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Mid Atlantic Real Estate Journal — New Jersey — March 15 - 28, 2013 — B
OUTH ORANGE, NJ — In one of New Jer- sey’s most recent high- Brach Eichler LLC and Geringer & Dolan LLP provide legal council Gebroe-Hammer Associates arranges one of NJ’s highest price-per-unit trades with $32 million sale S Brecher.
TheAvenue at South Orange has been the cornerstone of South Orange’s pedestrian- friendly central business dis- trict revitalization program. The municipality was among the first in the state designated as a Transit Village, demon- strating its commitment to re- vitalizing and redeveloping the area around its transit facility into a mixed-use neighborhood with a strong residential com- ponent. Legal counsel for the trade was provided by Alan R. Hammer, Esq. , and Jeffrey H. Itzkowitz, Esq. , of Brach Eichler LLC on behalf of the seller, and John McNamara, Esq. , of Geringer & Dolan LLP for the buyer. n building, harnessed computer- ized controls for all infrastruc- ture systems operations; also, visitors are now welcomed through automatic doors and there is an easy to navigate ramp access as well. Energy- efficient lighting is a building staple, as were sustainable materials built into the renova- tion. The CCI team added an elaborate café with comfortable seating as well. Mayor Francioli, in his nomi- nation letter, called the project an exciting example of what real estate professionals term ‘adaptive re-use’ i.e. taking a non-productive real estate as- set and brainstorming a way to jumpstart its economic and societal viability once again. That’s one of the great hopes for the continuing to slump office marketplace, and this is living proof it can be done. The building ownership, 197 Ridgedale Ave., LLC , represents a unique fusion of divergent backgrounds, includ- ing lead physicians from the building and commercial real estate executives from Com- mercial Real Estate Group (CRG), NJ-based building own- ers and operators. n
est price-per-unit multi-fam- ily trades, Gebroe-Hammer Associates has arranged the $32 million sale of TheAvenue at South Orange, a 79-unit luxury loft-style apartment community with 4,000 s/f of ground-floor retail space. The brokerage team of Ken Ura- nowitz, presiden t; Joseph Brecher , managing director; and David Jarvis , executive vice president, exclusively represented the seller, the original builder, and identified the buyer, who finalized a 1031 Exchange with the all-cash acquisition. “Boasting historically high occupancy rates, The Avenue Hanover, NJ — Com- mercial Construction, Inc. (CCI) , headquartered in Mor- ris Plains, headed by Michael Walsh , president & CEO, has been nominated for the prestigious 2013 New Good Neighbor Award – the award is conferred annually by the New Jersey Business & Industry Association (NJBIA), for the Top 10 Building projects in the Garden State. CCI was cited for its essen- tial role in transforming an antiquated, near vacant of- fice/laboratory building, built in 1946, to a modern showcase medical office structure with an impressive range of com- munity involvement, at 197 Ridgedale Ave., Cedar Knolls (Hanover). Township of Hanover Mayor, Ronald Francioli, nominated the project and noted it had turned around a broken real estate relic to become a vibrant member of the business com- munity, while providing a host of vital healthcare services, and extending its hand as a good corporate citizen by pro- viding educational seminars. With the enhancement of CCI’s fast-track construction
The Avenue at South Orange nities,” said Uranowitz. “We were able to match the property type and urban infill location with the other requirements of the buyer, who
garnered a price in excess of $400,000 per-unit, thanks to its transit-oriented location, high quality lease profiles and an array of on-site classAame-
recently disposed of three New York properties and sought a high-performing New Jersey asset to complete the back end of the 1031 Exchange,” added
Commercial Construction receives award nomination for $6 million upgrade of old Cedar Knolls building site
and a fresh feel including the transformation of an unsightly loading dock area into a stun- ning new entrance for the South Wing. Building systems were also brought up-to-date by installing new elevators, and a new upgraded HVAC system. CCI crowned the original 3-story facility with a new penthouse conference center, accessed by its own direct- route elevator, to transport special visitors, students, the public and staff members for a variety of events, including educational seminars on health concerns such as nutrition and illness prevention. There will also be a Bio-Skills Lab, an advanced teaching environ- ment for medical students and physicians with regard to in- novative surgical procedures and products. Walsh’s firm has a successful track record for over 20 years and in this case was more than up to the challenge of making a tired, old industrial site, a ‘people friendly’ building. Minimizing energy ‘leakage’ in an obsolete structure was another ‘must do’ objective, Walsh points out. CCI completely re-roofed the
197 Ridgedale Ave.
techniques and swift internal fit-out capabilities, the build- ing was finished in record time and changed completely from 80% vacant to 80% leased and occupied in just several months with a $6 million remake. Now known as Advanced Medical Center, 197 Ridgedale Ave. is an 80,000 s/f struc- ture that houses 10 different medical offices, with leading physicians in their respective fields, encompassing the most complete array of health care modalities. Tri-County Ortho- pedics, a renowned practice in New Jersey for more than 20
years, anchored the project by occupying the entire 17,000 s/f 3rd floor. The Sportscare, Inc., physical rehabilitation center nurtures patients back on their feet with treadmills that include inflatable devices, allowing the machine to bear 80% of the patient’s body weight, the DRA of Morristown imaging center offers a full range of diagnostic services capped by a 3 Tesla MRI. They each join The Surgi- cal Center at Cedar Knolls, a three-room ambulatory surgi- cal center, in the building. The building was given a new look,
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