S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Jeremy Wernick assists in the sale of a 22-unit garden apartment complex Redwood Realty facilitates sale of two NJ multifamily complexes totaling $4 million
nounced the closing of two properties for a combined price of near- ly $4 million. Investment a s s o c i a t e J e r e m y Wernick as- W
for $2.55 million and a cap rate of 6.2%. “Jeremy worked diligent-
OODBRIDGE, NJ — Redwood Re- alty Advisors an-
ly with the owner to not only market the property to potential buyers, but he also locat- ed a replace- ment proper- ty that would a l l o w t h e buyer to con- duct a tax-de- ferred 1031 exchange , ” said Thomas McConnell, CCIM , man- aging part- ner at Red-
Jeremy Wernick Steven Matovski
HI-LIGHTS OCT. 14 - 27, 2016 Southern NJ 7-13B Frank Somma establishes Somma Associates LLC sisted in the sale of a 22-unit garden apartment complex in Woodbridge. The property sold
the sale of a 19-unit garden apartment complex in Union City for $1.15 million. “This deal traded at an extremely compressed cap rate to an investor who recognized the fu- ture upside that exists for this Michelle Arms
Jersey real estate and roll those proceeds into a new in- vestment property in Florida.” In addition, Redwood Realty director Steven Matovski and investment associate Saul Ramirez successfully closed
property,” saidMcConnell. The neighborhood where this prop- erty is located is experiencing gentrification, which is having a positive impact on elevating market rents for local apart- ment owners, he adds. n
Saul Ramirez
wood Realty. “In this case, the seller was very pleased with the end result that allowed him to transition out of New
The Landis Group acquires 122-room Hyatt Place at Carnegie Center in Princeton, NJ
PRINCETON, NJ — The Landis Group , a real estate development andmanagement
f i r m , a n - nounced the o f f -ma r ke t acquisition of Hyatt Place, a 1 2 2 - k e y hotel located in Princeton. T h e h o t e l is situated
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CBRE arranges the $15.6m sale of BJ’s Wholesale Club
Scott Landis
within Carnegie Center, a 560-acre, thriving mixed-use development located along the bustling Rte. 1 corridor, for which The Landis Group served as master developer. “From the moment my fa- ther, Alan, set forth to cre- ate Carnegie Center, we had the utmost confidence in the Princeton market as one of the country’s premier places to work, shop, live, and stay,” said Scott Landis , principal at The Landis Group. “Now, decades later, the center is still flourishing, thanks in no small part to the success of
Hyatt Place
the Hyatt Place. We believe that, along with our Marriott Residence Inn at Carnegie Center, we now own the two top performing hotels in the regional marketplace.” Hyatt Place is a smartly de- signed, modern hotel concept by Hyatt, catering to the 24/7 demands of today’s traveler. The hotel provides an upscale, yet practical experience, offer- ing free Wi-Fi throughout the building, day-and-night food options, and an abundance of business amenities and meet-
ing rooms. Hyatt Place Princ- eton also features an indoor pool, fitness center, sundry shop, Starbucks coffee bar and cocktail lounge. The Landis Group plans to make significant capital investments to Hyatt Place, including renovations to the lobby, front desk, and public spaces, along with new equip- ment in the fitness center. The hotel will also receive a newly painted exterior in addition to upgrades to its guest rooms, meeting and conference fa-
cilities, and pool, ensuring that the hotel provides a state-of- the-art environment for years to come. It will be managed by Paramount Hotel Group , in which The Landis Group is a partner. The Landis Group’s acquisi- tion of Hyatt Place is part of the its broader investment strat- egy in the Princeton market, including the aforementioned development of Carnegie Cen- ter, composed of 5.5 million s/f of office space, 1,100 residential units, and 600 hotel rooms. n
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ALSO INSIDE SNJ AI.................................. 12-13B CRT NJ.......................................17B MCEDC......................................18B CREW NJ....................................20B www.marejournal.com
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