22A — April 25 - May 15, 2014 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

The Green Lane building at Kean University ... continued from page 2A

Bulk of 1,957 Total Units Located in New Jersey Gebroe-Hammer arranges 34 deals/$121m+ in Q1’14

doors, but use wall-to-ceiling glass walls and doors, so the professors, staff, and teach- ers are in constant contact with the students and go- ings on outside their offices, while allowing the students to feel more connected to their teachers. This reminds the professors and staff that they are there in service of the students. And, rather than give the teacher/staff offices the prime views, the student study lounges and spaces now have them. Everyone enjoys studying, socializing, and getting work done at the local coffee shop. Green Lane brings the coffee shop experience to the stu- dents so that they are more compelled to remain in the building both before and after classes. Besides having a real coffee shop/cafe on the first floor, complete with outside seating, each floor has ex- tensive student lounges with comfy chairs, cafe tables, ambient lighting including power and USB charging ports, and Wi-Fi for all their devices. These areas are not placed as afterthoughts, but designed into the building such that they become one of Green Lane’s defining elements--both inside and outside the building. Even numerous rooftop terraces provide opportunities for students, groups, and classes to convene outdoors. During nice weather, stu- dents can access the build- ing’s outdoor cafe and roof terraces, but also spend some time on the grand stair or, as it is called, the escalera. This is not just a staircase where people just move from one level to another, but another locale where students can be found studying, socializing or just “hanging out: on its south facing, bleacher-like section, This feature not only connects the students to each other, but human- izes the university, since everyone who drives by the building can see all of these people rather than just ex- perience the university as distant buildings located behind fenced walls -- people connecting with people is the key to making the university experience something every- one can aspire to. Kenneth Gruskin AIA, is principal and founder of Gruskin Group™,an integrated design firm based in Springfield, NJ. Gruskin Group designed the Green Lane building. n

educational institutions to create enhanced on-campus classroom experiences that fosternew learning oppor- tunities and educational environments. The goal is to make the on-campus experience attractive and compelling enough that it will continue to be the gold standard in higher educa- tion, drawing students to make the more expensive investment in attending a physical university or college. While many universities and colleges build signature buildings to make their cam- pus memorable, the goal for Green Lane was to make a bold architectural statement that brings the promise of a Kean world-class education to life — to create an excit- ing facility that will capture the imaginations of students, parents, and teachers alike; to communicate that this is a place for individuals who aspire to personal and pro- fessional success and desire academic excellence. Green Lane also embraces the evolving reality that to- day’s plugged-in, technology- savvy students can learn as much outside the classroom as in it. They no longer need to go to a library to find a book or do research, since the university library is now essentially in the palm of their hand. All that a student seems to need today is an In- ternet connection, an electric outlet, a comfy chair, and maybe a good cup of coffee. The building offers students and faculty numerous oppor- tunities to socialize, engage, learn, and study outside the classroom via its numerous lounges, breakout spaces, intimate nooks, outdoor ter- races, and even corridors- turned-gathering spots. The building is designed to facilitate exciting new ways for people connect, engage, and learn in these gathering spaces with the help of integrated technolo- gies. Hallways are no longer wasted spaces that students pass through to get to class; at the Green Lane building, they are now prime places for learning, socializing, study- ing, and having educational gatherings and classes. Of- fices for the staff and faculty are not hidden away as pri- vate areas separate from the students, but co-located with the classrooms and student lounge/study areas. They are not defined by solid walls and


