6-23-17

18B — June 23 - July 13, 2017 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal

www.marejournal.com

O wners , D evelopers & M anagers Competitive Bidding Reflects Increased Local Attention and Investment Capital Cushman & Wakefield arranges sale of Newark, NJ, apartment portfolio

EWARK, NJ — A 68- unit Newark apart- ment portfolio traded this week in a $4.8 million sale arranged on behalf of the long term private ownership by Cushman & Wakefield’s Metropolitan Area Capital Markets Group . The offering included two communities on Roseville Ave.; the assets are located just one block from each other. Built in the early 1970s, both properties are three-story walk-ups. 467-479 Roseville Ave. contains 46 units and totals 37,000 s/f on 0.46 acres, N

while 385-391 Roseville Ave. includes 22 units and totals 17,600 s/f on 0.30 acres. “These properties drew com- petitive bidding from mul- tiple interested parties,” noted Cushman & Wakefield’s Bri- anWhitmer , who handled the transaction with Metropolitan Area Capital Markets team members Andrew Merin, David Bernhaut, Gary Ga- briel, Seth Pollack and Ryan Dowd . “The buyer distinguished itself by not only pushing pricing over our asking number but also limit- ing contingencies. As a result,

the acquiring firm has added two attractive properties to its growing portfolio.” Whitmer added that the properties offer superior ac- cess to I-280 and Rte. 21, with NJ Transit bus service located in front of the buildings. They are also convenient to neigh- borhood retail including a deli/ grocer and CVS Pharmacy. Onsite laundry and parking add to their leasing appeal. “This part of Newark is experiencing an influx of at- tention and investment capi- tal,” Pollack said. “The buyer is planning to renovate the properties, which will further improve their competitive po- sitioning.” n H2M architects + engineers jumps 36 in latest top 500 industry rankings Melville, NY — In the latest Top 500 results, En- gineers News Record (ENR), awarded H2M architects + engineers with a 14 percent- age jump in its recently re- leased 2016 design rankings. The ENR Top 500 recognize those firms ranked according to revenue for design services performed in 2016. “I could not be more proud that the work and capabilities of the H2M firm to be recog- nized by this national publi- cation,” said Rich Humann , CEO and president of H2M architects + engineers. “We are committed to providing innovative, effective designs and work that help maximize their business potential and model. Together, we are not only postiviely reshaping the mosaic of our communities, but doing so in a collaborative and affordable manner.” H2M architects and engi- neers (www.h2m.com) vaulted from 269 in the ENR 2015 Top 500 rankings, to the number 233rd firm in the national rankings. H2M is a full-service consulting and design firm of- fering the expertise of more than 370 architects, engineers (water supply, civil/site, struc- tural, M/E/P, wastewater and environmental), planners, de- signers, inspectors, surveyors and scientists. H2M meets the challenges associated with buildings and infrastructure and has been serving various markets throughout NY, NJ, PA, and CT. n

Roseville Avenue in Newark

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