Mid Atlantic Real Estate Journal — New Jersey — September 13 - 6, 013 — 11B
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N ortherN N ew J ersey
LMWOOD PARK, NJ —The old adage of “Sell in May and Go Away” Completes just shy of $73 million in apartment sales between June and August Investment sales prove to be active during the summer months for Gambuzza of Marcus & Millichap E
due to the spread between cap rates and interest rates. The spread between cap rates and the 10-Year Treasury was greater than 320 bps when most of this summer’s trans- actions were consummated,” says Gambuzza. “Just as a reference, in the peak of the market, there was only a 100 bps spread.” This poses a great opportu- nity for both buyers and sellers of apartment properties. This is further evidenced by some of our summer transaction vol- ume. A sample of Gambuzza’s transactions include the sale
of: Brookwood on the Green, in Liverpool, NY a 340-unit garden apartment complex, a 62 unit apartment portfolio in Elizabeth, NJ, the Pequannock Mini Mall, a mixed use prop- erty containing 6 retail stores and 14 apartments in Pequan- nock, NJ, a 24 unit garden style building in Plainfield, NJ, and an 13 unit mixed-use building in Linden, NJ. Nat Gambuzza serves as vice president invest- ments, director, National Multi Housing Group for Marcus and Millichap’s New Jersey Office. n
t y p i c a l l y warns stock investors of the seasonal decline and volatility of equity mar- kets. This ad- age does not hold true in the world of investment real estate sales. From the months between June and August, Gambuzza completed just shy of $73 mil- lion of apartment sales, total- ing 882 units in 6 transactions. All of these transactions were in Northern NJ, with the ex- ception of one in upstate New York. “The summer months have been busy due to pent up demand for apartment properties,” says Gambuzza. Both buyers and sellers have been able to reap the rewards of the current economic cycle. Sellers have benefitted from compressing cap rates causing values to rise, and buyers have benefitted from the reduction in interest rates. “What is unusual about this market is that even as cap rates compress, purchas- ers are earning higher yields Nat Gambuzza WESTORANGE, NJ — The Hampshire Companies , to- gether with joint venture part- ner, Paragon Realty Group , have announced the sale of a 13,946 s/f state-of-the-art medi- cal office condo located within Mount Pleasant Medical. The medical office condo is within the recently redeveloped, class A medical facility located at 375 Mount Pleasant Ave. in West Orange. Current tenants include New Jersey Cardiology Associates, Urology Group of New Jersey, Muscio Pain Man- agement, a new surgical center, and a dialysis center. The Hampshire Companies completed a total transforma- tion of the medical facility in 2010 and continues to see keen interest from the medical com- munity. The 113,000 s/f, three-story facility is situated on 11 pro- fessionally landscaped acres and offers easy access to area highways including Route 10 and I-280. n The Hampshire Cos. & Paragon Realty Grp. sell off. condo
Recent closings arranged by The Gambuzza Group of Marcus and Millichap
Plainfield, NJ 24 Units
Pequannock, NJ 20 Units
Liverpool, NY 340 Units
Linden, NJ 13 Units
Elizabeth, NJ 62 Units
Experience the Difference – Profit From the Results Nat Gambuzza, Vice President Investments Director, National Multi Housing Group (201) 582-1019 ngambuzza@marcusmillichap.com
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