7-25-14

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ontville, NJ — The Kislak Compa- ny, Inc. announced Vice President J. Squires represents both parties Kislak completes $136 million sale of Rachel Gardens In Montville, NJ M

ISSUE HIGHLIGHTS Volume 26 Issue 14 July 25 - August 14, 2014 Brokerage Directory Spotlight Section C

Following Kislak’s recom- mendation, the $136 million sale of Rachel Gardens to Cammeby’s was approved by the sellers. Cammeby’s offer was $1 million above the list- ing price with a considerable non-contingent deposit and no due diligence. Three other interested parties made offers at $135 million. “Given the limited period during which we marketed the property, Jeff and our team generated an extraordinary level of interest and ultimately produced the highest and best price, which was $1 million above the listing price,” said Holland. “I am immensely proud of our team and its accomplishments. Time and again, we produce astonishing results of record cap rates and prices for our clients strength- ening our reputation as the most successful broker of mul- tifamily and other investment properties in and around New Jersey.” continued on page 4A and NJ is offering attractive incentives that will help to cap- ture those jobs,” said Maurice Ades , Rugby Realty’s principal and managing director. “We recognized 300 Lighting Way as one of the best options avail- able to fill those requirements, and that’s a focus in our leasing program.” Roughly half of the build- ing, or 156,000 s/f on three contiguous floors, is available for lease, creating an excellent opportunity for a large corporate tenant. If a single tenant were to take the entire space, there is an additional opportunity to secureprominent signage on the building’s exterior. The purchase marks Rugby Realty’s secondofficeacquisition in New Jersey and is part of an ongoing effort to grow its port- folio in the New York region. In December 2013, Rugby Realty purchased City ViewCorporate Center, a 135,418 s/f, class A office building in Lyndhurst. n

the $136 mil- lion sale of Rachel Gar- dens, a 764- unit apart- ment complex on over 98 acres in the Pine Brook s e c t i o n o f

Architects & Engineers

Jeffrey Squires

Montville. VP Jeffrey Squires represented both parties in the transaction. President Robert Holland and COO Jason Pucci provided transaction management and support. The sale of Rachel Gardens is the single largest sale of a multifamily property in New Jersey in terms of price since 2011 based on data available from CoStar. It is also among the largest multifamily proper- ties in New Jersey. The purchaser is an affiliate of NY-based Cammeby’s Inter- national whose other holdings include theWoolworth Building

Rachel Gardens

in Manhattan and a substan- tial portfolio of commercial and residential real estate. “We are pleased to purchase Rachel Gardens. It is a unique property in northern NJ and opportunities like this don’t come along very often,” said a spokesman for Cammeby’s. Kislak was court-appointed as the broker to sell the prop- erty with a $135 million listing

price and marketed it over a limited four-week period in April and May. Given the rare opportunity to acquire a large well-performing multifam- ily property with value-added upside in northern NJ; there was extremely strong interest frommany well-qualified local, regional and national inves- tors, several with international participants.

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Soon-to-be-renovated Harmon Meadow class A office property Rugby Realty acquires 303,000 s/f 300 Lighting Way in Secaucus, NJ from Hartz Mountain Industries

Secaucus, NJ — Rugby Realty Co. Inc. announced it has acquired 300 LightingWay, a class A office building in Se- caucus from Hartz Mountain Industries . The seven-story, 303,000 s/f property is ideally situated near the intersection of the NJ

Directory

Upcoming Spotlight August 29, 2014 Commercial Real Estate law Owners, Developers & Managers..Section B Green Buildings............................. 19-23B Shopping Centers............................. 11-22C

300 Lighting Way

distinctive greenglass structure offers corner office terraces, generous parking and a wealth of nearby restaurant and retail amenities. “ManyManhattan companies are searching for a more af- fordable alternative to NYC for their back-of-office operations,

Tpke./I-95 and Rte. 3, between Mill Creek Mall and the Har- mon Meadow mixed-use devel- opment. The new owner plans exten- sive improvements including a renovated lobby and the cre- ation of a new fitness center, café and conference center. The

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