2B — August 17 - 30, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N EW J ERSEY
Fairfield Corporate Park, Fairfield, New Jersey
32-unit apartment complex CBRE completes the $2.6m sale of multifamily property
P
FOR LEASE 32,000 Square Foot Industrial Building
ASSAIC, NJ—CBRE announced that the firm represented the
seller and procured the buyer in the sale of a 32-unit apart- ment complex at 65-69 Howe Avenue and 70-72 Grove Street, Passaic. The sale price was approximately $2.6 million. The NJ Private Capi- tal Group’s (PCG) Charles Berger completed the trans- action, selling the property to a longtime PCG client. “This was a complex trans- action encompassing mul- tiple parties, all with differ- ent needs and requirements,” said Berger. “The deal high- lights the recent uptick in the market due to record low vacancy rates and the availability of low interest, multifamily loans. This as- set is one hundred occupied with a steady income stream. There was also a lot of upside to this transaction as many of the tenants are under expired Passaic rent control guidelines, thereby affording for substantial rent increases as the existing tenant base turns over.” Additionally, Berger noted that the apart- ment complex is one of the
* Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC. REALTORS Ɣ Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
SEBCO The Finest In Metered Laundries Laundry Systems
65-69 Howe Avenue & 70-72 Grove Street
few multifamily buildings consisting of 3-to-4-bedroom units in the area, thereby in- creasing tenant demand and further ensuring the already low vacancy rates. Located on the border of sought-after Passaic Park, NJ and 15 minutes from New York City, the fully oc- cupied apartment building has an on-site superinten- dent, contains exceptionally large units, 30 of which have the aforementioned multiple
bedrooms, with living room and eat-in kitchen. The prop- erty is easily accessible from main highways including Routes 3, 21, 46 and the Gar- den State Parkway, as well as near shopping, schools and entertainment. New Jersey Transit bus service is one block away and rail service is within walking distance from the site. According to Berger, the new owner plans to reno- vate the property and hold it for investment purposes. ■
1-800-SEBCO-88 (1-800-732-2688)
http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com
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