14A — July 29 - August 11, 2016 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Bidding on Bader Field extended to August 4 MaxSpann to auction former airport&another 10.43-acres

Oropeza reps. seller and procured buyer Gebroe-Hammer Associates ink sale of a 4 property portfolio

Orange Station. “Direct train service to Manhattan’s Penn Station is about 25 minutes, so getting into New York City can actu- ally end up being shorter than driving to certain destinations within the high-population- density Northern New Jersey region,” added Oropeza. Local roadway and highway access routes traveled by private vehicles and NJ Transit buses include Interstate 280 linking to I-80 and I-95 and Route 21/ Newark as well as the Garden State Parkway. A five-story, 43-unit mid- rise, 24 S. Grove St., features a front courtyard and a mix of studio and one-bedroom layouts while 25 N. Harrison St., is comprised of 73 units near a high concentration of national, regional and local retailers, all within a short walking distance. To the south is the 84-unit 235 S. Harrison, a mid-rise property with on- site parking. Rounding out the package is the 64-unit, five-story 107 New St. Gebroe-Hammer’s recent East Orange multi-family sales highlights also include the $3.1 million trade of 61 S. Munn Ave. Oropeza and exec- utive vice president David Jar- vis brokered the transaction involving 35 apartment units in the East Orange General Hospital neighborhood. Built in the early 20th century, the four-story property features a unique mix of one-, two-, three- and four-bedroom layouts and a tree-lined courtyard. n vice president AdamLashner, SIOR , Sternberg completed a long-term lease transaction for 6,000 s/f at 1375 Adams Rd. in Bensalem. Sternberg represented the tenant, Prior- ity Shuttle, Inc., while Lashner represented the sub-landlord, Mark Page Enterprises. Pri- ority Shuttle is an expanding limo and transportation com- pany based in Bucks County. In addition, Sternberg rep- resented Atlant Van Lines, a Florida based moving com- pany, in a 10,000 s/f lease at 7940 State Rd. in Philadelphia. Regarding all three transac- tions, Sternberg said, “It has been a pleasure working with these companies to carefully determine which facilities best meet their real estate require- ments as they expand in the Philadelphia region.” n

EAST ORANGE, NJ — In one of Northern New Jersey’s most rapidly transforming ur- ban transit hubs, Gebroe- Hammer Associates has ar- ranged the $12 million sale of a four-building East Orange multi-family portfolio. Manag- ing director David Oropeza represented the seller and pro- cured the buyer in the trade en- compassing 264 units. The prop- erties are located at 24 South Grove, 25 North and 235 South Harrison and 107 New streets throughout the city, where com- muter options abound. “East Orange’s greatest assets are its mass transit links, which have drawn copi- ous private investment that is the on-going stimulus for revitalization initiatives as well as the introduction of mil- lennials into the tenant-base demographic,” said Oropeza. “As a result, East Orange’s population renting percentage continues to climb and exceed the state average.” At the core of East Orange’s extensive mass transit net- work is the Brick Church Station, along NJ Transit’s Hudson-Essex Line. Estab- lished in 1923 by the Dela- ware, Lackawanna and West- ern Railroads, the station was created as the primary stop for The Oranges. Today, it is the busiest of the city’s three stations with 103 trains pass- ing through, of which 19 are during peak hours and record an average weekday board of about 1,610. The two other stations are Orange and East BUCKS COUNTY, PA — NAI Mertz announced that Joe Sternberg , sales associ- ate, closed three leases totaling 22,655 s/f in Philadelphia and Bucks County. Sternberg represented Otto Musica Corporation in a long- term lease transaction for 6,665 s/f of office and ware- house space at 421 Pike Rd. in Southampton. Bill Wong, VP of Otto Musica said, “This was a milestone transaction for our company. Joe and the NAI Mertz team worked hard to identify the best possible facility for our business and did a great job in negotiating a solid Lease Agreement. We will highly recommend NAI Mertz to busi- ness owners looking for real estate solutions!” Together with NAI Mertz


