Real Estate Journal — New Jersey — June 12 - 25, 2015 — 3B
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Recovering $2.443 million for the tax payers Warner real estate & auction sells 45 NJ homes for USDA
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OODSTOWN, NJ — Warner Real Estate & Auction Company (Warner) , a leader in the accelerated marketing and disposition of quality real estate, announced the results of the March 4, 2015 and the November 12, 2014 Online Only Absolute Auctions of 45 New Jersey residential fore- closures on behalf of USDA Rural Development . The properties were located in ten counties throughout New Jer- sey and stretched from Sussex to Cape May County. Warner launched two highly W CBRE announces lease renewals and renovations in Princeton PRINCETON,NJ — CBRE Group Inc. announced that it has completed two lease re- newals at 700 Alexander Park in Princeton. The firm facili- tated the deals with a Fortune 100 company tenant and with Buchanan Ingersoll &Rooney, PC, a prominent national law firm and lobbying group. The CBRE team of Carolyn Sica , senior vice president, and Adam Englander , first vice president, who serve as the marketing and leasing agent for the property, repre- sented owner Multi-Employ- er Property Trust (MEPT) , a $7-billion real estate equity fund, and its real estate advi- sor, Bentall Kennedy , in both transactions. Robert Coulman , vice president, at Bentall Kennedy, serves as as- set manager of 700 Alexander Park on behalf of MEPT. MEPT and CBRE have an- nounced plans to upgrade 700 Alexander Park’s common areas through a number of capital improvements. These include added seating in the main lobby; new carpeting in common areas, and new wall coverings. The renovations are expected to be complete before the end of 2015. “The planned renovations at 700 Alexander Park will facilitate the overall enhance- ment of its common areas,” said Sica. “As demonstrated through these two lease re- newals, tenants clearly rec- ognize and appreciate our dedication to maintaining the property’s status as a top- quality office facility in the Princeton market.” n
visible marketing campaigns to promote both auctions, producing more than 250 inquiries, 206 registered online bidders, 150 active participants and 2,464 total bids. The auction terms and conditions required the suc- cessful buyer to return the executed contract along with the required $5,000 deposit within 24 hours of the auc- tion’s conclusion. The two online auctions generated a total of $2,443,811 for USDA, successfully mitigating the losses of 45 loans. The successful bidders pur-
chased the properties “as is,” but with a deed restriction in place which would be released upon submission of a New Jersey certificate of occupancy or a certificate of compliance pursuant to the New Jersey building sub code. Howard Henderson , State Direc- tor, New Jersey State Office, USDA - Rural Development thanked Warner for their ef- fective efforts. “Thanks for the great job!” said Henderson. “It was a fantastic auction!” affirmed Neal Hayes , NJ Housing Program Director. n
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