Real Estate Journal — New Jersey — September 14 - 27, 2018 — 19B
M id A tlantic
N ew J ersey
Corniche Capital Real Estate Opportunity Is STILL Everywhere
t can be hard to shake the feeling that Real Estate is old news. Fund managers complaining about shrinking cap rates and margins. Dollars shifting into more hyped and exotic assets. A house flipper on every block. Nearly identical pitches from nearly identical firms begin- ning to run together. True, the days of buy, hold, and become fabulously wealthy are probably gone. As the value and stability of real estate is more recognized by the market CHATHAM, NJ — Nick Stefans, The Garibaldi Group’s associate vice presi- dent, successfully closed four deals in just three months, totaling 13,065 s/f of space. Of these transactions, 6,615 s/f of office space was leased in the firm’s hometown of Chatham. At 1 Main St. in Chatham, Stefans helped Metrix Lab se- cure 4,015 s/f in the Schenknan & Kushner building in July.
at large, there’s simply more competition for traditional deals, and the margins have dropped accordingly. But here’s our take: Real Estate remains one of the most exciting investments out there. You just need to know where to look, be prepared to do some ex- tra work, and take into account changing needs. The need for great spaces and great locations is ever present, but ever chang- ing. At Corniche Capital, we’re constantly thinking about the problems we can solve and the Metrix Lab, a global market research company, was repre- sented by J on Williams , man- aging director of Cushman & Wakefield . Less than a mile down the St., Stefans found a second ten- ant for 383 Main St. in June, leasing 2,600 s/f to the law firm Irwin & Heinze, P.A. The team plans to relocate their offices from West Orange to the Chatham-based Serruto
value we can bring, and moving fast to serve the changing needs of how we live, work, and play. We think about cities. How they’re growing in density and sophistication, with a host of new startups trying to deliver new products and services to millions. Which is why we’ve been taking a hard look at ur- ban warehouses, making three acquisitions in the Philadelphia area optimized for last-mile distribution. We think about travel and hospitality. How a new gen- Properties building. “With a noticeable push coming toward the suburbs in the form of relocations and satellite offices, it’s more im- portant to represent these smaller spaces now more than ever,” the firm’s president, Jeff Garibaldi , said. “Nick has kept his finger on the pulse in Chatham while surveying the growing markets like Jersey City and Newark. We expect
eration is trying to balance luxury and thrift, and willing to try new offerings outside of traditional hotels. Which is why we’re developing a new brand to convert multi-family projects into invisible service hotels, maximizing returns for the same residences. We think about financing. How many of our unconven- tional deals don’t have a famil- iar mortgage solution, so we’ve been working with some of the boldest and brightest minds in the industry to develop new
products and new models for the benefit of all. And we think about finding the next great partners to work with—buyers, sellers, brokers, investors, and designers. Op- portunity is everywhere. We should talk about it. Corniche Capital is a lead- ing opportunistic investor in both the private and public sectors. The busi- ness activities are divided between two main business units: real estate and pri- vate equity.
him to take this momentum into 2019.” In Jersey City, Stefans wel- comed Mathisys Advisors, a start-up hedge fund, to 111 Town Square Place in May. The company agreed to lease 2,550 s/f in the LeFrak-owned building. Outside the office space realm, Stefans helped complete the sale of a 3,900 s/f industrial condo at 30 Sherwood Ln. in Fairfield. The space was sold in May on behalf of Manhattan Maintenance for just over $98 psf to Melih & Tulin Uludag. 2018 marks Stefans third year with The Garibaldi Group, where he plays a key role in managing the portfolios of Cambrex Corporation, Realogy and Suburban Propane. Previ- ously, Stefans worked as an OTC Commodities Broker for the GFI Group, Inc. The Garibaldi Group’s Stefans inks four deals in summer 2018
E nergy S upplier
Development with retail.
Cell tower location.
Off market deal.
Unused air rights.
Opportunity is everywhere.
Undervalued parking garage.
Out of contract.
New subway line coming soon.
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We have the vision to find it, and the expertise to maximize it.
Corniche Capital is a Real Estate investment group with Experience and Imagination. Our team pursues opportunities across a diverse range of investments.
Contact: David Ebrahimzadeh 212.317.1410
Corniche Capital 551 Madison Ave Suite 1101 New York, NY 10022
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