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S Transit development sets record for highest sale price per unit in Essex County Kislak completes $32.77m sale of The Gateway indowntownSouthOrange, NJ OUTH ORANGE, NJ — The Kislak Company, Inc. announced the re-

ISSUE HIGHLIGHTS Volume 28 Issue 17 September 16 - 29, 2016

Appraisal 8-21A Northern NJ 5-13B Central PA 5-7C

Eugene Diaz Center there as well. The campus sale is expected to close Sept. 30 , cont in- gent upon fi- nancial and development approvals for the medical school facility by both municipalities. “Following more than 22 months of comprehensive diligence and complex nego- tiations, we are delighted to have reached this important transactional milestone,” said Prism’s Eugene Diaz , princi- pal partner. “With the coopera- tion of Roche, we have secured an outstanding long-term an- chor tenant and new business magnet for this campus.” According to Diaz, growing demand for 24/7 convenience living is resulting in better- balanced business centers that provide a mix of hous- ing options and appealing amenities. n vice president Joni Sweet- wood represented the sellers and Sweetwood and sales asso- ciate Julie Gralla represented the purchaser, a private inves- tor and longtime Kislak client. With a per unit price well over $500,000, the sale of The Gateway exceeded the previ- ous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from CoStar. “From start to finish, this was an extraordinary project and sale,” said Edward Ayuso II, the founder and principal of EEA Industries.” “The Gateway was truly a transformative project for South Orange Village,” said Sweetwood. “For years prior to Ed’s involvement, the site was a long-shuttered car dealer. It sat vacant and in disrepair, negatively impacting the west side the Village.” n

cent $32.775 million sale of TheGateway, a new highly- a c c l a i m e d transit-ori- ented devel- opment with 57 l uxu r y apartments a n d 9 , 0 0 0 s/f of class A retail space in downtown S o u t h O r - ange, Essex County. The property is located im- me d i a t e l y

Meridian Capital arranges $33.7m for a 275,000 s/f SC

Joni Sweetwood

The Gateway

apartments, 48 two-bedroom apartments, three ground floor retail spaces and on-site park- ing. At the time of closing, the property’s apartments were fully occupied. Two of the retail spaces were occupied and the third retail space was recently leased to a new tenant.

Kislak marketed the prop- erty on behalf of the sellers and longtime Kislak clients, EEA Industries, LLC and Sound- viewReal Estate Partners, and their affiliates, South Orange Commons Tenant, LLC and South Orange Commons III Urban Renewal, LLC. Senior

Julia Gralla

west of the South Orange train station at 9West South Orange Ave., approximately 18 miles from Manhattan. Completed in 2014, the prop- erty includes nine one-bedroom

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PrismCapital Partners, Hoffmann-La Roche sign purchase & sale agreement for 116-acres

NUTLEY/CLIFTON, NJ — In a blockbuster acqui- sition play, PB Nutclif I, LLC , an affiliate of locally based Prism Capital Part- ners (Prism) signed a pur- chase and sale agreement with Hoffmann-La Roche Inc. (Roche), to purchase the 116- acre former North American Headquarters campus span-

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ning the Twp. of Nutley and City of Clifton. At the same time, Hackensack Meridian Health and Seton Hall Univer- sity committed to leasing two major buildings and 16 acres at the property. Prism will implement sub- stantial improvements to con- vert the leased buildings to

accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. In addition, Seton Hall will co-lo- cate its College of Nursing and School of Health and Medical Sciences to the site, and Hack- ensackMeridian plans to create a National Health Institute- designated Clinical Research

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