B — April 12 - 25, 2013 — New Jersey — Mid Atlantic Real Estate Journal
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N ew J ersey
Getting a commercial real estate loan is anything but easy. Unless your bank is Regal.
McConnell, CCIM and McCrann handles transaction Marcus &Millichap executes multifamily sales for $9.7m
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LMWOOD PARK , NJ — Thomas Mc- Connell, CCIM and
Kevin McCrann of Marcus & Millichap Real Estate Investment Services have arranged the sale of two apart- ment buildings in New Jersey totaling 126 units, according to Michael Fasano , vice president and regional man- ager of the firm’s New Jersey office. The total sales price for both properties is $9.725 million. The properties are: • Whalepond Village, 400 Stacey Drive, Ocean Town-
Before you can broker the deal, you need a bank who understands the commercial real estate business and can make the lending process easier. That bank is Regal Bank, and we’re ready to help get the loan you need. Talk to us. Instead of concentrating on the loan, you can focus on the deal.
Whalepond Village
ship • Broadway Apartments, 205 66th St., West New York The 96-unit Whalepond Vil- lage sold for $7.125 million, or a 5.9 percent capitalization rate. The seller is the devel- oper of the property, home-
Broadway Apartments
180 Eagle Rock Avenue Roseland, NJ 07068 973-228-3951
30 Columbia Turnpike Florham Park, NJ 07932 973-210-4115
504 S. Livingston Avenue Livingston, NJ 07039 973-577-7161
570 W. Mt. Pleasant Avenue Livingston, NJ 07039 973-577-7160
builder K. Hovnanian. The buyer is Ocean Township. “Ocean Township plans to continue to operate the com- plex as an age- and income- restricted property,” said Mc- Connell. “Even with stronger offers on the table K. Hovna- nian decided to work with the town in the disposition of the property.” Broadway Apar tment s brought $2.6 million, or ap- proximately a 7 percent capi- talization rate. “The seller, Roje Realty Co. LLC, divested its interest in Broadway Apartments into a development project,” said McCrann. “The buyer, Sela Properties LLC of Fort Lee, pursued the property as an investment vehicle for a multi- family investment fund.” n Hartz leases 20,000 s / f to Aldi in North Bergen NORTH BERGEN, NJ — On March 28th, ALDI opened a 20,000 s/f grocery store at Hartz Mountain Industries’ Tonnelle Plaza at 8101 Ton- nelle Ave. in North Bergen. The discount grocery retailer joins Burlington Coat Factory as a second anchor at the shop- ping center. ALDI, which offers shoppers the highest quality products at the lowest possible prices through its premium ALDI exclusive brands, will further complement the abundance of retail and services provided at Tonnelle Plaza with high quality groceries at affordable prices. “ALDI is a great enhance- ment to the Tonnelle Plaza retail center, providing area shoppers with a high-quality grocery store within a short walk or drive,” said Emanuel Stern, president and COO for Hartz Mountain Industries. n
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