8B — May 25 - June 7, 2018 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers

McCrann leads transaction team, which represented both the seller and the buyer Redwood Realty brokers $3.075 million sale in Chatham, NJ C team, which represented both the seller and the buyer in the sale.

this property would garner a lot of interest, because it is a rare investment opportunity in a high-demand market,” said KevinMcCrann , a man- aging partner at Redwood Realty Advisors. Chatham has emerged as a hot housing market due to its quality of life and easy access into New York City for commuters. In this case, the property was especially attractive as it is located in the center of town and a short walk to the Cha- tham Train Station and the Midtown Direct Train Line. McCrann led the transaction

hatham, NJ — Red- wood Realty Advi- sors announced the sale of 258 Main St. in Chatham for a sale price o f $ 3 . 0 7 5 million. The 1 2 , 0 0 0 s / f m i x e d - u s e property in- c l u d e d 1 0 apartment units and two com- mercial spaces. Originally built in 1927, the property sold for a competitive cap rate of 5.2%. “We knew Kevin McCrann

“This was an exciting oppor- tunity for the buyer, who plans on implementing a unit-ren- ovation program to enhance the value and performance of the building,” added Thomas McConnell, CCIM , manag- ing partner at Redwood Realty Advisors. “The buyer was a repeat client of our firm that had previously bought a prop- erty in Chatham, and they were eager to do another deal where they could execute the same value-add strategy.”  LCOR promotes Thompson to exec. vice president and principal NewYork, NY — LCOR , a fully integrated real estate com- pany specializing in property dent and principal. Thompson now oversees the daily op- erations, as well as all develop- ment projects in the Washing- ton, D.C. region. In 2012, Thompson joined LCOR as a senior vice president of development with more than 20 years of experience in the real estate industry directing acquisitions, development and asset management activities along the East Coast. Thomp- son has played an integral role in LCOR’s expansion through- out the Washington, D.C. re- gion, such as spearheading the company’s foray into Union Market (The Edison) and Crys- tal City (Altaire). Thompson will replace cur- rent executive vice president and principal, William Hard , who has been with the com- pany for 38 years. Hard, who is transitioning toward retire- ment, will redirect his attention to focus his efforts on public/ private development projects, leveraging his experience and relationships. A founder and former Chair- man of the Crystal City BID Board of Directors, Thompson is also a member of the District of Columbia Building Industry Association.  Harmar Thompson development, investment a n d m a n - a g e m e n t , announ c e d the naming of Harmar Thompson to executive v i ce pres i -

258 Main St. in Chatham, NJ

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