” added Kronfeld. Ting and Kronfeld, along with Fred Meyer, SIOR , vice president-corporate ser- vices, have served as exclu- sive leasing agents for this property since 2013, and sold the building just last year to its current owner. The team has completed over 71,000 s/f of office leases during its engagement. With approximately 35,000 s/f available at Two Executive Campus, the property offers suites from 688 to 12,090 s/f. The four-story, class A office building was recently renovated to feature a new lobby with a polished granite floor. Situated five miles from Center City Philadelphia, Two Executive Campus offers immediate access to Routes 38 and 70, and is in close proximity to I-295 and the NJ Turnpike. n In nearby Newark, Gebroe- Hammer’s sales efforts were spearheaded by executive VP David Jarvis . The firm represented the sellers and identified the buyers of 64 units at 784 Clinton Ave.; 50 units at 328 and 336 Roseville Ave.; and 23 units at 104 Montclair Ave. To the north, in Bloomfield, Gebroe-Hammer’s brokerage team of Uranowitz, Nicolaou and sales represen- tative Adam Zweibel also arranged the $3.05 million sale of 22 units at 42 Park Ave. Additional North Jersey sales included the sale of seven continued on page 4B David Oropeza , managing director, who collaborated on the South Harrison St. portfo- lio sale with managing director JosephBrecher , who secured the buyer.
7 Chestnut St.
tion, located in northern Union County, Gebroe-Hammer sold a 230-unit garden complex for $55 million. Executive VP Greg Pine and sales associ- ate Gehane Triarsi repre- sented the seller and senior VP Nicholas Nicolaou procured the buyer. The firm recorded its high- est concentration of recent
NAIMertz’s Ting andKronfeld complete 29,050 s/f of leases at Two Executive Campus in Cherry Hill
CHERRYHILL, NJ — NAI Mertz , a full-service commer- cial real estate firm serv-
ing southern New Jersey and greater Philadelphia, announc ed the closing of two lease transactions at Two Ex- ecutive Cam- pus in Cher- ry Hill total- ing 29 , 050 s/f. Rebec- c a T i n g , SIOR , vice p r e s i d e n t , and Ju l i e Kron f e l d , SIOR , sales
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Rebecca Ting
Sitar Realty Co. sells 38,000 s/f industrial building for $4.1m
Two Executive Campus
paper publishing company, signed a lease for 15,127 s/f of office space just after purchas- ing Greater Media Newspa- pers, which publishes 10 week- ly newspapers in Middlesex, Monmouth and Ocean coun- ties, last month. The Cherry Hill location is the headquar- ters for the firm, which owns 23 publications in central and southern New Jersey. “The merger of these news- paper groups was a major transaction in the south Jer- sey/greater Philadelphia me- dia industry, and the newly
formed company needed an attractive office space to call its home,” said Ting. “The west Cherry Hill office market is experiencing a recent uptick in leasing momentum and this transaction is a testament to this trend,” she continued. In the second transaction, Ting and Kronfeld repre- sented ownership in a 13,923 s/f lease transaction with an undisclosed tenant. “The new ownership has an excellent sense of the quali- ties that constitute a superior office building and they know
Julie Kronfeld
associate, were able to re- spond quickly to both fast moving deals that required immediate occupancy. 1930 NMT Owner, LLC is the owner of the 102,591 s/f class A office building located on Rte. 70 in Cherry Hill’s Golden Triangle section. Newspaper Media Group, LLC, a recently formed news-
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