14A — June 22 - July 12, 2012 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O WNERS , D EVELOPERS & M ANAGERS Collaborates with Marcus & Millichap’s Gambuzza New Market Realty Group finalizes $10.25 million sale
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ORTH BRUNSWICK, NJ — New Market Re- alty Group (NMRG)
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has announced the sale of Oak Leaf VillageApartments for the price of $10.25 million. The two story garden style, brick and frame complex was under the same ownership for more than twenty years. Avi Oren, a partner at NMRG worked in collaboration with Nat Gambuzza, VP of invest- ments of the New Jersey office of Marcus and Millichap to navigate many complex issues in order to bring the transac- tion to a successful closing.
Oak Leaf Village Apartments
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The property contains 184 apartments with parking for 368 cars situated on a 16 acre parcel. The layouts include 154 one-bedroom apartments and 30 two-bedroom units. The new buyers are planning
an extensive reconstruction of the property and have indicated that they would work with the town of North Brunswick investing together over $13 million in property improve- ments. ■ Boyle announces renovation of the Stock House in Bethlehem, PA BETHLEHEM, PA—Boyle Construction, Inc. is con- cluding construction on the historically-renovated Bethle- hemLanding Visitor’s Center, housed in the original Bethle- hem Steel Stock House. Afirst stop for tourists, the center offers visitor amenities, of- fices, and a view of the blast furnaces. The overall design retains the inherent character of the era of industrialism, and offers a prime example of adaptive reuse to Lehigh Valley tourists and heritage tourists alike. The Stock House, built in 1863 for the old Bethlehem Iron Co., is the historic Beth- lehem Steel site’s oldest re- maining building. The origi- nal fieldstone-and-mortar exterior walls contain the two-level, 16,000 s/f interior. An addition on the northwest corner adds an elevator and stairwell. Boyle Construction is reno- vating the Stock House to his- torical standards. All exterior windows and doors are being recreated from 1909 Beth- lehem Steel drawings, and only historically-appropriate materials (such as hydraulic lime mortar vs. Portland-type cement) are being used. Joe Klocek, Boyle project engi- neer, said, “The Stock House project has given us an op- portunity to help preserve our local history stone-by-stone. To be completely accurate to the original, many of the window arches and doorways have been painstakingly de- constructed, then rebuilt by the stonemasons.” ■
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