6B — May 26 - June 8, 2017 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers Developer acquires a fully approved multifamily development site Wernick of Redwood Realty Advisors represents both parties in sale totaling $3.5 million


on this property speaks to the city’s red hot development market,” said Thomas Mc- Connell, CCIM , managing partner at Redwood Realty. The deal attracted multiple bidders who wanted to ac- quire the “best in class” loca- tion in Downtown Westfield that is within walking dis- tance to the train station and also can accommodate on-site parking, added McConnell. The location at the corner of West Broad St. was for- merly occupied by Westfield Auto Wash. “Seller Jeff Zo- raian did an incredible job

recognizing a higher and bet- ter use for the property and guiding the project through the laborious city approval process,” said Jeremy Wer- nick , an investment associ- ate at Redwood Realty. The property was purchased by a large multifamily developer based in New Jersey, and Wernick represented both the seller and the buyer in this transaction. n PA’s Precis Engineering opens North Carolina office in Cary Ambler, PA | Cary, NC — Precis Engineering, Inc., founded and based in Ambler, PA, since 2005, has opened a new office location in Cary, NC. The office is positioned in the Research Triangle region of the state, serving hub cities Raleigh, Durham, and Chapel Hill. Precis Principal and second employee of the company in 2005 – John McCullough, PE, has been tapped to lead the new office. He relocated to the city earlier this year. “The new office supports our existing pharmaceutical and university clients in Research Triangle Park and the sur- rounding region, while provid- ing convenient access to the Carolinas,” said McCullough. “We are also poised to pro- vide better service to clients throughout the southeastern U.S. I’m excited at the opportu- nity for growth the new location provides.” McCullough is a registered professional mechanical engi- neer with 12+ years of indus- try experience and expertise in design and construction of mechanical systems for edu- cational and pharmaceutical facilities. His knowledge center focuses on special process and mechanical utility systems, including design and selec- tion of specialized mechanical equipment, and comprehensive piping system calculations in- cluding process utility systems, high pressure steam, cryogen- ics, and high volatility fluids. He holds a Bachelor of Science in Mechanical Engineering from Drexel University and is a member of the International Society of Pharmaceutical En- gineers (ISPE) and the Ameri- can Society of Heating, Refrig- erating, and Air Conditioning Engineers (ASHRAE). n

estfield, NJ — Redwood Re- alty Advisors an-

nounced the closing on a mul- tifamily development site in Westfield for a purchase price of $3.5 million. The site was originally approved for a three-story apartment proj- ect known as “The Parker” that was designed to include 26 luxury units and five af- fordable rentals. “This was a rare opportuni- ty to acquire a fully approved development site in an af- fluent community, and the strong interest we received

The Parker rendering

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