18B — July 13 - 26, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Ritschel represented the buyer, a private investor, in the 1031 Exchange Newmark Associates brokers $4.25 million purchase of industrial building in Morris County
R
ongoing client relationship with the buyer for the last several years, remarked: “This was a fantastic investment opportunity in a high demand northern New Jersey market. Both the seller and purchaser were able to greatly benefit from this deal. I am looking forward to working with both parties in the future.” At full occupancy, the multi- tenant industrial building is located on 3.48 acres within the Morris County industrial submarket right off Rte. 46 and Interstate 80. With such convenient access to the area’s
major roadways, the property is ideally suited for small and medium-size businesses who need clear open space, outdoor storage, and ample drive-in loading docks. Commenting on the current market trend, “We are see- ing a strong need for small to mid-size industrial space in Morris County with very little inventory to fill the demand,” Ritschel noted further that the property will be kept as a long-term investment. DMR Designs spaces to support positive patient flow pattern BRIDGEWATER, WASH- INGTON AND CALIFON, NJ — Hunterdon Healthcare opened the DMR Architects - designed imaging and ser- gi-center at 1125 Rte. 22 in Bridgewater; the second phase of the redesign of the former Bank of America Building into medical office space. DMR is also near completion on the second phase 10,270 s/f second-floor design of a build- ing in the Hawk Pointe section of Washington Twp., and will begin work on the 4,600 s/f fam- ily practice at the Hickory Run Medical building in Califon. “While healthcare system expansion is now becoming the norm, Hunterdon Health- care Systems was ahead of the curve, recognizing and re- sponding to changing residen- tial patterns years ago,” said Lloyd Rosenberg , president and CEO of DMR Architects. “New Jersey residents are mov- ing farther out from urban and suburban areas where a high quality of life is more afford- able, and businesses of all kinds are smart to expand or move close to potential customers, or in this case, patients.” DMR emphasizes a patient flow circulation in its design with open nursing stations act- ing as hubs for each specialty at all Hunterdon Healthcare Sys- tem facilities, creating touch- points between patients and providers throughout the space. “Patients shop around for healthcare the same way they do for other products and ser- vices,” continues Mr. Rosen- berg. “We’re reimaging spaces to support Hunterdon Health- care’s goal to provide personal- ized care in easily accessible office spaces.”
OCKAWAY, NJ — Newmark Associ- ates announced the
closing sale of a 38,700 s/f industrial building at 176 Frank- lin Ave. in Rockaway for $4.25 million. C h a r l e s Ritschel , se-
Charles Ritschel
nior sales associate with the firm, represented the buyer, a private investor, in the 1031 Exchange. Ritschel, who has had an
176-180 Franklin Ave.
Save the Date
Some of our speakers and sponsors!
Jose R. Cruz HFF New Jersey
Israel Schubert Meridian Capital Group
Russell Tepper Mill Creek Residential
Bronze MIchael Staton Community Preservation Corporation
Alan R. Hammer Brach Eichler L.L.C
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