24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent transactions and other news from around the Northeast.

Deal Tracker

ENGLEWOOD, NJ—NAI James E. Hanson brokered the sale of two properties located at 229 and 231 South Dean Street in Englewood, NJ. NAI James E. Hanson’s Anthony Cassano represented the buyers and sellers both transactions. 229 South Dean Street (pictured) is currently occupied by a 3,400-square-foot, single-story car wash and auto detailing building. 231 South Dean Street is a two-story, private residence on the adjacent lot. Both properties may be razed to allow for redevelopment of the sites.

LANCASTER, PA—The Kislak Company brokered the recent sale of Hawthorne Gardens, a 144-unit Class A apartment complex in Lancaster, Pennsylvania, for $17.2 million. Kislak president Robert Holland represented the seller and senior vice president Barry Waisbrod represented the purchaser. Hawthorne Gardens was built in 2014 and is a garden-style apartment complex with 144 two-bedroom, two-bathroom units. Property amenities include a clubhouse, fitness center and business center for tenants.

PLYMOUTH MEETING, PA—A joint venture between Pennsylvania-based 5 Cap Realty, its affiliate RREIC Advisors, and a private equity fund vehicle managed by JMP Asset Management has closed on its first two acquisitions: an apartment community in the Philadelphia metro area and another in greater Atlanta, with a total of 446 units, for a total cost of just under $60 million. The Philadelphia area acquisition, Summer Chase, Limerick, PA (pictured), has 198 large multifamily apartments, all with direct-access one- or two-car garages. The property was acquired for $36.3 million ($183,333 per unit) from an institutional seller. The new ownership plans to invest $2.5 million in renovations including kitchens, bathroom fixtures, and HVAC systems. Freddie Mac provided the debt financing. The Georgia property, Grove Mountain Park, is about 18 miles from downtown Atlanta, and was acquired for $21.6 million ($81,000 per unit). Its 13 garden-style buildings offer a diverse unit mix of studio and one- to three-bedroom apartments. The venture plans to invest $3.15 million in renovations to common areas and individual residences. Debt financing was provided by Fannie Mae.

BRIDGEWATER, NJ—The Zoo Health Club has leased 17,000 square feet at Somerset Shopping Center in Bridgewater, marking the national fitness chain’s first location in the Garden State. The 219,000-square-foot center is exclusively leased and managed by commercial real estate services firm Levin Management Corporation. Vanessa Fernandez, a Levin leasing representative, negotiated the long-term lease. Jonathan Cashion of Katz & Associates represented the tenant.

NEW YORK, NY—Himmel + Meringoff acquired 21-07 41st Avenue, a 127,000 square foot warehouse and office building in a prime Long Island City location at the F train subway station, two stops from midtown Manhattan and one stop from Cornell University’s new Technion applied sciences graduate school on Roosevelt Island. The newly acquired six-story property features four sides of light, generous floor plates of approximately 20,000 square feet and represents a long-term repositioning opportunity. Himmel + Meringoff expects to make available 11,000 square feet of newly created retail space.

NEW PROVIDENCE, NJ—Full-service real estate development company Mountain Development Corp. has announced the acquisition of 41 Spring Street, a 170,000-square-foot single-story Class A office property in New Providence.

OCEAN GROVE, NJ—Institutional Property Advisors arranged the sale of Francis Asbury Manor, a 131-unit, 150-bed assisted-living facility in Ocean Grove, NJ. The $18.25 million sales price equates to over $139,000 per unit.

 

WARREN, NJ—JLL was selected by American Equity Partners as exclusive leasing agent for Independence Place, 10 Independence Boulevard, Warren, NJ. The firm will provide a full range of marketing services for the class A, 120,528-square-foot commercial office building. The JLL professionals overseeing the leasing assignment include Craig Eisenhardt and Robert Ryan, senior vice presidents, and Jason Benson, associate. They will work closely with David Elkouby, partner, with American Equity Partners.

Notables

NEW YORK, NY—Paul Gottsegen, president of Halstead Management, was the 2017 recipient of New York Building Managers’ Association “Honorary Member” Award. He received the award, for superior accomplishment and service in the real estate or affiliated industries, at the NYBMA’s 97th Annual Grand Ball recently. NYBMA, established in 1917, was celebrating its 100th anniversary.

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