S hopping C enters N ew J ersey S po light N orthern

Mid Atlantic Real Estate Journal — New Jersey — September 13 - 26, 2013 — B


Striker Investment Realty introduced buyer & seller SELA Properties acquires a 31 unit bldg. in Jersey City

McConnell & McCrann market property Marcus & Millichap sells Maywood apt. for $1.66m


ersey City, NJ — SELA Properties , The Fort Lee based real estate

investment and manage- ment compa- ny had an- nounced its recent acqui- sition, a 31 unit build- ing in Jersey City. The build-

Tal Steinberg

31 unit building in Jersey City

ing which is located near McGinley Square features 30 apartments and 1 store sold for $2.1 million. Tal Steinberg , managing member for SELA PROPER- TIES said: “The acquisition took a while to close because of an assumption issue. The building might need a little TLC but overall we are thrilled to add it to our portfolio. This should be a great asset to hold for long term.” The cap rate reported was 8% and accord- ing to Steinberg, the company is planning on adding some amenities such as laundry fa- HACKENSACK, NJ — NAI James E. Hanson announces the following sales/leases in Northern New Jersey: The sale of a 3,000 s/f office property at 140 Route 17 North in Hackensack. The sale price was $512,500. NAI Hanson vice president Anthony Cassano and Asso- ciate vice president Dominic Fittizzi represented the seller, Samani Enterprises, LLC. The buyer was Chris & Kikis Real Estate, Inc. , which is relocating from a location in Fairview. The property, located at the corner of East Pleasantview Avenue, has 12 parking spaces on a lot totaling 5,380 s/f. There is convenient access to major roadways including Routes 46 and 80. S.N.S. Oriental Rugs has signed a 26,112 s/f, full-building industrial lease at 455 Barell

MAYWOOD, NJ — Marcus & Millichap Real Estate Investment Services has announced the sale of Elm Court Apartments, a 17 unit apartment complex located in Maywood, according to Ryan Nee , regional manager of the firm’s New Jersey office. The asset commanded a sales price of $1.66 million. ThomasMcConnell,CCIM and Kevin McCrann , Direc- tors in Marcus & Millichap’s National Multi Housing Group (NMHG) , had the listing to market the property on behalf of the seller, a local private investor. McConnell andMcCrann also represented the buyer. ElmCourtApartments is sit- uated at 41 E. Passaic Street, in Maywood NJ, a highly desirable Bergen County loca- tion. This garden style apart- Jersey City, NJ — Weiss Realty announced that it has completed a 36,624 s/f lease transaction at 10 Exchange Place located on the waterfront in Jersey City. Weiss Realty represented the tenant, Care- Point Health in the lease com- mitment for the entire 15th floor. Cushman and Wakefield represented the sub landlord, Rabo Support Services. 10 Ex- change Place is a 748,000 s/f class A TOBY Award winning building that includes direct access to Exchange Place Path Station and is steps away from the Hudson-Bergen Light Rail and NYWaterway Ferries. The space will serve as the admin-

ment complex consists of 17 residences as well as on-site private parking, laundry room and storage space for tenants’ convenience. All units feature hardwood floors. This quiet community is just 18 miles from New York City and offers easy access to Routes 17, 80 as well as Garden State Parkway. Ten- ants benefit from being within walking distance toMaywood’s downtown and a short drive to all shopping and restaurants in neighboring Paramus. “Bergen county multifam- ily product continues to fall short in supply and high in demand. This combined with historically low interest rates have made it clear we are in a seller’s market.” Says McCon- nell “This will continue until interest rates tick upwards.” adds McCrann. n istrative offices for CarePoint Health who has relocated. The transaction was orchestrated by Jaime Weiss and Matthew Weiss of Weiss Realty Inc. of Moonachie. “CarePoint Health, which manages the medical staff and top notch medical facilities of three Hudson County hospitals including Christ Hospital, Bay- onne Medical Center and Hobo- ken University Medical Center was drawn to this building due to the attractive demograph- ics and location” commented Matthew Weiss. “This lease establishes the company in a prestigious upscale building in the heart of Jersey City.” n

31 unit building in Jersey City

cility and storage units, which will increase the cash flow as well as the building value. The building had 100% occupancy at time of purchase. Michelle Streicher of Striker Investment Re- alty , a full service brokerage

company in Clifton, NJ, intro- duced the buyer and the seller. “Working with Tal and the whole SELA Properties team was a pleasure” said Streicher “They are the perfect buyers for this property and I wish them much success.” n

NAI Hanson reps Samani Enterprises in $512,500 sale of Hackensack office property Avenue in Carlstadt.

Parsippany. Reverse Mortgage provides lending services to a wide va- riety of borrowers looking to finance primary, secondary or investment property residenc- es. The company leased half of the entire first floor of the 1140 building. Hanson’s leasing team of Josh Levering , Michael Wal- ters and Nick Herrick repre- sented the property’s landlord, the Hampshire Companies (dba HGF Parsippany Boule- vard, LLC). “Boulevard Commons is a twin-building office complex that features 45,596 s/f of space,” Levering said. “The buildings provide excellent leasing opportunities to small and mid-size firms. Our cur- rent space available ranges from 1,450 to 9,900 s/f. For a larger tenant, we have reserved building signage, which is still available.” n

The tenant will use the build- ing for the warehousing and distribution of oriental rugs. NAI Hanson vice presidents Jeffrey DeMagistris and Thomas Vetter represented the landlord, R. J. Purcell As- sociates , and secured the ten- ant, S.N.S. Oriental Rugs LLC. The tenant signed a three-year lease and will use the space for the warehousing and distribu- tion of Oriental rugs. “The location was a signifi- cant factor in completing this transaction,“ DeMagistris said. “The tenant needed space with convenient roadway access and this site will help them reach their customer base.” NAI James E. Hansonan- nounced that ReverseMortgage Co. of America has become a new tenant at the recently renovated Boulevard Commons office complex, located at 1140- 1160 Parsippany Boulevard in

Weiss Realty brokers 36,624 s/f lease transaction in Jersey City

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