4B — January 11 - 24, 2019 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey

Irvington portfolio sale achieves record price per unit Lucern Capital Partners sells four property portfolio for $8.5 million


were constructed between 1920 and 1966 and represent a record price per unit in the submarket for buildings of this vintage. “We have always seen up- side in Irvington and focused our efforts here while transac- tional volume was exploding in neighboring East Orange. Outside of Irvington’s de- sirable geographic location, which is proximate to work- force employment centers, we felt Irvington’s long standing negative connotation provided an arbitrage opportunity rela- tive to greater Essex County.

We executed our vision, up- grading units, common areas, and the physical plant of each building. Our rents are now some of the highest in the sub- market, NOI growth has been substantial, and we have dem- onstrated a proof of concept for the new owner while complet- ing all of the heavy lifting. We are excited to see the new owner pick up where we left off and extract continued value from the portfolio”, said Frank Forte , managing partner of Lucern Capital Partners. The buildings ranged in size from 17 to 25 units, and the portfolio had a strong unit mix of 33% two and three bedroom floorplans. Floorplans ranged in size from 450 to 1,000 s/f in the primarily brick façade buildings. All buildings have parking lot or garage accom- modations. All four buildings are tightly clustered, and 1 mile or less from each other, providing easy management capability and control of the local submarket. Marcus & Millichap pro- cured the purchaser, and the seller negotiated the off-mar- ket transaction. Matthew Curro of Curro Law provided counsel to the seller on the transaction.  Nathin of Sheldon Gross Realty man- ages transaction at Elmwood Park ELMWOOD PARK, NJ — A 4,494 s/f office space at 619 River Dr., Elmwood Park has been leased by

RVINGTON, NJ — Lu- cern Capital Partners , has sold a four property

portfolio for $8.5 million ( $100 , 000 / unit) in Ir- vington to a private in- vestor. Lu- cern Capital P a r t n e r s p i eced the

Frank Forte

portfolio together, located on Clinton, Linden, and Stuyves- ant Aves. over the last 20 months over three separate transactions. The buildings


Dover, NJ 100 Residential Units Joseph Keenan ext. 256

Bethlehem, PA 61 Residential Units Robert Holland ext. 285 Justin Lupo ext. 225

Newark, NJ 10 Residential Units, 6 Retail Julie Gralla ext. 265

Ace IT Solu- tions, in a transaction managed by S h e l d o n Gross Re- alty senior vice presi - dent Robert Nathin .

The location offers easy ac- cess to Rte. 80, Rte. 46, and the Garden State Parkway. “Southern Bergen County presents a terrific business environment, and my client was committed to remain- ing in the area,” Nathin explains. “This new location is absolutely ideal – it’s in a vibrant community and is pretty much directly ad- jacent to several of New Jersey’s most important highways.”  Robert Nathin

Long Branch, NJ 50,000 SF Industrial Park Daniel Lanni ext. 248

Flemington, NJ 23,045 SF Retail/Office Daniel Lanni ext. 248

South Brunswick, NJ 2.27± Corner Lot Matt Weilheimer ext. 253

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