2B — February 13 - 26, 2015 — New Jersey — M id A tlantic
Real Estate Journal
N ew J ersey
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IDGEWOOD, NJ — Marcus &Millichap, a leading commercial David Thurston represents seller of 24,000 s/f building Marcus & Millichap inks $3.9m office property sale R Jersey office. The asset com- manded a sales price of $3.9 million.
David Thurston , vice presi- dent investments in Marcus & Millichap’s NJ office, had the listing to market the leasehold estate of the property on behalf of the seller, a partnership. He also secured the buyer, a local limited liability company. The transaction challenged all of the parties involved and took a collaborative effort to bring the transaction to a success- ful close. Due diligence on the property and the transaction took ten months from LOI to closing, but through the efforts of all the parties, the transac- tion closed successfully. “As is typical in today’s market, all parties had to work collab- oratively to achieve a result which was satisfactory to all. This particular transaction required special attention as there were more parties and more challenges than usual,” said Thurston. “It was a real pleasure to work with our clients, their lawyers and the bank to reach closing. Every- one had the same goal in mind and had to compromise on issues to complete the trans- action,” Thurston continued. “The opportunity solicited multiple bidders, and the win- ning buyer was chosen for their understanding of the asset and their willingness to roll up their sleeves to do the ex- tensive due diligence required to move the property towards closing,” concluded Thurston. In addition to Thurston of Marcus &Millichap, the seller was represented by Bruce Whitaker, Esq, of McDon- nel Whitaker in Ramsey, NJ, and Michael Ochs, Esq. of Bertone Piccini in Has- brouck Heights, NJ who also represented the buyer. The Lincoln Building is one of the oldest and tallest build- ings in Ridgewood and has been a fixture in the neigh- borhood’s skyline since its construction. It stands across the street from the Ridgewood Train Station and is in the middle of the shopping and office district providing the opportunity for local tenants as well as those that must access NYC. The seller had success- fully renovated the building upon taking ownership, and the new owner plans to con- tinue the redevelopment of the property to ensure a first class office building. n
real estate investment services firm with offices throughout the Uni ted States and Canada, an- nounced the sale of The
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Lincoln Building, a 24,000 s/f multi-tenant office property located in Ridgewood, accord- ing to Brian Hosey , regional manager of the firm’s New
The Lincoln Building
Dominance: “...most inuential, having a commanding position.” (Webster’s) New Jersey’s dominant brokerage rm specializing in the sale of multi-family, retail, and commercial investment properties for private investors, REITS, and other institutional clients.
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