6B — July 28 - August 10, 2017 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
O wners , D evelopers & M anagers SVP Weilheimer leads sale of 313 units and 50,400 s/f shopping center The Kislak Co. sells Southern NJ multifamily & commercial properties for $23.05 million
ann o un c e d t he r e c en t sale of three p r o p e r t i e s in southern New Jersey with a total of 313 residen- tial units and 50,400 s/f of W
Camden County; and the $4.15 million sale of Manahawkin Center, a 50,400 s/f ACME- anchored shopping center in Manahawkin, Ocean County. Senior vice president Matt Weilheimer represented the seller in all three transac- tions and the purchaser in the Manahawkin transaction. Senior vice president Barry Waisbrod represented the purchaser of Laura’s Glen Apartments and vice president Jonathan Greenberg repre- sented the purchaser of Penn Garden Apartments.
The sale of Laura’s Glen Apartments is the single larg- est sale of a multifamily prop- erty ever in Salem County based on data available from CoStar. The property is a brick gar- den apartment complex with 10 two-story buildings situated on nearly 18 acres. It is located 16 miles fromWilmington and 38 miles from Philadelphia. Complex amenities include laundry facilities, on-site park- ing, a swimming pool, basket- ball court and playground. The spacious apartments include central air conditioning, pri- vate balconies or patios and fully-equipped kitchens. Ten- ants are responsible for their own utilities. David Singer of Eastern Union Funding provided financing through Freddie Mac for the transaction. “Laura’s Glen Apartments was a perfect addition to the purchaser’s portfolio,” said Weilheimer. “The demand for multifamily properties in southern New Jersey has never been greater.” “The buyer believes strongly in the south Jersey market and has seen tremendous oppor- tunity and upside in Laura’s Glen,” added Waisbrod. Penn Garden Apartments is a two-story, all brick, gar- den-style apartment complex with 116 units in 11 build- ings. Property features include semi-private entrances, on-site parking, and on-site laundry. Units have spacious closets, modern appliances, individu- ally controlled air conditioning and wall-to-wall carpeting. The property is located 15 minutes from center city Phil- adelphia via the Betsy Ross Bridge. Nearby transportation includes major roadways 1-95, I-295 and Route 130 and the River Line Light Rail System provided by NJ Transit. “Penn Gardens is the quint- essential ‘value-add’ play that buyers are looking for in this market,” said Weilheimer. Manahawkin Center is a 50,400 s/f community shop- ping center anchored by an ACME Supermarket and a Rite Aid Pharmacy. Other ten- ants include Peking Gardens, Big Apple Bakery, EZ Nails and Ares Athletic Club. The property is well-located on East Bay Ave., five miles from resort communities on Long Beach Island. n
OODBR I DGE , NJ — The Kislak Company, Inc.
retail space for $23.05 million. The separate transactions include the $12.15 million off-market sale of Laura’s
Laura’s Glen Apartments
Glen Apartments, a 197-unit apartment complex in Penns- ville, Salem County; the $6.75
million sale of Penn Garden Apartments, a 116-unit apart- ment complex in Pennsauken,
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