Sealed bids were originally due on July 14, but extended to Aug. 4 to comply with a state law requiring municipalities to take out legal advertisements twice no less than 10 days prior to the sealed bid submission date. Max Spann recently held a live auction for more than 100 city-owned properties through- out Atlantic City. The June 23 auction at Atlantic City Con- vention Center attracted more than 80 bidders and raised $1.7 million for the city. “Coming off the success of the multi-parcel auction last month, where we had 80 plus bidders actively looking to develop our parcels, we want to build on this momentum,” said Atlantic City Mayor Don Guardian. Guardian said now is the time for investors to buy in Atlantic City. He noted that Stockton University is on the verge of breaking ground on its waterfront campus, which is a first step toward diversifying the city’s economic base. “All across the country, we are seeing people flock to the cities,” Dann said. “Atlantic City not only enjoys the cul- ture, entertainment and active lifestyle people are looking for, but it has a beautiful beach and the Atlantic Ocean.” Virginia and guaranteed by Fresenius Medical Care Hold- ings Inc. The unit was recently built-to-suit for Fresenius Medical Care, a wholly-owned subsidiary of Fresenius Medi- cal Care AG & Co. KGaA. The property is striped with 31 surface parking spaces. “This medical office unit, which is on a long-term triple net lease to a subsidiary of electrical insulation that is used in a broad range of industries. Stephen King of King Real- ty was the listing broker. Vinny also represented Ees Invest- ments, LLC who acquired 119 Winterwood Dr., Ewing Twp. for the purchase of a 7,000 s/f industrial building and a series of additional building lots to be used by Emergency Equipment Sales, LLC business specializ- ing in sales, maintenance and repair of fire engines and emer-

First opened at the dawn of aviation in 1910, Bader Field, also known as the Atlantic City Municipal Airport, was closed to commercial aviation in 1990 and has been used for concerts and charity events. The first known usage of the term “air-port” appeared in a newspaper article in 1919, in reference to Bader Field. The term was coined by Robert Woodhouse and referred to the “Flying Limousines,” a seaplane passenger service between Atlantic City and New York. The Federal Avia- tion Administration considers Bader Field the first airport in the United States for both land and seaplanes. The 100-acre property sits just to the west of Atlantic City with the intercoastal waterway surroundingmost of the former airport, which is easily ac- cessed from the N. Albany Av- enue Bridge. A baseball field and hockey rink previously built on the airport property are not part of the sale. The Riverside property of- fers development opportunity for commercial, industrial or residential lots. The property has public sewer, water, elec- tric and natural gas and access via Rte. 30. State CAFRA per- mits allow perimeter road and marina construction. n the world’s leading provider of dialysis products and ser- vices, was purchased in an all-cash transaction and was well-received by investors,” said Louis Rogers , founder and chief executive officer of Capital Square 1031. “We are pleased to complete this of- fering, the 19th DST Capital Square 1031 has closed since its founding in late 2012.” n gency vehicles and equipment. The listing broker was NAI Fennelly. Vinny Was instrumental in the purchase contract nego- tiations, bank financing, and ensuring all parties were on the same page to avoid delays andmiscommunications as both deals were complicated and had lease buy back provisions in them. Both transactions totaled $2.5 million in closed business. n

TLANTIC CITY, NJ — Investors will now have more time to put

in a bid on two Atlantic City parcels a f t e r t h e deadline for submi t t ing sealed bids was extended to Aug. 4. A t l a n t i c

Bob Dann

City’s Bader Field – America’s first municipal airport – and another 10.43-acre waterfront property on Rte. 30 (Absecon Blvd.), known as Riverside, are being sold in a sealed bid auction by Max Spann Real Estate & Auction Co. “The City is serious about finding a great partner with big ideas for Bader Field,” said Bob Dann , the executive vice president and chief operating officer of Max Spann. “We have heard all kinds of ideas including sporting and entertainment complexes, mixed-use multifamily resi- dential, live-work-play devel- opments and more. We want people to think big: Disney Big, Planet Hollywood Big, Zuckerberg Big. After all it’s not every day you can buy 100 acres on the water within 200 miles of four of the largest cit- ies in the world.” WINCHESTER, VA — Capital Square 1031’s Dela- ware statutory trust offer- ing, CSRA Winchester MOB DST, comprised of a 9,503 s/f medical office condominium in Winchester has been fully subscribed by investors. Located at 38W. Jubal Early Dr., the single-story condo- minium is 100% leased to Bio-Medical Applications of HAMILTON TWP., NJ — Vinny Chawla , sales associate of JosephR. Ridolfi&Associ- ates arranged the sale of two industrial properties. A 15,000 s/f Industrial build- ing located at 105 North Gold Dr., North Gold Industrial Park purchased by Five Rivers Hold- ings, LLC, who relocated from Garden City, Long Island, NY. Their business Axim Mica that produces mica sheets used for high performance thermal and

Capital Square 1031 completes medical office DST offering in Winchester, Virginia

NAI Mertz’s Sternberg closes three leases totaling 22,655 s/f

Joseph R. Ridolfi & Associates completes sale of two industrial properties totaling $2.5 million

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