A — December 21, 2012 - January 10, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal

www.marejournal.com O wners , D evelopers & M anagers 36,400 s/f self-storage facility Gentile ofMarcus&Millichap completes $1,700,000 sale

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ARNEYS POINT, NJ — Marcus & Millic- hap Real Estate In-

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vestment has announced the sale of The Spare Room, a 36,400 s/f self-storage facility property located in Carneys Point, NJ, according to Spen- cer Yablon , vice president and regional manager of the firm’s Philadelphia office. The asset commanded a sales price of $1,700,000. Bob Gentile , an invest- ment specialist in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer, a lim- ited liability company, was also secured and represented by Bob Gentile. “The property was marketed BLOOMFIELD, N J — In an “explosive” milestone, the iconic smokestack on Prism Capital Partners ’ Parkway Lofts property came down in a planned implosion. PrismPrin- cipal Partner Eugene Diaz , Bloomfield Mayor Raymond J. McCarthy and Prism Prin- cipal Partner Edwin Cohen were among those in atten- dance, as well as colleagues, other dignitaries and friends. The $90 million redevelop- ment project involves a bench- mark industrial-to-residential adaptive reuse of the 115-year- old former General Electric Company property that signals Garden State Parkway Exit 148 for millions of New Jersey travelers each year. “The implo- sion provided a great opportu- nity for us to show our guests the progress at Parkway Lofts, which is on track to welcome its first renters in Summer 2013,” Cohen said. “The building has

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The Spare Room

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The Spare Room is located at 392 Harding Highway. The fa- cility consisted of 329 standard units, eighty nine percent occu- pied with upside potential. n

for less than two weeks and substantial interest was gen- erated,” noted Gentile. “The ultimate buyer stepped up and closed in less than sixty days.”

“Explosive” milestone marks progress at Prism’s $90,000,000 redevelopment of Parkway Lofts property

~ Developments ~ ~ Construction ~ ~ Renovations ~ in the Mid Atlantic Real Estate Journal

Shown from left: Prism principal partner Eugene Diaz, Bloomfield Mayor Raymond J. McCarthy and Prism principal partner Edwin Cohen

transformed so naturally – it was almost as if the architect who designed it foresaw its fu- ture potential for residential.” The General Electric Com- pany in 1897 built the land- mark, six-story warehouse that Prism is redeveloping into 361 loft-style apartments catering to the region’s underserved

middle-market renters. The design meets LEED certification standards and utilizes the structure’s 17 ft. floor-to-floor ceiling heights. Industrial design elements complement new, 13 ft. his- torical replica windows and other original architectural features. n

for more information call Elaine Fanning efanning@marejournal.com 800-584-1062 x 212

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