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Real Estate Journal — Northern New Jersey — June 8 - 21, 2018 — 5B
M id A tlantic
E MMCC’s Seidel arranges $19.8M in acquisition financing for East Orangemultifamily Gatto &Ozturk of Marcus &Millichap represent the seller and procure the buyer in $22M sale a great deal of interest in the opportunity from lenders and ultimately a capital source was
ability to arrange financing for the eventual buyer was key to closing in a timely and efficient manner. The professionalism and execution they exhibited during this process should be used as a model for how deals get done in this market going forward.” In addition Marcus & Mil- lichap announced the sale of a 6,000 s/f office property located in Ridgewood for $2million. David Thurston , an invest- ment specialist in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller, a limited liability company. Thurston also secured and rep- resented the buyer, a limited liability company. “The demand by users/in- vestors has increased in this market. Many small to me- dium size users have decided that control of their space is as important as the tax benefits from ownership of their own building”, Thurston commented. The office building is located at 166 Franklin Ave. It is an iconic building in Ridgewood with its own parking; a rarity in Ridgewood.
AST ORANGE, NJ — Marcus & Millichap has announced the sale of Robert Towers, a 11-story, 206-unit multifamily asset in East Orange. The property sold for $22 million, which equates to $106,796 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged $19.8 mil- lion in acquisition financing. “Leveraging our platform and process, we generated interest from over 100 inves- tors from 15 offices across the country, created a competitive buying environment and gen- erated 17 offers in 30 days, in- cluding five from out-of-market buyers,” said Fahri Ozturk , vice president investments in Marcus & Millichap’s New Jersey office. “Eas t Orange i s go ing through a tremendous revi- talization centered around its two NJ Transit train stations, East Orange Station and Brick Church Station, which provide commuters with direct access to Midtown Manhattan via a 25-minute train ride,” adds Richard Gatto of Marcus & Millichap’s New Jersey office. “East Orange offers investors the opportunity to invest in Ronald Sholom , senior ex- ecutive vice president, David Cantor , CEO and Gregory Sholom , president leased 43,000 +/- s/f in Newark to PSE&G. Team Resources, Inc. represented both the landlord and tenant in this transaction. “This property gave PSE&G the location they needed property they needed to park, manage a series of ongoing projects in and around the neighborhood and store supplies in an area where safe, off-street parking is scarce,” said Ron Sholom. Eric Lewin , senior execu- tive vice president, Gregory Sholom, president and David Cantor, CEO leased 46,000 s/f at 95 Mayhill St. in Sad- dle Brook to Dermaceutical
chosen that t r u l y b e - lieved in our clients’ busi- n e s s p l a n and strategy to capitalize on the East Orange mar- ket.” B u i l t i n 1950, Robert Towers is lo- cated at 60 S Munn Ave. in East Orange n e a r t h e East Orange and Br i c k Church train
stations, I-280 and the Garden State Pkwy. The property is 10 minutes fromNewark Interna- tional Airport. “Rich, Fahri, and the entire Marcus & Millichap team did an outstanding job from start to finish,” said Cliff Cor- rall , president and CEO of Metropolitan America. “Their comprehensive marketing plan quickly produced significant interest in the asset and their
Richard Gatto and Fahri Ozturk
an urban market with strong metrics such as high demand, low vacancy, and strong cash flows with significant upside.” Gatto and Ozturk repre- sented the seller, Metropoli- tan America, and procured the buyer, EOA 206 LP. Eric Seidel , MMCC senior direc- tor, arranged 36 months of
interest-only financing for the acquisition. “Our clients requested high- leverage financing and ad- ditional proceeds for capital improvements,” said Seidel, “and having the property listed with our New Jersey office provided excellent transpar- ency with the seller. There was
NORTHERN NJ — Team Resources announced the fol- lowing new lease deals : TeamResources completes new lease deals totaling 111,898 s/f materials and finished goods. The convenient location of this 430,000 s/f industrial facil- ity made expanding there an easy decision. Team is now marketing a unit of 33,000 s/f at the building for immediate occupancy,” said Eric. Team Resources, Inc. represented both the landlord and tenant in this transaction.
Alan Frankel & Ron Schechter , senior vice presi- dents, leased 11,449 s/f at 381 N. Midland Ave. in Saddle Brook to Centro De Adoracion & Restauracion Ebenezer. Team Resources, Inc. rep- resented the church which “needed double the space due to its expanding membership, as well as ample parking and a central location” said Alan Frankel . Sam Bernhaut of CBRE represented the landlord.
footprint in the Saddle Brook Industrial Center to accom- 95 Mayhill St. in Saddle Brook
LABS, LLC. “Dermaceutical Labs will be expanding their
modate a packaging line as well as warehousing of raw
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