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ewark, NJ — The $50 million sale of 452 multi-family units at N Gebroe-Hammer Associates exclusively reps. seller and buyer 452-Unit Forest Hill Terrace Apartments in Newark, NJ sells for $50 million

ISSUE HIGHLIGHTS Volume 30, Issue 7 April 13 - 26, 2018

Appraisal Spotlight

Located at 325 Grafton Ave., Forest Hill Terrace is nestled within the suburban tree-lined Forest Hill neighborhood of Newark’s North Ward. The garden-apartment community is strategically situated directly across fromBranch Brook Park, the city’s symbol of green open space and outdoor recreation featuring tennis courts, hik- ing/biking/jogging trails, sport courts and fields. Like its four counterparts, the North Ward has its own distinct charisma. In addition to the 360-acre Branch Brook Park, it is home to the captivating Cathedral Basilica of the Sacred Heart. NJPAC, Riverfront Stadium, Newark Symphony Hall and Prudential Center are minutes away. Comprised of 452 total units, Forest Hill Terrace features 94 studios, 297 one-bedroom and 60 two-bedroom layouts. The sale also included a four- bedroom home that is on the property. n owns 64 properties totaling approximately 22.5 million s/f in 23 cities in 18 states. The privately-held company has been in an aggressive growth mode, more than doubling its portfolio in the last five years. It has entered other new markets – such as Houston and Las Vegas – in recent months as well as expanded operations in other cities such as Cleveland, Indianapolis, Richmond and New Orleans. “With the new, redevelop- ment of the inner harbor, we believe Baltimore is poised for substantial population and job growth,” said Jim Ingram , Hertz Investment Group’s chief investment of- ficer. “Wells Fargo Tower is a property that companies find attractive due to the location, proximity to the courthouse and opportunities for expan- sion. We are pleased to be in the Baltimore market, and continue to look for additional acquisitions.” n

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Forest Hill Terrace Apart- ments, a critical-mass gar- den-apartment community in Newark, has been finalized, announced Gebroe-Hammer Associates . Executive vice president David Jarvis , the firm’s Newark market special- ist, represented the seller Ka- mson Corporation, the decades- long owner, and procured the buyer, a private family-office entity with numerous holdings citywide. Allen Popowitz, Esq. , of Brach Eichler LLC in Roseland, provided legal counsel on behalf of the seller. “High-density apartment properties like Forest Hill Ter- race are at the core of Newark’s transformation. These types of properties present a rare invest- ment acquisition opportunity and are therefore considered premium product among expe- rienced multi-family investors who are familiar with the city’s Baltimore, MD — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story class A office building located in Baltimore’s Central Business District. Hertz purchased the property for $36.75 million and is the company’s first office property acquisition in Maryland.

Ammon Labs Expands in Union County, NJ

Forest Hill Terrace Apartments

past, its present and its future potential,” said Jarvis. “This property mirrors Newark’s re- birth and promise. Forest Hill Terrace is an iconic, 1940s-era property with boundless value- add potential, which is what interested the buyer, who is a long-time client of Gebroe- Hammer.” According to Jarvis, the resi- dential population of Newark is comprised of almost 80 percent renters. The architectural land- scape of historic and modern

apartment buildings account for almost the same percent- age when it comes to the city’s overall building stock. “Growth and development bode well for existing apart- ment properties such as Forest Hill Terrace,” added Jarvis. “Even if a portion of the current tenant base finds homeowner- ship affordable, the millennial/ young professional pipeline will continue to feed demand for well-located, transit-accessible apartment rentals.” & Skeen. The property is in the heart of Baltimore’s central busi- ness district, with conve- nient access to the Charles St. metro station and near restaurants, hotels and enter- tainment venues. It is located one block from the courthouse and just three blocks from the city’s scenic Inner Harbor. “We’ve been studying the Baltimore market for several years, and finally found the asset that met our acquisi- tion criteria and investment strategy,” said Judah Hertz , chairman of Hertz Invest- ment Group. “We seek office properties located in or near central business districts that offer strong investment value.” The property, constructed in 1985, recently underwent several improvements, in- cluding lobby renovations and replacement of water pumps, chillers and cooling tower. Hertz Investment Group

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MAREJ Events April 26, 2018 New Jersey Office Conference May 24, 2018 Delaware CRE Forecast

Hertz Investment Group acquires Wells Fargo Tower for $36.75 million in Baltimore, Maryland

Conference June 7, 2018 NJ Land Development Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com

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Upcoming Spotlights Recon ICSC Convention Greater Philadelphia Facility Mgmt. Expo Spring Preview Financial featuring Appraisal Spotlight.................... 5-17A DelMarVa.............................................................. 19-21A New Jersey.........................................................Section B Southern NJ............................................................ 9-14B Pennsylvania......................................................Section C Central PA............................................................... 7-13C

Wells Fargo Tower

Located at 7 St. Paul St. and 106 E. Baltimore St., Wells Fargo Tower is a premier office property comprising 378,010 s/f, with ground floor retail and above ground park- ing. Currently, the property is 67% leased and major tenants include Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable

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