S hopping C enters N orthern N ew J ersey
Real Estate Journal — New Jersey — June 12 - 25, 2015 — 5B
www.marejournal.com
M id A tlantic
119 newly renovated units 98% percent occupied at time of sale Gebroe-Hammer Associates arranges $12.17m trade of Grande Apartments in Roselle Park, NJ R the tenant base demographic, which spans the full spectrum from young professionals and families to retirees.”
OSELLE PARK, NJ —Grande Apartments, located at 240 West Sumner Ave. in this Union County suburb, has been sold for $12.17 million in a trade arranged by the multi- family investment brokerage firm Gebroe-Hammer As- sociates of Livingston. The team of managing director Joseph Brecher and senior vice president Stephen Tra- gash represented the seller, Sumner Rose LLC, and pro- cured the buyer, Landmark Companies, LLC. Previously, Gebroe-Hammer arranged the sale of the same property in 2006. The 119-unit garden-apart- ment community is located on the borough’s northwest border with Kenilworth and includes a mix of spacious studio, one- and two-bedroom layouts. Each newly renovated HARRISON, NJ — Ad- vance Realty, a leading North- east U.S. owner, developer and manager of class A multifam- ily, mixed-use, retail, hotel, of- fice and flex-space properties, announced plans to build an AC Hotel by Marriott in the Riverbend District, the com- pany’s 35-acre redevelopment project in Harrison. Designed in AC Hotel’s so- phisticated European style, the build-to-suit, 85,000 s/f hotel will feature 150 sleek guest rooms. Additionally, the hotel will feature a modern and relaxing bar and lounge area and a breakfast area — both of which will include outdoor seating. Other ame- nities will include a meeting room, a fitness center and a contemporary lobby. The hotel will also feature more than 4,300 s/f of retail and restaurant space, supple- menting the residential, retail and office space that Advance is already developing in the Riverbend District. “The addition of AC Hotels
Situated on West Sumner Ave., Grande Apartments is within walking distance of area shops, restaurants, schools and parks. The bor- ough is skirted by the Garden State Parkway at its western boundary and easily acces- sible to Routes 78, 22, 1 and 9. New York City is 24 miles away with a commute time of approximately 45 minutes on the NJTransit Raritan Valley Line to New York Penn Sta- tion via Newark Penn Station. Legal representation was provided by Richard Kelin, Esq. , of Feinstein, Raiss, Kelin & Booker, LLC , and David Hutt, Esq. , of Hutt & Shimanowitz, P.C . on behalf of the seller and buyer, respectively. n
Grande Apartments
apartment features stainless steel appliances and wood cabinetry in the kitchens, new baths and individually con- trolled air conditioning units. According to Gebroe-Hammer Associates, the complex was 98% percent occupied at the
time of sale. “Grande Apartments caters to a strong commuter tenant base drawn to its on-property bus stop and proximity to the Roselle Park Train Station Park and Ride, less than a mile away,” said Tragash.
“Union County municipalities like Roselle Park are garner- ing tremendous multi-family investment interest thanks to historically strong, stabilized existing apartment buildings. Redevelopment projects also have spurred expansion of
Advance Realty announces 85,000 s/f development plans for hotel in Harrison Riverbend District
by Marriott to the Riverbend District will be a key compo- nent in the continued develop- ment and enhancement of a dynamic destination in Har- rison,” said Peter Cocoziello , president of Advance Realty. “The AC Hotel will benefit area corporations by accom- modating business travel and will add to the variety of din- ing and entertainment options for Riverbend residents and visitors.” Earlier this year, Advance Realty, along with joint-ven- ture partner DeBartolo De- velopment , announced the development of 1,000 luxury apartments and 20,000 s/f of premium retail space on three blocks within the district. The area already hosts profession- al soccer’s New York Red Bulls in the 25,000-seat Red Bulls Arena, and it will soon house a newly renovated PATH sta- tion offering direct rail access to New York City. In addition, Panasonic Cor- poration of North America has moved into a new technology
for the transformation of the area over 10 years. The area is within one mile of Downtown Newark, less than five miles from Jersey City and eight miles from Manhattan. The comprehensive rede- velopment effort will deliver new residential opportunities and hundreds of thousands of square feet of retail and AC Hotel by Marriott rendering
center that Advance devel- oped within Riverbend. This facility houses the company’s engineering offices, a lab and various testing areas. Located in the southern portion of town, Harrison’s 250-acre waterfront redevelop- ment area encompasses 32% of the town’s 1.2 square miles. The town’s master plan calls
commercial space as well as public spaces. It will serve as a significant economic catalyst for Harrison, which is easily accessed via the New Jersey Turnpike and located within a few miles of Newark Liberty International Airport, Inter- state 280, the Garden State Parkway, US Routes 1 and 9 and I-78. n
Made with FlippingBook - Online catalogs