14A — May 29 - June 11, 2015 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Multifamilymarketmomentum continues in NNJ . . .

CBRE reps. seller in 64,990 s/f industrial facility sale Bussel Brokers sale of 40 Camptown Road for +$4m

land sales. These have ranged from a boutique, infill 55-unit site in a transit-oriented town to large-scale, mixed-use oppor- tunities that involve multiple developers and can accommo- date hundreds of apartments. Since capital appears to remain in supply, and interest rates are continued from page 2A green initiatives, accommo- date accessibility challenges and update the infrastructure of each building to turn them into modern livable spaces. The panel will include: Ty- rone Garrett, J.D., executive director, Long BranchHousing Authority; Mary Johannesen, principal, Kitchen and Asso- ciates; Stuart Portney,. P.P., president, The Metro Com- pany LLC; Matthew Reilly, CEO, Moorestown Ecumenical Neighborhood Development, Inc. and George Marks, AIA, principal, kramer+marks. Each panelist represents one of the four towns where Conifer has made its mark by restoring a historic school and turning it into much needed affordable senior housing community. In Long Branch, the Long Branch Housing Authority selected Conifer and the Met- ro Company as its develop- ment partners to restore the 80 year old Gregory School, located at 157 Seventh Ave. It is now a 117 unit apart- ment complex for seniors 62+ of low to moderate income, along with those affected by Hurricane Sandy. The proj- ect received the 2014 Merit Award (Honorable Mention) presented by the Monmouth County Planning Board. In Lawnside, Conifer ac- quired the Lawnside Ele- mentary School located at 23 North Warwick Rd., and created 16 one bedroom en- ergy efficient apartments and added an adjacent building to the property to bring an ad- dition 24 one bedroom apart- ments to the complex. The original building was entered into the New Jersey Register of Historic Places on January 23, 2015 and received the New Jersey State Historic Preser- vation Award presented by the New Jersey State Historic Preservation Office. Conifer partnered with MEND Inc. (Moorestown Neighborhood Development, Inc.) to successfully rede- velop two historic schools:

the Springside School and the Duffy School. In Burlington Twp., the Springside School, which dates back to 1916, was re- stored and preserved to offer affordable one and two bed- room apartments for individu- als 55 and over. The building was converted and repurposed into 31 apartments and 44 apartments were constructed in an addition to the original building. Sixteen of the units are set aside for people with special needs. The Springside School was entered into the New Jersey Register of Historic Places on January 22, 2015 and received the 2014 Smart Growth Award by New Jersey Future, the 2014 Achieve- ment in Planning Award by The New Jersey Planning Of- ficials, and the 2014 Support- ive Housing Project Award by Supportive Housing Associa- tion of New Jersey. And most recently, the Duffy School, located at 203 West Second St. in Florence will reopen is doors in May, 2015 as a 53 unit, senior community for individuals 62+. Built in 1924, the school building was acquired by MEND Inc. (Moorestown Ecumenical Neighborhood Development, Inc.) of Moore- stown, NJ who worked with Conifer in partnership to renovate the building while preserving several signifi- cant features of the building including chalkboards, doors, the tin ceilings and even a hallway wall with student handprints. The NJ History and His- toric Preservation Conference is an annual event that at- tracts 400 participants from the fields of historic preserva- tion, architecture, planning, archaeology, museum and heritage site management, municipal historic preserva- tion commissions and more. This year, 22 educational classroom and field workshop sessions are scheduled, many of which will offer continuing educational credits. n to stay low and investor senti- ment high, we are optimistic that the historically low cap rate environment will continue through the balance of 2015. Brian Whitmer is a senior director within Cushman & Wakefield of New Jersey, Inc.’s (C&W) Capital Mar- kets Group. n


aplewood, NJ — Bussel Realty Corp. (BRC) has brokered

the sale of 40 Camptown Rd. in Maplewood, New Jersey, a 66,000 s/f distribution facility. The property was sold for $4- plus million to Ancyma Inc. The seller is R &S Restaurant Sup- ply. Bussel Realty Corp. senior vice presidents David Blitt and Robert Sager represented the owner in the transaction. The buyer was represented by Irv Weiss of American Proper- ties. “40 Camptown Rd. is located in Olympic Industrial Park, an established, well-located and successful industrial park,” noted Blitt. “The purchaser in- tends to substantially improve the building, including office renovations and a state-of-the- art distribution set-up. The competition for the purchase of the building demonstrates how healthy and vibrant New Jersey’s industrial market is at the present time.” In a separate transaction, Bussel Realty Corp. has bro- kered the sale of 111 Somogyi Court in South Plainfield, NJ, a 64,990 s/f industrial facility. The property was sold for $4 WASHINGTON, DC — Marcus & Millichap an- nounced the sale of the Met- ropolitan Medical Center, a 43,683 s/f neighborhood medical office building in Northwest Washington, D.C. The $10.45 million sales price equates to $239 psf. Robert Filley , a senior director of Marcus & Mil- lichap’s National Office and Industrial Properties Group, and Marcus Fleckenstein , associate, both in the firm’s Washington, D.C. office, represented the seller, VIP Medical Arts LLC. “The property is an estab- lished medical office building with an attached post office in a densely populated urban area,” said Filley. “The previ- ous owner made significant capital improvements and had the property on the mar- ket with other representa- tion but hadn’t received the desired pricing until now.” “As soon as Marcus &Mil- lichap received the right to market the property for sale, we made full use of the firm’s nationwide platform and

Conifer presents at History & Historic Preservation Conf. . . continued from page 3A

40 Camptown Rd.

111 Somogyi Court

million to Somogyi Holdings LLC. Senior vice presidents David Blitt and Robert Sag- er represented the buyer in the transaction. CBRE repre- sented the seller. “The property purchase of- fered Somogyi Holdings expan- sion for their growing window hardware business,” noted Blitt. “Despite the complica-

tions of the purchase through the bankruptcy court, it was a smooth transaction for the facil- ity purchase and demonstrates the scarcity of industrial prod- uct presently for sale.” The property has 20-foot ceiling heights, 1200 amps of electric power, 10 tailboards and seven drive-ins, wet sprin- klers and rail served. n

Filley and Fleckenstein of Marcus & Millichap organizes 43,683 s/f medical office building sale

Metropolitan Medical Center

brought in eight offers,” adds Fleckenstein. “The range of interest included out-of-area buyers and investors from other property types who were impressed by the as- set’s prominent location in an area with high demand for primary care health services.”

The property is set on a 0.78-acre corner lot at 6323 Georgia Ave. NW at the in- tersection of four Northwest Washington, D.C. neighbor- hoods: Manor Park, Bright- wood, 16th St. Heights, and Petworth. Multiple bus lines serve a major bus stop at the building’s front door. n

Made with FlippingBook - Online magazine maker