the rear parking lot. The sale of the 13,000 s/f retail building at 1209 Route 35 in Ocean, New Jersey from Gilad Associates, LLC to 1209 Route 35, LLC. The sales price was $830,000. Helena Loelius and Susan Burger represented the seller. The sale of the 2,500 s/f retail building on an out par- cel at the Wal-Mart in Port Allen, Louisiana from Port A Burgers, LLC to Gold Square Louisiana, LLC. The sales price was $1,900,000. Gior- gio Vasilis represented the purchaser. The sale of the 7,500 s/f of- fice building at 100-108 Main St. in Allenhurst, New Jer- sey from Linpo LLC to FJM tion’s bi-annual Awards of Excellence Gala on April 24. Dorsey began his commer- cial real estate career with Merritt Properties in 1972 and has occupied nearly every position within the company. In his current role, he over- sees the day-to-day opera- tions. “Throughout my more than forty-year career, while expe- riencing all the highs and lows associated with the local com- mercial real estate industry, bring such a high volume of deals to the closing table,” said Uranowitz. “The recent dynamic shift in single-family homeownership and demo- graphic profiles have created additional apartment-rental demand in the tri-state area’s urban and suburban centers, where renting has become the more attractive, affordable residential living alternative. “There is an interesting phenomenon occurring within the tenant pool – the new generation of ‘millenials’ is gravitating toward the cities and inner suburbs, especially those adjacent to or within walking distance of mass tran- sit, where they are more likely to rent an apartment than to buy a home,” said Uranowitz. “In fact, this region has seen a slump in homeownership, while rental occupancy rates are more than 95% market- wide. Hence, there is increased interest from investors in any

Holdings. The sales price was $935,000. Allacen Jennings represented the seller. The lease of 8,600 s/f of retail space at 2138 Bridge Ave., Point Pleasant, New Jersey by Ergo Phobia, LLC fromKirk and Lisbeth Larson. Robert JanTausch and Brian Schrader represented the landlord and John Shibles represented the tenant. The lease of 2,640 s/f of office space at 413 Railroad Square, Point Pleasant by Hope Center of New Jersey fromWallace & Son Properties. Robert Jan- Tausch and Brian Schrader represented the landlord and William Sitar Jr. and Robert JanTausch represented the tenant. n “Based on what we’re cur- rently seeing in the market from an investor standpoint, we expect these trends to con- tinue and gain even greater velocity,” said Uranowitz. “The year ahead is shaping up to be another strong one for the multi-family industry as a whole.” n I always kept in mind Leroy Merritt’s philosophy regard- ing the critical importance of forming strong relationships with vendors, tenants and people we interact with on a day-to-day basis,” said Dorsey. “Makingmoney or finishing on top with a lease negotiation is not the most important thing. Rather, it is treating people fairly and with respect and forging strong bonds that en- courages future and positive business transactions.” n and all properties that make it to market.” For Gebroe-Hammer, these trends have resulted in a high velocity of investment sales brokered by the firm. In the last week of February and first week of March, the firm com- pleted 10 transactions totaling 808 units. Nine of those 10 sales were in New Jersey, ex- tending from Camden County in the south to Essex, Passaic, Bergen and Sussex counties in the north, with one in Penn- sylvania. The firm closed out January with $31.15 million in total sales as the result of 10 transactions.

IVINGSTON, NJ — Driven by an improving economy and job cre-

ation, as well as changing demograph- ics, the New Jersey/Penn- s y l v a n i a / New Y o r k multi-family markets are surging from

Ken Uranowitz

NEW JERSEY — Sitar Realty Company , Iselin, New Jersey announced the following real estate transac- tions: The sale of the 36,000 s/f retail building at 803 Main St., Belmar, New Jersey from HJB Associates to MB1 Bel- mar LLC. The sales price was $2,844,000. Robert Jan- Tausch and Gregg Nowell represented both the pur- chaser and the seller. The new owners are repositioning the property and Beach Haus, a brewery, will be occupying the second floor with the manufacturing process and a tasting room. Retail store- fronts will be developed on Main St. and the area facing the standpoint of leasing and investment activity, according to Ken Uranowitz , president of Gebroe-Hammer Associ- ates . The Livingston, NJ- based investment brokerage firm kicked off the first quarter of the year recording $121+ million in sales involving a total of 1,957 units, 1,398 of which closed in March. “The momentum generated in 2013 has continued with a bang leading into 2014, as demonstrated by our broker- age professionals’ ability to

Sitar Realty Co. announces sales & leases in New Jersey including a $2.844m sale

Dorsey of Merritt Properties named winner of NAIOP MD lifetime achievement award

BALTIMORE, MD — Scott Dorsey , chairman and CEO of Merritt Properties,

LLC , h a s been named w i nn e r o f t h e 2 0 1 4 N A I O P Maryland “ L i f e t i m e A c h i e v e - m e n t Award” and

Scott Dorsey

will be honored at the com- mercial real estate organiza-

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