S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Zweibel represents Yannon 42 LLC in $8.7 million trade of Riviera Lakefront Estates Zweibel of Gebroe-Hammer Associates arranges $15.1 million in sale of 142 multi-family units
HI-LIGHTS MAY 13 - 26, 2016 investment demand is inten- sifying along the northern reaches of the Jersey Shore where Gebroe-Hammer As- sociates recently arranged three separate transactions involving 142 apartment- rental units. Sales associate Adam Zweibel represented the sellers and procured the buyers for the Ocean andMon- mouth County properties, sold for a combined $15.1 million. O C E A N / M O N - MOUTH COUNTY, NJ — Multi-family
apartment-rental market plus the added bonus of selling in- dividual units at competitive pricing versus single-family- detached-home pricing. “Investors are plugged in to any and all activity or discus- sions related to prospective apartment community sales,” he said. “High-performing ex- isting multi-family properties are on their watch list in a mar- ket where construction starts are spurring value-add oppor- tunities for future rent growth in the very near future.” In addition to Riviera Lake- front Estates, Zweibel also arranged the $3.76 million trade of 30 units at Elmwood Gardens in Long Branch as well as the $2.64 million sale of 24 units at Minot Gardens in Asbury Park on behalf of an out-of-state private family that owned the property for over 45 years. “As a seasoned, long-time
multi-family investor who has been through many different economic cycles, the owner seized the chance to sell at a time when the market is commanding aggressive pric- ing,” said Zweibel, who noted both properties were fully oc- cupied at the time of sale and have inherent potential for repositioning through capital improvements to bring them up to market-rate rents. “As part of the New York, NY/Monmouth-Ocean, NJ, metro area, these three prop- erties are easily accessible to an extensive highway and mass transit infrastructure that is ideal for the region’s commuter tenant base,” he said. “Each appeals to a broad tenant base – from students at neighboring colleges to indi- viduals and families – seeking walkability and proximity to all that the Jersey Shore has to offer year-round.” n ence delivering healthcare facilities. Hollister has man- aged the construction of similar facilities for VanguardMedical, Lakeland Healthcare Center, Essex Specialized Surgical In- stitute, Oakhurst Medical and most recently the Endoscopy Center of Queens. In addition, Hollister will soon commence the construction of a 45,000 s/f healthcare facility in Livings- ton, NJ, known as LifeTown. The Hollister team leading this effort includes, Tony Bie- nert, project executive; Jack Carroll , project manager; Mary Muñoz , assistant proj- ect manager; Clyde Webb , superintendent; Al l ison Koterba project coordinator, and Frank Caputo , senior estimator. Transwestern is the owner’s representative, Hoffman Architects pro- vided architectural services while engineering services were provided by Linwood Engineering Associates , Dynamic Engineering and Titan Engineers . n
Riviera Lakefront Estates
rental units with diverse floor plans as well as two-story town- houses with lake views. According to the Ocean/ Monmouth County market specialist, the seller is retiring and recognized the time was right to market the property, given the current multi-family investment environment. The acquisition is a value-add opportunity for the new buy- er, who understands today’s
In the largest of the three sales, Zweibel exclusively rep- resented the seller, Yannon 42 LLC, and procured the buyer, a private investment group, for the $8.7 million trade of Riviera Lakefront Estates. The 25-year owner converted the 104-unit rental property to condomini- ums years ago and retained ownership of 88 condos. The townhome community features a mix of one- and two-bedroom WEST ORANGE, NJ — Hollister Construction Services , a full-service con- struction manager specializ- ing in healthcare, corporate, educational, industrial, retail and residential construction, has broken ground on a new medical office building for Care Station Medical Group, a provider of primary, urgent and occupational medical care. The groundbreaking cer- emony took place Wednesday, April 28, at the project site in West Orange. To continue providing top- notch services to patients, Care Station Medical Group decided to replace its current facility with a state-of-the-art and modern structure. The Hollister team will construct the new 9,000 s/f, two-story facility on the current site next to the existing structure. When complete, staff and op- erations will relocate to their new home and the vacant facility will be demolished and turned into a new park-
Central NJ 5-9B NJ redevelopment projects increasing at a rapid pace
Hollister Construction Services breaks ground on new state-of-the-art medical office building
By Gary Brown, RT Environmental Services
2B
Non-institutional market stays hot
Care Station Medical Group rendering
ing lot. Care Station’s new and improved facility is scheduled to open its doors this fall to continue providing top-notch medical services with conve- nient hours and no appoint- ment necessary. “We understand that health- care facilities have unique operational requirements, and our goal is to deliver a superior quality facility that meets the needs of the owners, staff and patients. Our previous projects have given us the knowledge base necessary to deliver reli-
able and consistent results,” said Tony Bienert , project executive with Hollister Con- struction Services. Care Station’s new, expand- ed home will occupy the full first floor of the building and will feature multiple exam and x-ray rooms, staff areas, recep- tion lobby and waiting area. The facility’s second floor will be unoccupied and available for lease. Hollister is a leading con- struction management firm in New Jersey with vast experi-
By Greg Brown, NAI DiLeo-Bram & Co.
7B
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