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Cruz, O’Hearn, Simonelli, Oliver and Duval represent the seller HFF closes $54 million sale of high-rise apartments in Franklin Township, NJ

ISSUE HIGHLIGHTS Volume 28 Issue 19 October 14 - 27, 2016 Insurance/Title 8-9A Southern NJ 5-13B Southeastern PA 5-15C 6 things corporate tenants need to know about the new lease accounting rules

F RANKLIN, NJ – Hol- liday Fenoglio Fowler, LP (HFF) announced that it has closed the $54 mil- lion sale of The Harrison, a 316-unit, 20-story apartment property in Franklin Twp. HFF marketed the property on behalf of the seller. The Harrison is situated at 575 Easton Ave. less than one mile from Rutgers University and downtown New Bruns- wick. Originally built by the seller in 1974 and most re- cently renovated in 2015, the 11.4-acre property offers views of the Raritan River, Rutgers Stadium and downtown New Brunswick, and is accessible to major highways, including Interstates 95 and 287 and Routes 18 and 1. The Har- rison has 38 studio, 178 one- bedroom and 100 two-bedroom units. Various unit renova- tions have occurred through- out the past eight years, with the buyer planning to continue further upgrades. The proper- ty’s amenity package includes a newly-renovated clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and 2-in-1 basketball/

By Debra Stracke Anderson, CCIM, SIOR, Sloan Street Advisors/ ITRA Global

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The Harrison

For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com Philadelphia Industrial & Development RE Summit Contractors Summit November 10, 2016 New Jersey Real Estate Capital Markets Summit November 11, 2016 UPCOMING CONFERENCES October 24, 2016 Philadelphia Construction &

tennis court. The 95%-leased property also features 24/7 concierge service. The HFF investment sales team representing the seller was led by senior managing director Jose Cruz , manag-

through unit renovations,” said O’Hearn. “The seller built a great asset, which is now going to be further upgraded to compete with some of the new supply in downtown New Brunswick.” n

ing director Kevin O’Hearn , directors Stephen Simonelli and Michael Oliver and as- sociate director Marc Duval. “This transaction reflects the strong demand for qual- ity buildings with upside

LCDC names Nason Construction general contractor fornext phase of LighthouseCove

general contractor for the next phase of development at the Lighthouse Cove resort i n D e w e y Beach. The next phase of construction will include 27 additional luxury con- d o m i n i um units, includ- ing expanded parking, rooftop pool and plaza. Nason Construction special- izes in preconstruction servic- es, construction management, design-build, general contract- ing and sustainable practices. “We are excited and proud to be working with such a quality company like Nason Construc- tion,” said E. Thomas Harvey, III , president, LCDC. “Their Thomas Harvey

vision and commitment to quality, integrity and customer service is consistent with our own business principles. This collaboration will continue our delivery of a quality product for Dewey Beach and the regional tourism industry.” “We are excited and hum- bled to be a part of this trans- formational project in this great beach town. The mixed use construction segment is booming across the country, and we are honored to be involved in this trend”, said Thomas Nason, II , C.E.O./ president, Nason Construc- tion, Inc. “As Delawareans, we want the best for our home state, but we also want to pro- vide the best to those coming from other states that make Dewey the vacation and lei- sure destination that it is. The

expanded and improved Resi- dences at Lighthouse Cove will attract a wide range of people to this already bustling community and provide them with a breathtaking condo- minium with luxurious ame- nities, surrounded by quality retail and great restaurants that will make them proud to have their second home here.” Project financing will be provided by M&T Bank . “The Lighthouse Cove project is an exciting development in Dewey Beach that will trans- form part of the waterfront along Rehoboth Bay,” said AllisonKerwin , M&T Bank’s manager of Commercial Real Estate in Delaware. “As a community-focused bank, we are pleased to support devel- opment like this that provides quality residential options.” n

DEWEY BEACH, DE — Lighthouse Cove Develop- ment Company (LCDC) announced that Nason Con- struction will serve as the

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