O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

EWARK , NJ — One Wal l Part - ners (OWP) , the Off-market transaction closes in 60 days at a purchase price of $63 million One Wall Partners acquires 16-Property Portfolio from Shapco N

and consumer preferences for affordability and conve- nience. Residents gravitate to quality properties in dy- namic neighborhoods offering walkability and transit ac- cess,” said Nate Kline , chief investment officer at OWP. “As a result, we expect to see continued strong demand for naturally occurring af- fordable housing in transit- oriented locations that offer reasonable commutes to New York City and other employ- ment centers.” Kline said OWP has identi- fied northern New Jersey as a geographic area the company is committed to for the long haul and that they see con- tinued opportunity for grow-

ing their workforce housing position in the region. “The One Wall Partners’ team was tremendous to work with on this project,” said Peter Shapiro , founder of SPM. “They have become a solid presence in the northern New Jersey market in a niche that is vitally important to the communities they serve. From the negotiation to the purchase and follow-through, they have been absolute pro- fessionals every step of the way. More than 95 percent of our staff will stay on with OWP, which is significant in today’s real estate space. I wish them the very best as they continue to excel in the marketplace.” n Mulberry Commons is pro- jected to net fiscal benefits to both the City and State in ex- cess of $400 million 30-year Net Present Value. A significant aspect of Mulberry Commons will be a proposed bridge that is a direct connection to the tracks of Penn Station. The total esti- mate cost of the bridge – which will resemble New York City’s High Line – is approximately $30 million and with its addi- tion will bring approximately 5,600 jobs to the downtown area, in addition to more than 5,000 construction jobs. Mul- berry Commons is slated to open in late September 2018. “Public spaces and parks are critical to urban development and can create tremendous positive impact for the City, residents, and its visitors” said Glover. “Mulberry Commons will not only serve as a beauti- ful setting, but will help bolster local businesses and support job creation. We know economic development is truly interdisci- plinary and appreciate all the stakeholders and partners who helped make this development possible.” n instead of people travelling outside the City,” said Deputy Mayor Garcia.

HI-LIGHTS O ct . 27 - N ov . 9, 2017 real estate investment and management firm based in Newark, recently completed the all-cash purchase of a 16-property portfolio in East Orange, West New York and Jersey City that was formerly owned by Shapco Prop- erty Management (SPM) . The off-market transaction was closed in 60 days at a purchase price of $63 mil- lion. OWP is now the largest property owner in East Or-

16-property portfolio in East Orange, West New York and Jersey City ange and one of the largest transit-oriented workforce housing owner/operators in northern New Jersey. the past four years and cur- rently maintains 37 proper- ties under ownership.

“We continue to see a sup- ply-demand imbalance be- tween available apartments

The firm has invested more than $160mm in the area in

Mayor Baraka breaks ground for $10m MulberryCommons inDowntownNewark

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Newark, NJ —Mayor Ras Baraka, the Newark Munici- pal Council, acting director of Economic and Housing Devel- opment Carmelo Garcia, New- ark Community Economic Development Corporation president and CEO Aisha Glov- er, the Newark Downtown Dis- trict, J&L Companies, Sage and Coombe Architects , Prudential Center, and Edison Properties , broke ground for Mulberry Commons, a $10 mil- lion private/public development project in Newark’s downtown. Mulberry Commons is recog- nized as a milestone in New- ark’s economic development, creating a new center of gravity in the City’s growing downtown and unlocking the long ignored development potential of New- ark’s Penn Station, one of the nation’s busiest rail hubs. “The creation of Mulberry Commons is a defining and sig- nature moment in the history of Newark,” Mayor Baraka said. “We have long insisted that the creation of the Prudential Center not be a stand-alone project in our downtown, and that this entertainment facility provide more than just world- class events – it must bring real estate development, jobs, and


Bergman Real Estate Group unveils new Century Campus

Mulberry Commons rendering

prosperity to our entire city. Today we are keeping that cov- enant with our residents with this ground-breaking. Soon this entire area will be a thriving 24/7 neighborhood of housing, shops, and restaurants, attract- ing visitors and new residents, empowering our economy, and strengthening our city. I con- gratulate the entire team that made this day possible and look forward to seeing the final results.” Mulberry Commons draws upon “living system” concepts including landscape archi- tecture, walkability, urban lifestyle, and ecology. Leading the design efforts for the six of the project’s 22 acres is the

award-winning architectural firm Sage & Coombe Archi- tects and Supermass Studio Landscape Architect . The open space development will also open up a vast area of un- developed land to residential and office development. “The creation of Mulberry Commons as a World-Class Park and development will be an economic and recreational center for Newark residents, while making our downtown a destination for visitors. With the Prudential Center, the shops, the dining, and the Mul- berry Commons itself, we will have people coming to Newark to seek housing, shopping, and recreation opportunities


Hekemian & Co. breaks ground on 254-unit apartment community


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