Real Estate Journal — New Jersey — March 16 - 29, 2018 — 15B
www.marejournal.com
M id A tlantic
N ew J ersey
Totaling 60 units in Jersey City and North Bergen Redwood Realty Advisors closes $8 million in sales in Hudson County
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Advisors. “We have seen a resurgence in purchasing power in the Greenville Neighborhood where this marks our fourth transaction in the area in the last couple weeks,” added Ste- ven Matovski, a director at Redwood Realty Advisors. Two of those highlighted sales in- clude 265 Union St. in Jersey City and 7516 Kiesel Terrace in North Bergen. Union St. traded at a record $162,000 per door price for the West Bergen Neighborhood, and Kiesel Terrace sold at a 4.35% cap rate.
Matovski and Nendze spear- headed the recent Hudson County transactions repre- senting both the sellers and the buyers of the properties. “We are very pleased with the outcome of these transac- tions. Steven and Christopher have a deep knowledge of the dynamics and drivers in the Hudson County market, and they were able to get the list- ings in front of buyers who are hungry for these type of value-add opportunities,” said Thomas McConnell, CCIM , managing partner at Redwood Realty Advisors. n
a s b r o u c k Heights, NJ — Redwood Realty
Advisors has successfully brokered the sale of several multifamily buildings totaling 60 units in Jersey City and North Bergen for $8 million. The sales span several neigh- borhoods in both cities with an average price per unit of $132,000. The purchasers plan to reno- vate and reposition the prop- erties to attract a tenant base of both families and young professionals. “The tremen- dous demand for value-add multifamily is being fueled by both local investors and a spillover of Manhattan buyers who are looking to capitalize on areas like Jersey City and North Bergen,” said Christo- pher Nendze , an investment associate at Redwood Realty 100 Mile Fund closes $6.5 million construction loan TOMS RIVER, NJ — Procida Funding’s 100 Mile Fund recently closed on a $6.5 million construction loan on the new 39,000 s/f Hooper Crossing, a mixed- use retail center at 1922 Hopper Ave. from the Mabie Group. 1922 Hooper Avenue will include up to six stores over 27,536 s/f of ground floor retail space and 11,780 s/f of second-floor office space on the second floor. The site features a 4,140 s/f pad for a freestanding building. The development allows the Ma- bie Group to consolidate in one location several of its businesses and affiliated companies. “With the Mabie family’s stores anchoring the com- plex, other tenants will enjoy prime locations fueled by existing, successful busi- nesses with strong customer bases,” said William ‘Billy’ Procida , president and CEO for Procida Funding. “Inter- est from the region’s excep- tional retail sector is already strong, especially for the freestanding pad site.” DeGeorge Development, LLC of Brick has been re- tained by The Mabie Group to handle all aspects of the construction management of the subject property. The deal was brokered by Progres- sive Capital. n
7516 Kiesel Terrace
Investment Sales | Commercial Sales and Leasing
FOR SALE Red Lion, PA
FOR SALE Paterson, NJ
35 Townhouses Matt Wolf ext. 237
15 Residential Units Don Baxter ext 265
FOR SALE Hackettstown, NJ
FOR SALE South Brunswick, NJ
99,317 SF Car Dealership Michael Salomon ext 243
2.27± Corner Lot Matt Weilheimer ext. 253
FOR SALE East Orange, NJ
FOR SALE South Orange, NJ
13,200 SF ± Retail Scott Davidovic ext 290 Michael Kossak ext 240
10,000± SF Redevelopment/ Restaurant Joni Sweetwood ext 273
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