10B — December 7 - 20, 2012 — New Jersey — Mid Atlantic Real Estate Journal
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N ORTHERN N EW J ERSEY Gambuzza and Radwan represent seller in $3.4 million multi-tenant office buildings sale Thurston of Marcus & Millichap sells 24,623 s/f Saddle Brook Centre
ADDLE BROOK, NJ — Marcus & Millichap Real Estate Investment Services has announced the sale of Saddle Brook Centre, a 24,623 s/f multi-tenant retail property according to Michael Fasano , vice president/re- gional manager of the firm’s New Jersey office. The asset commanded a sales price of $7.15 million. David Thurston , vice presi- dent investments in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the leasehold estate of the property on behalf of S
transaction was a challenge as the owner of the leasehold estate was interested in selling but the fee owner was not look- ing to sell. The market was pri- marily interested in purchas- ing the fee and the leasehold. It took many months for David Thurston to work with the fee owner to sell and then it took another lengthy period to get the two sellers to agree on pric- ing. The transaction took nine months from LOI to closing but through the efforts of all the parties and their lawyers and the bank, the transaction closed. “As is typical in today’s
market, all parties had to work collaboratively to achieve a result which was satisfactory to all. This particular deal was a special challenge as there were more parties and more challenges than usual. It was a real pleasure to work with the parties, their lawyers and the bank to reach closing. Ev- eryone had the same goal in mind and had to compromise on many issues to complete the transaction”, said Thurston The seller was represented by Scott Lippert, Esq. of Pa- shman Stein, PC , and John S. Stolz, Esq. of Lowenstein
Sandler, PC represented the buyer in this transaction. The lender was Columbia Bank with a team of bankers led by Paul Heilmann , SVP com- mercial lending real estate. Saddle Brook Centre is a newly constructed and reno- vated multi-tenant asset that houses Capital One Bank, Advance Auto Parts, and Dol- lar General. The seller re-de- veloped the property from an old A&P that had stood vacant for several years until its re- development into its current tenancy. The property is located at 419-427Market St. in the heart of one of the richest counties in the US, Bergen County. This location provides easy access to all major roads in the county - Routes 80, 46, 17, and 20 as well as Garden State Parkway. As a result, this area experiences a heavy traffic flow throughout the day. It is also surrounded by many National Retailers such as KFC, Taco Bell, Walgreens, CVS, Burger King and many more. UNION, NJ — Marcus & Millichap has sold two side- by-side, multi-tenant office buildings in Union County for $3.4 million. Nat Gambuzza , a vice presi- dent investments and Maz Radwan , a senior associ- ate in the New Jersey office represented the seller, a long term local investor. They also secured the buyer, a local in- vestor. “With its historically low vacancy, consistent cash flow and easy access to multiple major highways, this asset will be a valued addition to the investor’s portfolio,” Gambuzza said. “Occupancy is currently at 97 percent and has not slipped even during the downturn of the past few years. This stabil- ity is a function of the space’s exceptional affordability and visibility, which help keep ten- ant loyalty high,” Gambuzza adds. The property’s twin buildings are located at 2810-2816Morris Ave., with direct frontage and easy access to the Garden State Parkway and highways 28, 22, 24 and 124, as well as Rte.78. Currently occupied by 62 in- dividual and diverse tenants, the property comprises two one-room suites, 31 two-room suites, 14 three-room suites, 10 four-room suites and five suites of five rooms or more. ■
2810-2816 Morris Ave.
the seller, a partnership. He also secured the buyer, a local limited liability company. The
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