Real Estate Journal — New Jersey — January 15 - 28, 2016 — 14B


M id A tlantic

N ew J ersey

EWARK, NJ — Gad- get Software, which prov i des the f i r s t Buildings affordability, accessibility, encouragement appeal to tech start-ups Gadget Software leases headquarters space at Berger’s 58 Park Place in Newark N

“We looked at a variety of fac- tors when choosing the location for our first office, including economics and accessibility,” said Gadget Software’s Dan Crain, chief executive officer. “There is a lot to be said about Newark. Beyond being an af- fordable alternative to other ur- ban markets, the city is under- going a renaissance right now that is driving economic devel- opment, something we heavily believe in. We are pleased to be part of a growing foundation of technology companies doing business here. And we have the luxury of being just 15 minutes

from New York City.” Gadget Software was found- ed with the premise to make STEM content, technology and education ubiquitous, through the help of mobile independent of location, economics and technology. The firm is led by a crop of seasoned veterans in the education and technol- ogy space, who have achieved success by embracing organic change through the advent of new technology adoption. “At a time when leasing ac- tivity is ticking upward across Newark’s diverse tenant base, it also is becoming clear that

the city’s superior data capac- ity positions it to become a hub for tech start-ups like Gadget Software and, ultimately, a na- tional hub for the tech sector,” said Miles Berger , chairman and chief executive officer of The Berger Organization. “Lo- cal government, with support from the corporate community, is making a concerted effort to encourage small technology companies to establish and grow in the city – with good results.” Crain credits his company’s choice of 58 Park Place to its owner. “The Bergers have done a great job fostering the wel- coming environment Newark is putting forth,” he said. “They are making their properties ac- cessible to companies like ours. It was an easy decision to work with them, and they have built us an amazing space.” Located directly opposite Military Park in the heart of downtown Newark, 58 Park Place also is occupied by head- quarters operations for the Garden State Ballet, Habitat for Humanity and Tempo Net- works, a pan-Caribbean media and entertainment company. Berger currently is marketing the building’s first floor – a for- mer supper club – to restaurant users. n Redwood Real ty completes $5.4m sale in Hasbrouck Hts. HASBROUCK HEIGHTS, NJ — Redwood Realty Ad- visors has successfully com- pleted the sale of a mixed- use property at 192 Blvd. in Hasbrouck Heights for $5.4 million. The property included 32 apartments and 10 com- mercial spaces. “This property encompasses nearly an entire city block on a busy Main & Main street with the added benefit of garage parking,” said Steven Matovski, a director at Redwood Realty. The property sold to a 1031 Exchange buyer at a cap rate of 5.5%. “The low cap rate is a further testament to the strong buyer demand that we continue to see in the market for well-lo- cated assets in Bergen County,” said Thomas McConnell, CCIM , a managing partner at Redwood Realty. “The new owners anticipate that they can realize more upside in rent and value in what remains a very high barrier to entry market,” added McConnell. n

team-based mobi l e app development program and other mobile solutions for the education industry, has leased 4,000 s/f of head-

Miles Berger

quarters space at The Berger Organization’s 58 Park Place in Newark. The tech start-up moved into its newly fit-out second-floor space this month.

58 Park Place

13 Unit Mixed Use Building 19-27 N. Main Street, Woodstown, NJ

Prime Corner Lot: 905-913 Glassboro Road, Monroe Township, NJ

6 Bay Car Wash 351 Wheat Road, Buena, NJ

Former Auto Dealership: 415 Chestnut Street, Elmer, NJ

3 Unit Retail - Condo: 927 Courthouse S. Dennis Road, Dennis Township, NJ

2353 Black Horse Pike, Monroe Township, NJ

NJ and PA Licensed Real Estate Broker Warner Real Estate & Auction Co., Inc. 53 East Avenue Woodstown, NJ 08098 Ph: (856) 769-4111 Website: www.WarnerRealtors.com

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