S hopping C enters N ew J ersey
Real Estate Journal — New Jersey/Pennsylvania — Section B
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M id A tlantic
Northern New Jersey saw $1.3 billion in multifamily sales last year Kislak’s SVP Joni Sweetwood completes $18+m in multifamily sales in Northern New Jersey
announced the recent sale of ten multifamily p r ope r t i e s in northern N e w J e r - sey totaling more than $18 million. W
which include: - The $10 million sale of 126 units in Orange to a West Coast purchaser. This was a complicated sale given the remote purchaser and it was for the balance of a portfolio previously encumbered by a defeasance loan. Prior to closing, the real estate taxes on the property rose signifi- cantly. Sweetwood was able to resolve the issues given her strong existing relation- ship with both the purchaser and seller. - The $4.15 million sale of 56 residential units in East Orange. This property had an excellent cap rate, at 7.8%. - The $1.46 million sale of 32 residential units in East Orange. The purchaser was able to secure government financing, which is unusual for such a small project. “I had never seen government fi- nancing on such a small deal,” Sweetwood said. “The closing took a long time due to the nu- merous inspections required for the financing.” - The $1 million sale of 16
&Wakefield represented Zim- mer. Murray Construction has also announced that it has recently closed on the opportu- nistic sale of five non-core sub- urban office and medical-office assets located in Millburn, Piscataway and Branchburg. According to Brian Fitzsi- mons , senior vice president and director of real estate for Murray Construction, “We have implemented a strategy that has taken advantage of the demand for well-located, quality office and medical prod- uct from user groups seeking to own their own properties from which to operate. These dispositions have enabled us to concentrate our resources on successfully stabilizing our existing industrial holdings and to broaden our sights The Northern New Jersey market is a microcosm of the national market, with strong performance and growth in the multifamily sector. Both volume and value of sales have been driven up by strong demand, much of which can be attributed to impressive job growth figures for the region. Northern New Jersey added more than 14,000 jobs in the year ending February 2015, and demand for rentals has been very high, with the con- sequence that rental rates have reached an all-time high in the area. According to Reis, the average rent for Northern New Jersey reached $1,618 per month at year-end 2014. All of this translates to a units in Orange, along with adjacent property that will be developed into 34 additional units. This was a compli- cated transaction because it required the removal of contaminated soil around the vacant property. Sweetwood was able to rely on existing contacts and help move the project forward.
OODBR I DGE , NJ — The Kislak Company, Inc.
Joni Sweetwood
Senior vice president Joni Sweetwood represented the seller in all transactions,
The $10 million sale of 126 units in Orange
AUGUST 14 - 27, 2015
very active period for multi- family property sales and development in the region. Northern New Jersey saw $1.3 billion in multifamily sales last year, and activity continues to be very brisk in 2015. New multi-family con- struction is particularly active in the area known as the Gold Coast and at stations along the transit route. Experts predict increased construction activity in towns like Wood- bridge, Rahway, Bloomfield,
Lyndhurst and Hackensack. Since joining Kislak, Sweet- wood has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s top production award 2011, 2012 and 2013. She has also been recognized as one of New Jersey’s Com- mercial Broker All Stars, as well as one of the Mid Atlantic Real Estate Jour- nal ’s Executive Women in Business. n
HI-LIGHTS Company of the Month TFAB Group, LLC
Murray Construction 100% leased for the first time at Centennial Industrial Park
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MILLBURN, NJ —Centen- nial Industrial Park, a 12 build- ing 1,100,000 s/f campus locat-
Central NJ SPOTLIGHT
ed directly off Exit 7 on Rte. 287 has, for the first time in its devel- opment histo- ry, achieved 1 0 0 % o c - c u p a n c y , capped off
5-9B
Penn s y l va n i a Featuring... PA’s Elite Companies
Brian Fitzsimons
with recent deals with drug manufacturer Amneal Phar- maceuticals totaling 176,121 s/f at 21 and 41-49 Colonial Dr., and with Zimmer, Inc., an Indiana-based manufacturer of musculoskeletal technologies for 81,500 s/f at 1045 Centen- nial Ave. RonGanter of Cresa represented Amneal, while Bill Brown , Andrew Siemsen and Jon Jessup of Cushman
1045 Centennial Ave.
15B-BC
builds, markets and invests in a diversified range of real estate, including industrial, flex, lab, office, medical, retail, and stor- age facilities. From humble be- ginnings, Murray Construction has developed over 25,000,000 s/f of commercial projects. n
on potential new industrial investment and development opportunities.” Founded in 1956 and named after its founder, Maurice M. Weill, Murray Construction is a regional commercial real estate company which develops,
ALSO INSIDE CREW NJ.............................. 12B CREW LV.........................24-25B www.marejournal.com
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