April 2024

S hopping C enters N ew J ersey /P ennsylvania

M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B


Mazzarini Real Estate sells Eastern Lofts for $8,315,000 Greysteel arranges the sale of a multifamily property in Brewerytown, Philadelphia

HILADELPHIA, PA Greysteel , a national commercial real estate investment services firm, an - nounced the completion of a multifamily property sale in the vibrant Brewerytown neighborhood of Philadelphia. Acting as representative for the seller, Mazzarini Real Es- tate , Greysteel facilitated the transaction with a local buyer. The property, which was sold at $8,315,000, reflects a 4.7% capitalization rate on the trailing twelve months of operations. This sale show- P

amenities and the potential for future growth. Prominent employers like Advent Health, Flagler Heath+, and UNF, all within 10-15 minutes of the site, contribute to Palm Coast’s thriving job market. Advent Health is constructing a $145 million medical complex, UNF is developing Med Nexus for skilled medical profession- als, and Boston Whaler’s new 225,000 s/f facility, operational since 2021, is generating over 400 jobs. This med-tech eco- system positions Palm Coast as an innovative hub, fostering highincome opportunities in the medical and manufactur- ing sectors. Director Jeremy Slocumb and senior associate Chris Wilkins led the Greysteel team. “Evolve Companies is a first-class organization, and we’re thrilled to be a part of their entrance into Florida. It was a competitive marketing process to secure the preferred equity partner. Strong deals in dynamic locations will reap the benefits of a more fluid capital markets environment in 2024,” said Slocumb. MAREJ were able to track the buyers who were interested. Those leads were all prequalified and resulted in 15 offers generated in writing. This created a lot of excitement, pressure, and ur- gency when it came to counters to get the best price and terms for the seller,” Ferber said. The buyer plans to update the amenities of the current property to secure a strong tenant pool, as the building was vacant at closing. The acquisition represents the highest-priced sale in Journal Square for 2024 so far. “Our team currently has over $100M and 600+ units in new listing and deals under contract – all through Hudson County,” Ferber said. “We are seeing plenty of capital coming into the Hudson County mar- ket for the right deal.” MAREJ

a three-year, floating-rate loan through a regional bank. Greysteel also sourced the preferred equity from an in- stitutional real estate invest- ment fund. With an expected completion of fall 2025, Evolve Palm Coast will include 256 units featuring one-, two-, and three-bedroom apartments in 12 three-story garden-style buildings. The exterior archi- tecture will combine masonry and fiber cement. Interiors in - clude modern design elements like quartz countertops, stain - less steel appliances, and walk- in showers. The property will have 96 first-level garages and ample surface parking. Beyond residences, this community will also feature a thought- fully designed clubhouse and diverse amenities, including a saltwater pool, gas grills, fitness center, yoga room, dog park, and playground. Positioned just south of Palm Coast Parkway, a key thoroughfare connecting US 1, I-95, and A1A, the site is within a 10-minute drive to major retailers and 14 miles from Flagler Beach, offering access to a diverse range of

Eastern Lofts

cases Greysteel’s adeptness in navigating complex real estate markets to deliver value to its clients. The new property owners have planned a value-added strategy to improve the prop- erty. This business plan signi- fies a commitment to enhanc - ing the community by provid- ing high-quality, competitively priced housing options while further expanding the Brew- erytown neighborhood. Brewerytown is a dynamic and growing neighborhood that offers residents a rich cultural JERSEY CITY, NJ — Mat- thews Real Estate Invest- ment Services , a commer- cial real estate investment services and technology firm, completed the sale of The Journalist, a vacant 38-unit, 2023-built apartment building at 96-100 Tuers Ave., Jersey City. The property sold for $13,700,000. Matthews vice president and director David Ferber, CPA , represented both the seller and buyer in the transaction. The buyer is looking to ac- quire new construction as- sets throughout the state. The Journalist fit the criteria and is located in the heart of Journal Square, a bustling residential, business, and transportation hub of Jersey City. Initiating a competitive marketing process, Ferber

and social scene, with easy ac- cess to a variety of local ameni- ties and employment hubs. In other Greysteel news, Greysteel announced that it has arranged the $37 million construction financing and the $14 million preferred equity placement for the develop- ment of Evolve Palm Coast, a 256-unit, garden-style market- rate multi-family community located in Palm Coast, Florida. Greysteel worked on be- half of the Sponsor, Wilm- ington, North Carolina-based Evolve Companies, to secure

APRIL 2024



Southern New Jersey


Matthews Real Estate Investment Services close $13.7 Million sale of The Journalist Apartment



9-BC B



• OFFICE & INDUSTRIAL/ DISTRIBUTION CENTERS • MULTIFAMILY DEVELOPMENT Contact Lea Christman For more info: lea@marejournal.com

The Journalist

sourced over 10 offers and executed a contract within 30 days of marketing, leading to a 60-day closing.

“Our shared database al- lowed access to over 15,000 qualified investors to receive a marketing email, and we


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