S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — Section B
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Roseland Property Company purchased the asset HFF closes $46.5m sale of Park Square in Rahway, New Jersey on behalf of the Landmark Companies
R
AHWAY, NJ — HFF marketed Park Square on behalf of the Land-
station, providing access to midtownManhattan and other suburban locations. Consisting of two four-story buildings, the community is 94percent leased andhashomes averaging1,176 s/f each. Community amenities includetwofitnesscenters, com- munity room with Wi-Fi, out- door lounge, billiards room and covered parking. The property also has approximately 6,000 s/f of street-level retail. The HFF investment sales team representing the seller
mark Companies. Roseland Property Company, a wholly owned subsidiary of Mack-Cali Realty Corporation, purchased the asset for $46.5 million, or nearly $292,500 per unit. Completed in two phases between 2009 and 2011, Park Square is locatedat the intersec- tion of Irving and Main Streets indowntownRahwayandistwo blocks fromtheRahway transit
DECEMBER 6 -19, 2013
Park Square
was led by Kevin O’Hearn, Jose Cruz and Michael Oli- ver fromHFF’s New Jersey of- fice along with Andrew Scan- dalios and Jeff Julien from HFF’s NewYork City office. “In Mack-Cali/Roseland’s
first apartment purchase in New Jersey since their merger, they did an outstanding job of working through some items that arose during the process andsolving themefficientlyand effectively. Their investment
in Rahway is a tremendous endorsement for the town and its growing downtown Arts District, as well as a testament to the high-quality property developed by Landmark,” said O’Hearn. ■
HI-LIGHTS
Zimmel Associates arranges 58,000 s/f sale totaling $6 million
Rental housing to rise inMiddlesex, Ocean & Burlington counties Ingerman receives 18.65 million in Community Development Block Grant
David Zimmel , president, Zimmel Associates bro- kered the off-market sale of One Ethel Road in Edison, NJ, for more than $6 million. See page 3B.
CHERRYHILL,NJ — Inger- man , a developer, manager and builder ofmulti-familyapartment communities, announced that it has received a total of $18.65 mil- lion in Community Development Block Grant (CDBG) funding and $3.5 million in tax credits to advance four affordable housing projects in Middlesex, Ocean and Burlington counties. “Receipt of this funding is an- other vote of confidence in our company’s long-standing track record of partnering effectively with municipalities to deliver high-quality affordable housing developments that positively con- tribute to the local community,” said Brad Ingerman , president and CEO of Ingerman. “This is an exciting time for our company. From the receipt of this funding to our growing expansion in the market-rate multi-family sector, we continue to strengthen our po- sition as well as our reputation.” Twoof the fourdevelopments for which Ingerman received funding are located in Middlesex County. Partneringwith the PerthAmboy HousingAuthority, Ingermanwill
build 70 affordable, family-ori- ented apartment homes that will be part of a larger mixed-use de- velopment. Ingermanhasreceived $5 million in CDBG funding and $960,000 intaxcredits tomovethe development forward. “Ingerman is a proven partner for Perth Amboy, having collabo- rated previously with our Hous- ing Authority on The Parkview, a recently constructed affordable senior rental community located in the heart of our community,” commented Perth Amboy Mayor Wilda Diaz. “We have the utmost confidence that Ingerman’s new development will have a similar, positive impact on our city by con- tributing new affordable housing options for our residents.” Also in Middlesex County, In- german was granted $865,000 in tax credits and $4.65 million in CDBGmoneytodevelopReinhard Manor, comprising 62 one- and two-bedroom affordable senior rental residences that will be developed in cooperationwith the Woodbridge HousingAuthority. “Reinhard Manor represents a new redevelopment project that
transforms a long-time vacant and unused school facility into a vibrant new residential commu- nity. The inclusion of affordable rental housing for our seniors reflects our commitment to en- suring that all of our residents have access to quality residential options,” said Woodbridge Town- ship Mayor John E. McCormac. “Ingerman did a first-class job in opening Maple Tree Manor, and we know first-hand that the com- pany has a stand-out reputation. In fact, the announcement that ReinhardManor has been funded and is moving forward gener- ated immediate interest from our community’s seniors andwe have alreadyput together awaiting list for residents.” In Ocean County, Ingerman was awarded $9million inCDBG funding and $500,000 in tax credits to add 76 affordable senior apartment homes to Waretown Town Center in the Township of Ocean, a mixed-use plaza al- ready comprising a Shop-Rite, a Dunkin’ Donuts, numerous local restaurants and shops, and a bus stop. ■
Laguna openingmarks 15-year PSA/Lefrak affiliation
The recent opening of the Laguna residences in Jersey City marked a 15- year partnership between LeFrak and Poskanzer Skott Architects (PSA) of Ridgewood. See page 5B.
ALSO INSIDE:
N ORTHERN N EW J ERSEY S POTLIGHT .....................5-12B
P EOPLE O N T HE M OVE ............................................16B
ICREW NJ.........................................................IBC-B
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