S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — Section B
OLLINGSWOOD, NJ — As a major nonprofit that provides programs Through the Clean Energy Program, Direct Install paid 70% of the cost for VOADV Hutchinson Mechanical Services installs massive lighting retrofit & upgrades HVAC C program, Direct Install paid 70 percent of the cost of energy efficiency upgrades.
be replaced, VOADV turned to Hutchinson Mechanical Services for advice on how to keep its clients comfortable, reduce energy consumption while improving its bottom line. Hutchinson, a participating contractor for Direct Install from New Jersey’s Clean En- ergy Program, installed a massive lighting retrofit and upgraded HVAC systems in several buildings. Through the
Hutchinson replaced T-12 lighting with energy efficient T-8 lighting. “As T-12 lighting is being phased out, we would need to change it out eventu- ally so it was a no brainer to upgrade through Direct In- stall,” said Ottenberg. To top it off, VOADV also re- ceived additional funding from The Camden POWER Grant Program, a Department of En- ergy funded program designed to finance eligible energy effi- ciency upgrades. The program paid 30% of retrofit costs. In all, VOADV received $380,000 through Direct Install and Camden Power.
“Through Direct Install and the Camden Power Grant Pro- gram, our financial contribu- tion was zero dollars for these upgrades,” said Ottenberg. “It sounds too good be true… but it is!” “VOADV wouldn’t be able to afford the HVAC repairs and lighting upgrades if it weren’t for Direct Install and a match fromCamden power. Company- wide these programs easily saved us six figures. Prior to upgrading to clean energy, I researched ongoing repair costs for our outdated HVAC equip- ment and one building alone could cost $50,000.” ■
UNION CITYAND ELIZA- BETHCOUNTIES, NJ — Ge- broe-Hammer Associates has orchestrated the sale of two Northern New Jersey mixed- use properties with a combined value of nearly $6.7 million. The transactions include the trade of an apartment/office property in Hudson County’s Union City and a retail/of- fice property in Elizabeth, lo- cated in Northeastern Union County. The Union City property, con- sisting of 34 apartment-rental units and one office unit at 812 New York Ave., sold for $6.025 million. Gebroe-Hammer VP Nicholas Nicolaou repre- sented both the seller and the buyer in the transaction. “This was the seller’s only property, acquired several years ago as a planned con- dominium conversion,” said Nicolaou. “Since the owner was unable to complete the repositioning, due to ever- evolving market conditions, it was subsequently marketed for sale and the buyer seized the opportunity to expand his portfolio with a stable asset.” The four-story property in- cludes five one-bedroom units, 21 two-bedroom units, five Hutchinson started the pro- cess by providing a free energy assessment in all of VOADV’s buildings to identify eligible equipment, including lighting upgrades, HVAC and more. According to Larry Otten- berg, director of construction and maintenance for VOADV, “Through Direct Install, we re- alized considerable energy sav- ings. We also saved significant dollars by upgrading to new en- ergy efficient equipment rather than continuously repairing outdated equipment.”
and shelter for senior citizens, homeless families and chil- dren and those dealing with addiction and mental health issues, Volunteers of America Delaware Valley (VOADV) needs to ensure that its clients and employees are in a com- fortable environment. When it became clear that outdated HVAC equipment needed to
AUGUST 16 - 29, 2013
Transactions signal tight supply & growing demand from investors Gebroe-Hammer completes $6.7m in Hudson and Union County sales
Klapper & Berger of CBRE complete $1.36m transaction
CBRE Group, Inc. , an- nounced that it completed the sale of 1406 N. High St. in Millville. Dollar General occupies the 8,640 s/f build- ing under a long-term lease. See page 4B.
Weichert Commercial arranges sale of 43,100 s/f in Livingston
John Udell , President, of Weichert Commercial Bro- kerage, Inc. announced that senior vice president David Fisher recently completed the sale of a 43,100 s/f flex building. See page 10B.
134 Elmora Ave. property in Elizabeth
three-bedroom apartments and four duplex units, as well as one office. According to Nicolaou, Hudson County is yielding strong investment de- mand despite a lack of for-sale product. “This offering was on the market for less than 30 days and drew tremendous interest, as the sale price sug- gests,” he added. Similarly, the 134 Elmora Ave. property in Elizabeth sold in less than two weeks. The all- cash transaction was arranged by VP Stephen Tragash , who
represented the seller, an out- of-state, long-time owner, and procured the buyer. The two- story property’s ground-floor retailers are Edible Arrange- ments and Elmora Jewelers, with an office unit on the second floor. “While exclusively represent- ing the seller, we were able to identify the buyer, who was able to act immediately,” said Tragash. “This rapid closing is an indication of how quickly many properties are changing hands in today’s market.” ■
C ENTRAL N EW J ERSEY S POTLIGHT ..........................5-9B
P EOPLE ON THE M OVE .............................................12B
ICREW NJ O RGANIZATION .................................IBC-B
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