12-21-12

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 24 Issue 24 Dec. 21, 2012 - Jan. 10, 2013 Contributing Columnist Alexander Narcise & Greg Price

Drebin facilitates $14.475 million new mortgage Meridian Capital Group, LLC negotiates $50.7 million in financing for properties

SELIN, NJ — Merid- ian Capital Group, LLC announced the following transactions: Meridian negotiated a new mortgage in the amount of $3.5 million for the 80-unit Linden Court Apts. multifamily prop- erty located on Academy Rd. in Philadelphia, PA. The loan features a rate of 3.00% and a five-year term. This transac- tion was negotiated by Mark Litwack . A new mortgage of $14.475 million was placed by Meridian on the 231-unit Norris Hills Apts. multifamily complex lo- cated on North Hills Dr. in Nor- ristown, PA. The loan features a rate of 3.68% and a 10-year term. This transaction was ne- gotiated by Russ Drebin . Meridian negotiated a new mortgage in the amount of $14 million on West Park Manor community located on Raleigh Court East in Ocean Twp., NJ. This transaction was negoti- ated by Israel Schubert . A new mortgage of $6.575 I

Linden Court Apts.

Norris Hills Apts.

2A

Best of 2012 Projects & Developments

Pines at Bethabara

S hopping C enterS S potlight B est 2012 P rojects and d eveloPments

MidAtlantic RealEstateJournal—ShoppingCenters—December 21,2012 -January10,2013—17A

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million was placed by Merid- ian on the 144-unit Pines at Bethabara multifamily prop- erty located on Bethabara Hills Dr. inWinston-Salem, NC. This transaction was negotiated by Marvin Jeremias . Meridian negotiated a new

mortgage in the amount of $6.25 million on the 234-unit Ridge Park Apts. located on Gold St. in North Arlington, NJ. This transaction was nego- tiated by Max Beyderman . A new mortgage of $5.9 mil- lion was placed by Meridian on

the 168-unit Palisade Garden Apts. multifamily community located on Center Ave. in Fort Lee, NJ. The loan features a rate of 3.75% and a 10-year term. This transaction was ne- gotiated by Elliot Treitel and Russ Drebin . ■

WilliamPennCommons

XilantroRestaurant&TequilaBar

ACME,BrynMawr,PA

TowneCentre at Laurel

ChaseSapphireBank,Manahawkin,NJ

The LocalVineCellarWine&Spirits

17 - 23A

Bussel Realty Corporation completes lease of class A 80,000 s/f specialized warehouse

Annual Review

Mid Atlantic R eal e state J ouRnal

MidAtlantic RealEstateJournal—December21,2012-January10,2013—SectionB

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EDISON, NJ — Bussel Realty Corp. has announced the long term lease of a class A 80,000 s/f industrial distri- bution center located at 141 Fieldcrest Avenue in Raritan Center. The property was built in 1972 and fully gut-renovated,

designed for a food related dis- tribution operation. While the building attracted dozens of companies, both domestic and international, the goal was to find the perfect long term fit for the space. We accomplished that, and all parties to the deal are enthusiastic that it was able to come to fruition”. Cascio and Nozza of Bussel were both instrumental in pro- curing the tenant. “The Panza family business just couldn’t pass up on the opportunity for such a choice property, literally down the street from the facility at which they’ve operated for over 30 years. Now they have a home to meet their expansion needs over the next 20 or 30 years”, said Cascio. Parlaying on their recent success, Metz, along with Cascio and Nozza, have been appointed brokers on 50-60 Parkway Place, Edison, the 50,000 s/f warehouse from which Panza is relocating. ■

Section B

Directory

141 Fieldcrest Avenue in Raritan Center

Owners, Developers & Managers .. 5-10A Shopping Centers ..................... 11-26A Green Buildings ........................ 27-29A People on the Move ...................... 34A Calendar of Events......................... 36A Annual Review ......................Section B

in the transaction. John Cascio and Steven Nozza , also at Bussel, represented the tenant, A. Panza & Sons, the region’s distributor to soft serve frozen yogurt and ice cream vendors, which is expanding from its nearby warehouse. According to Metz, “141 Fieldcrest is a gem; a free- standing, class A facility in an unparalleled Raritan Center location with amenities on site, loaded with features

modernized, and expanded in 2008. Having been previ- ously occupied by Vesuvio Foods, the region’s premier Italian foods distributor, the facility boasts 8,000 s/f of corporate offices, 25,000 s/f of cooler/freezer space, high 34’ ceilings, 11 loading docks, active rail service, and comes fully racked with many other features. Jordan Metz , sales as- sociate and vice president at Bussel, represented the owner

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