O wners , D evelopers & M anagers
Mid Atlantic Real Estate Journal — December 21, 2012 - January 10, 2013 — A
ogan Twp. , NJ — Dermody Prop- erties , in partnership In Logisticenter at Logan, New Jersey Dermody Properties & Stonemont Financial Group to develop 70,000 s/f for Albert’s Organics L
LogistiCenter at Logan is part of a 1,100-acre, class A, mas- ter-planned business park in Logan Twp., Gloucester Cty. “Our LogistiCenter facili- ties across the nation include Internet fulfillment centers, warehouses, manufacturing, assembly, processing, and research and development cen- ters,” said Douglas Kiersey, Jr. , president of Dermody Properties. “We are pleased to now add one of the nation’s leading distributors of organic produce to that list.” “This project was a perfect fit for Stonemont, pairing an industry leading tenant with a premiere business park in the center of the Northeast Cor- ridor,” said Z ack Markwell , principal at Stonemont Finan- cial Group. “We look to con- tinue to partner with Dermody Properties on similar projects in their LogistiCenters across the country.” The representat ive for The well-maintained garden apartment complex is located directly across from the East Rutherford train station, of- fering direct service to New York City, and within walk- ing distance to schools, parks and the town’s main shopping district. Amenities include 44 parking spaces and eight garages, as well as on-site laundry facilities. “Well maintained, Station Square Apartments is set on a picturesque street and offers a prime location adjacent to the train station – all of which render it a high caliber asset,” Pomerantz added. To the north, in Dumont, senior vice president Greg Pine arranged the $2.75 mil- lion sale of 24 one-bedroom units at 34-38 Grant Ave. Pine exrepresented the out-of-state seller and procured the buyer, a long-time Gebroe-Ham- mer client. Comprised of two garden apartment-style brick
Albert’s Organics, Inc. was Harry McKenna of Jackson Cross Partners of King of Prussia, PA. Representing Dermody Properties was Paul Torosian of Cushman and Wakefield of Philadelphia, PA. “Dermody has become a key partner for us in our developer financing platform. Their ex- perience and ability to deliver projects on time and on budget allows us to finance their proj- ects with the highest level of comfort,” said Bob McMahon , principal at Stonemont Finan- cial Group. “This continues to grow our relationship with Stonemont, which we’ve enjoyed for many years,” said Michael Dermody, chairman and CEO of Dermody Properties. “Dermody Properties prides itself in finding the best alternatives for our clients, and Albert’s Organics was an excel- lent fit for our Dermody Proper- ties-Stonemont platform.” n buildings, the property is close to shopping, schools and trans- portation. On-site parking and laundry is available. Average rents for the building start at around $900. “This property offers tre- mendous upside in value in a location where very few garden complexes ever trade,” said Pine. “The buyer demon- strated tremendous flexibility, recognized the long-term po- tential and was able to acquire the building in a very short period of time. The new owner- ship plans to undertake some substantial renovations to al- low for future rent growth.” Nestled in central Bergen County, Dumont blends quiet neighborhoods with proximity to major urban amenities. Res- idents have access to Routes 17 and 4 and the Garden State Parkway, as well as some of the finest shopping centers in the country in nearby Para- mus. n
Bergen County, NJ — In Bergen County, Gebroe- HammerAssociates recently finalized two multi-family deals encompassing 108 units, which netted a total of $15.1 million. The largest transaction in- volved the $12.35 million trade of 84 units known as Station Square Apartments in East Rutherford. Debbie Pomer- antz , assistant vice president, exclusively represented the seller, the original builder. She, along with Nicholas Nico- laou , vice president, identified the buyer in this trade. “In Bergen County, vacancies are low and rent growth is rising. Regardless of economic condi- tions, multi-family property in this bustling region has always been in extreme de- mand. The bidding activity, on this particular property, was extraordinarily competitive,” said Pomerantz. Served by major highways, with Stonemont Financial Group , has announced that they are developing a 70,000 s/f facility for lease to Albert’s Organics, Inc. Dermody Prop- erties served as the industrial developer and operating part- ner, and Stonemont served as the financial partner in the transaction. Construction on the project began in October 2012 and will be completed inApril 2013. The facility, which will serve as a distribution center for Albert’s Organics, will be located in Der- mody Properties’ LogistiCenter at Logan, at 1155 Commerce Blvd. Albert’s currently operates from seven distribution centers spanning the different regions within the U.S.. The new facil- ity will replace the company’s current facility located nearby in Logan Twp.
1155 Commerce Blvd.
James Mascaro, CCIM, LEED-AP , development direc- tor of the Dermody Properties Eastern Region Office, was the company’s lead on the trans- action. Stonemont Financial Group’s team included princi- pals, ZackMarkwell and Bob McMahon . “LogistiCenter at Logan is the perfect location for up- dating our busiest distribu- tion center, and we believe it will help us serve our val- ued customers even more
effectively and efficiently,” according to Scott Dennis, president of Albert’s Organ- ics, Inc. “The Dermody Prop- erties and Stonemont team really understood our needs and worked with us at each stage to develop this excellent location.” Albert’s Organics will have the ability to expand the warehouse and distribution center by 25,000 s/f, for a to- tal of 95,000 s/f. Albert’s new home in Dermody Properties’
Gebroe-Hammer Associates finalizes two multi-family sales in Bergen County encompassing 108 units totaling $15.1 million
351 Van Winkle St.
including Routes 17, 120 and 3, as well as the western spur of the New Jersey Turnpike, East Rutherford’s proximity to New York City and access to numerous public transpor- tation options have made it a desirable address for commut- ers. The borough also is home to the renowned Meadowlands Sports Complex, including
MetLife Stadium and The Izod Center. Station SquareApartments, located at 351 Van Winkle St., was built in 1960 and is comprised of five two-and- one-half story brick buildings set on a tree-lined street. The complex features a mix of one- bedroom units as well as one- and two-bedroom duplexes.
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