6B — February 2023 — Central New Jersey — M id A tlantic Real Estate Journal
www.marej.com
C entral N ew J ersey
Unique-to-market micro-office building has recorded 100% occupancies for decades Gebroe-Hammer Associates arranges sale of mixed-use building in Downtown Elizabeth E com, US Rte. 1 and NJ Rte. 27 also are nearby.
Ritz Theater & Performing Arts Center and within steps of the City of Elizabeth Mu- nicipal Complex, front-door NJ Transit Bus service along Rte. 62 and a five-minute walk to Elizabeth Station, offering NJ Transit North Jersey Coast Line and Amtrak Northeast Corridor service. Originally constructed as apartments, 1139 East Jersey Street is a historically stabi- lized micro-office building with marble flooring and walls in the lobby and two elevators. “The buyer, who was ex- tremely familiar with this
asset, recognized what a tre- mendous addition 1139 East Jersey Street would make to their current commercial real estate portfolio, given its exceptional location and envi- able track record for long-term 100 percent occupancy – even in several past recessionary cycles,” said Tragash. Featuring 84 micro-offices with 200 s/f floorplans, current ground-floor retailers include a hair salon, lash studio, beauty spa, staffing agency and dining/ takeout establishment. Clas- sified as a “walker’s paradise” neighborhood by WalkScore.
LIZABETH, NJ — In the City of Elizabeth’s Main Business District and most-historic section, Gebroe-Hammer Associ- ates’ executive vice president Stephen Tragash has ar- ranged the sale of 1139 East Jersey St., a six-story, 45,000 s/f mixed-use building, for an undisclosed price. The firm’s Union County market spe- cialist for the past 17 years exclusively represented the seller and long-time owner, Edron Realty , and procured the buyer, a private investor. Built in the 1920s, the Mid-
The trade of 1139 East Jersey Ave. comes on the heels of a January multifamily building sale orchestrated by Tragash in Elizabeth, the largest city in and county seat of Union County, to kick off 2023. As a leading single-source investment brokerage services firm with decades-long in- dustry relationships, Gebroe- Hammer is the multifamily firm-of-choice dedicated to rep- resenting each client’s unique interests and requirements as well as acquisition and disposi- tion needs throughout the New Jersey-New York State-Greater Philadelphia Metro corridor. The firm also markets mixed- use and freestanding office and retail properties. While serving as each client’s leading advocate, the firm’s market specialists demonstrate unrivaled agility and commit- ment to streamlining the entire sales process, from contract to closing. In addition to serving in a collaborative capacity as a trusted strategic advisor, Gebroe-Hammer’s brokerage professionals are on the front- lines of thriving and emerging centers of multifamily activity throughout the region, where they also are identifying future opportunities. MAREJ Levin Management adds two tenants at Hartford Corners in Delran, NJ DELRAN, NJ — Two new tenants are coming to Hart- ford Corners in Delran at the intersection of Rte. 130 and Hartford Rd. The latest addi- tions include restaurant Top Pot Korean BBQ & Hot Pot (7,500 s/f) and Virtua Physi- cal Therapy & Rehabilitation (3,000 s/f). Levin Management Corporation (LMC) serves as leasing and managing agent for the 215,000 s/f Hartford Corners. Kendal Hand-Freda and Fred Younkin , LMC leasing representatives, negotiated the recent transactions on behalf of the property’s owner- ship. Jerry Johnson of Ben- nett Williams Commercial represented Top Pot Korean BBQ & Hot Pot. The newest leases underscore a period of steady activity at Hartford Corners. MAREJ
A 6-story micro-office building at 1139 East Jersey St., in Elizabeth, NJ has sold for an undisclosed price. (Photo Courtesy: Gebroe- Hammer Associates) town property is situated at the high-identity corner of Jef- ferson and East Jersey St. It is located adjacent to the famous
48 Years in the Making
END OF YEAR 2022 SALES 84 DEALS 7,149 UNITS $ 1.47 + BILLION
Specializing in multifamily-focused investment sales while representing private equity funds & institutional investors as well as generations of family offices & private individuals since 1975. Additional focus on marketing mixed-use & freestanding office & retail properties.
973.994.4500 • WWW.GEBROEHAMMER.COM • 2 W NORTHFIELD ROAD, LIVINGSTON, NJ 07039
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