2-27-15

6A — February 27 - March 12, 2015 — M id A tlantic

Real Estate Journal

www.marejournal.com

M id A tlantic R eal E state J ournal Irving, Nozza and Cascio of BRC represent seller Bussel brokers $1.8 million trade of a 41,000 s/f industrial facility

ISCATAWAY, NJ — Bussel Realty Corp. (BRC) , an industrial real estate services firm in New Jersey, announced it has arranged the sale of 727 South Ave. in Piscataway, an industrial facility of ap- proximately 41,000 s/f. The property traded for $1.8 million and features 14-foot ceilings, five load- ing docks, one drive-in, and heavy power. It is located near Rte. 28 and proximate to major transportation ar- teries including Rte. 22 and I-287. P

The buyer, Deals For Less, purchased the facility with the intention of raising the roof an additional ten feet and will use it for the distri- bution of novelty items. Bus- sel Realty Corp executive vice president Gregory Irving, SIOR , senior vice presidents Stephen Nozza and John Cascio of BRC represented the seller, Kanter Properties, LLC. Gramercy Realty sales associate Isaac Neu- man represented the buyer. “Deals For Less is mov- ing from Brooklyn where their current location will be transformed into a residen- tial complex,” said Irving. n of negotiated exclusions and limitations. Property owners can also cut costs by requiring that managers complete all re- quired duties, including, com- plying with all applicable laws and obtaining competitive bids and approval of budgets and expenses. Each state has its own unique set of laws that are essential to be adhered tomake the most gain in cutting costs. Property owners andmanagers can both save time and money by preventing problems and de- terring defaults with adequate protections, from adequate insurance and indemnification rights, to adequate default and termination rights. And well drafted property management agreements can also help to prevent problems relating to other issues, from confidential- ity to counsel fees. Obtain the Property Man- agement Agreements You Need. It is critical to consult counsel to ensure that you have the property management and related agreements you need to succeed. If you instead use a form or “one size fits all” docu- ment that does not meet your needs, you can lose big benefits and suffer large losses. Ensure that your counsel provides you a thorough review of your agreement to not only comply with state law, but also to get you the best results. Jerry A. Nelson is a share- holder andmember of Stark &Stark’s Business&Corpo- rate, Commercial, Retail and Industrial Real Estate and Real Estate, Zoning & Land Use Groups. n Do you have the property manage- ment agreement. . . continued from page 2A

727 South Ave.

FANNIE MAE LOAN $27,075,000 Acquisition of 196-unit garden apartments Yardley, PA

FREDDIE MAC LOAN $10,137,000 Acquisition of 120-unit garden apartments Dover, DE

FHA 221(D)(4) LOAN $23,025,300 Newconstruction financing 160-unit garden apartments Frederick, MD

CONDUIT LOAN $20,000,000 Acquisition of 182,583 sf retail center Phillipsburg, NJ

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