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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

ISSUE HIGHLIGHTS Volume 24 Issue 3 February 10 - 23, 2012 Cushman &Wakefield Capital Markets Team inks $1.3 billion in 2011

New core property in New Jersey commands $255,555 per unit Kislak completes $23 million sale of 90-unit multi-family property

PRINGFIELD, NJ —The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $23,000,000 sale of a newly constructed core multifamily property located at 102-114 and 118-120 Victory Road in Spring- field, New Jersey. The property consists of 90 new luxury one, two, and three- bedroom bedroom units. Presi- dent and co-managing director Robert Holland and sales asso- ciate Scott Davidovic together represented the purchaser, a longtime Kislak client, in the transaction. “This sale represented an extraordinary opportunity to ac- quire a new, class ‘A’ multifam- ily property in northern New Jersey,” said Holland. It is rare for a new property of this caliber to trade. The premium price re- flects the quality of the property, the desirability of the location, rental rates, and the strength of the multifamily market in New S

Jersey.” “Given our long-stand- ing relationship with both the developer and purchaser, we were able to successfully nego- tiate and close the sale within 40 days,” added Davidovic. “The purchaser appreciated the cur- rent and potential value of the property as new multifamily construction in the area with such luxury amenities is usu- ally not available.” The units include spacious floor plans with large balconies. Unit amenities include stain- less steel appliances, washers and dryers, hardwood floors and car-

peting, and bathrooms with ce- ramic tiles. The buildings also have elevators and garages for residents, and a clubhouse and gym are planned to be built. The property is located off of Route 78 in Springfield, New Jersey near the borders of Millburn/Short Hills, Summit, Union/Vauxhall and Moun- tainside, among the strongest rental markets in the state. Residents will have an easy commute to New York City and the vari- ous employ- m e n t

centers in northern and central New Jersey. The seller was represented by Robert Trav- ers, Esq. of Edgewater, New Jersey and the purchaser was represented by Kenneth Gleid- man, Esq. of Lichter Gliedman Offenkrantz, PC of New York City. Robert Mendeles of Ar- bor Realty Trust arranged an $18,000,000 bridge loan for the purchaser. ■

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Skanska awarded $63m contract

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Gebroe-Hammer Associates arranges $7.25 million sale of Pewter Village

Property Management Spotlight Featuring IREM

and Joseph Brecher repre- sented the seller, Pewter Re- alty LLC, and procured the buyer, a long-time Gebroe- Hammer client. “This extremely well-main- tained three-acre proper- ty has historically demon- strated a high occupancy rate thanks to its 55+ tenant

Located in suburban Cam- den County, Collingswood is 35 miles southwest of Tren- ton and seven miles east of Philadelphia. The borough’s popular historic retail district boasts an array restaurants, cafés and boutiques as well as convenient access to mass transit. Metro Philadelphia’s subur- ban multi-family investment market continues to become more and more attractive to investors thanks to an ever-strengthening tenant pool,” said Brecher. “With oc- cupancies consistently at the 95-percent rate, rents have appreciated, as has property pricing.” Legal counsel was provided by Carol Stern of McCarter & English, LLP of Newark, N.J., and Richard Kelin, Esq. of Feinstein Raiss Kelin & Booker LLC of West Orange, N.J., on behalf of the seller and buyer, respectively. ■

base and strategic location near Collingswood’s vibrant commercial district,” said Schwartz. Pewter Village’s six two- story buildings are comprised of 64 one-bedroom and 20 two- bedroom units featuring gas fireplaces, washers/dryers, dishwashers and individually controlled climate c o n t r o l s .

COLLINGSWOOD, NJ — has arranged the $7.25 mil- lion sale of Pewter Village, an 84-unit active-adult garden- apartment complex at 1058 EldridgeAve. in Collingswood, announced Ken Uranowitz, managing director. Executive vice presidents Joel Schwartz

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Financial Digest .................................. 7-9A DelMarVa ........................................... 11-15A New Jersey ........................................ 17-28A Pennsylvania .......................................... 29-49A Property Mgmt featuring IREM............... Section B Directory Upcoming Spotlight Best of 2011 — February 24th

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