S hopping C enters N ew J ersey
Mid Atlantic Real Estate Journal — New Jersey — February 8 - 21, 2013 — Section B
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LORHAM PARK, NJ — HFF announced that it has closed the Pantzer Properties sells 327-unit garden-style community to SDK Apartments HFF closes $37.5 million sale of Tenby Chase Apartments in Delran F ing directors Jose Cruz and Andrew Scandalios, managing directors Kevin months. Coupled with larger than average unit sizes, this property presented an attrac-
in Delran, approximately 13.5 miles east of Center City Philadelphia. The property is 98 percent leased and fea- tures one- and two-bedroom units, including townhomes, which average 1,387 s/f each. Community amenities in- clude an outdoor pool, play- ground and tennis court. The HFF investment sales team representing the seller was led by senior manag-
sale of Tenby Chase Apart- ments, a 327-unit garden- style community. HFF marketed the prop- erty on behalf of the seller, Pantzer Properties. SDK Apartments purchased the asset for $37.5 million. Tenby ChaseApartments is located just off of Route 130
“The seller took advantage of a great time to capitalize on a strong demand for multi-housing properties.” — Cruz
O’Hearn and Jeffrey Ju- lien and associate director Michael Oliver . “Tenby Chase has success- fully raised market rents three times in the past 12
tive opportunity for inves- tors,” said Cruz. “The seller took advantage of a great time to capitalize on a strong demand for multi-housing properties.” n
February 8 - 21, 2013
Tenby Chase Apartments
Retail/office, multi-family sales total $24.17 million Gebroe-Hammer orchestrates nine Essex County trades
HI-LIGHTS
Bussel Realty brokers sale of 475 Jersey Ave. in New Brunswick
LIVINGSTON,nj —Driven by low vacancy rates and solid demographics, Essex County remains a major submarket within the tri-state area for multi-family trading activity, according to Gebroe-Hammer Associates managing director David Oropeza . The invest- ment brokerage firm is con- tinuing its record-setting sales pace in this market, completing eight multi-family transactions and one retail/office trade total- ing $24.17 million. In the Oranges, Gebroe- Hammer’s market specialists orchestrated seven separate trades netting $11.28 mil- lion. Oropeza represented each of the sellers in six sales throughout this city. These included the $4.5 million sale of a three-story, 46-unit brick apartment building at 255 and 284 Prospect St., where assis- tant VP Debbie Pomerantz identified the buyer; 49 units sold for $2.275 million at 162 Park Ave., where executive VP David Jarvis procured the buyer; $2.025 million trade of 4 Chestnut St., comprised of 41 apartments; $2.025 million sale of 37 units at 266 4th Ave. on behalf of a long-time owner liquidating his portfolio of properties; $1.18 million sale of
Jackson Cross Partners, LLC (JCP) has arranged long-term build-to-suit lease on a new facility for Albert’s Organics located at 1155 Commerce Blvd. in Logan Township, NJ. See page 8A. Busse l Real ty Corp. (BRC) announced it has brokered the sale of 475 Jersey Avenue, a 185,000 s/f multi-tenanted industrial facility. The property was sold for $4.6 million. See page 5A.
Jackson Cross Ptrs. arranges 70,000 s/f build-to-suit lease
266 4th Ave.
Gebroe-Hammer’s inner-city experts Jarvis and Oropeza also exclusively represented the owner and identified the buyer in the $8.925 million trade of 156 units at 196-246 Roseville Ave. in Newark. The building, located in the city’s North Ward. Rounding out Gebroe-Ham- mer’s Essex County transac- tions is the $550,000 sale of 32 one-bedroom apartment units at 1305 Clinton Ave. in Irving- ton, which was also arranged by Oropeza and Jarvis. n
34 units at 115 South Clinton Ave.; and $1.3 million sale of 27 one- and two-bedroom units at 300-306 North Oraton Pkwy. In nearby West Orange, Jar- vis and VP Stephen Tragash orchestrated the $1.39 million sale of five retail and nine office units at the prominent 640-642 Eagle Rock Ave., which boasts notable tenants like The Bagel Box. The 10,300 s/f building is located near West Orange High School at one of the busiest intersections in this affluent suburban community.
ALSO INSIDE:
C ontributing C olumnist : M arlyn Z ucosky , IIDA. .2B C entral N ew J ersey S potlight ..........................5-7B ICREW NJ O rganization .....................................10B P eople on the M ove ..............................................12B
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