Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — A
M id A tlantic R eal E state J ournal Under-performing properties pique investor interest Gebroe-Hammer Associates executes sales totaling $1.48m H JFK Boulevard East and Park Avenue, the township’s busy north-south corridor road- way. the buyer, a long-time client with additional holdings in Hudson County. udson County, NJ—Boasting a high concentration of ex-
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isting class-B and class-C mul t i - fam- ily proper- ties, Hudson County con- tinues to be a steady source o f i n v e s t - ment trading
“As the pipeline of distressed debt and real estate – after- shocks of the Great Recession – continues to flow into the marketplace, investors are weighing the favorable benefits associated with such an acqui- sition,” said Ken Uranowitz, managing director. “In spite of deferred maintenance and other related issues, which of- ten contribute toward an asset’s diminished performance, inves- tors are competing vigorously to purchase these discounted properties with the expectation of adding value over time, and location is always the mantra. And, as rents continue to rise in New York City, tenants who are priced out of Manhattan will continue to seek alterna- tive living options along New Jersey’s Gold Coast.” n room for expansion. The firm will occupy the entire second floor of the six-story property. Frank Lopriore, an execu- tive managing director for Col- liers International New Jersey negotiated the new lease on behalf of ZT Systems. n
The firm’s market specialists also orchestrated a $530,000 short sale of a four-story brick building in Union City. Com- prised of eight two-bedroom units, the property is near Jose Marti Field and St. Michael the Archangel Church and Monastery. “Like many municipalities along the Hudson River shore- line, Weehawken and Union City are commuter hubs where a good majority of the residents rent by choice, a factor that consistently fortifies occupancy levels and attracts investors,” explained Nicholas Nicolaou, sales associate and a member of the brokerage team in the Union City sale. Gebroe-Ham- mer was named the listing bro- ker by the lender and identified ZT Systems outgrew its previous headquarters at 350 Meadowlands Parkway, where it will maintain space for engi- neering, assembly and distri- bution activities, but needed an additional location with
M. MILLER & SON Public Adjusters Since 1960
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activity, according to Gebroe- Hammer Associates. The firm recently arranged two sepa- rate transactions, netting a combined $1.48 million for 18 total units, including one ground-floor retail unit. Gebroe-Hammer represent- ed the seller and identified the buyer, a long-time client, in the $950,000 sale of a five- story walk-up in Weehawken. The mid-rise building is stra- tegically situated between
Over $340 Million of Investment Sales to Date in 2012
111 COKESBURY ROAD 729,000 SF JV ADVISORY INDUSTRIAL BUILDING PURCHASE CLINTON, NJ THE LANDINGS AT PINE LAKE 520 UNITS SALE OF GARDEN STYLE APARTMENT COMMUNITY LINDENWOLD, NJ
Secaucus, NJ — Colliers International New Jersey arranged a long-term lease for ZT Group International, Inc. (dba ZT Systems) at 333 Meadowlands Parkway. The new, 23,451 s/f space will serve as the company’s new Colliers International brokers new 23,451 s/f long-term lease headquarters.
100 SCIPARK BLVD. 66,000 SF
RARE DEVELOPMENT OPPORTUNITY $4.5 Million ∙ 33 Acres
SALE OF SINGLE-TENANT OFFICE AND LAB BUILDING EAST WINDSOR, NJ
65 CLYDE ROAD 159,000 SF
75 COMMERCE DRIVE 114,000 SF SALE OF MULTI-TENANT SALE OF MULTI-TENANT WAREHOUSE BUILDING SOMERSET, NJ
FLEX BUILDING ALLENDALE, NJ
For More Information Please Contact:
3801 Penn Ave Sinking Spring, PA
60 INDUSTRIAL PARK DRIVE 719,000 SF SALE OF SINGLE-TENANT DISTRIBUTION FACILITY MILTON, PA
The subject property located in Sinking Spring PA (just minutes from Reading, PA) is 33 acres of land and is pre-approved for a three story, 55+, independent living facility with 130 units and 20 more in the future, and 80 townhouse units. Ready to develop. Public Water & sewer.
Eddy Peng, CCIM, CIPS RE/MAX of Reading Office: (610) 670-2770 x3078 Cell: (610) 223-0567 Email: EddyPeng2@verizon.net
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