Here is a roundup of recent deals, leases, executive moves, and other news from the past week.
BURLINGTON/CAMDEN/GLOUCESTER COUNTY, NJ—As new multi-family development remains rare in South Jersey’s low-vacancy rate suburbs, long-time and relatively new owners have been tapping Gebroe-Hammer Associates to market high-unit-density, pre-1980s-era garden-style apartments. The result: three recent sales in the Burlington, Camden West and Gloucester County submarkets totaling 896 units sold for a combined $88.85 million. Gebroe-Hammer sales associate Eli Herskowitz and managing director Joseph Brecher represented the seller and found the buyer for the $12 million off-market sale of Burlington Court Apartments in Burlington City, NJ (pictured). Located at 870 E. Route 130 North, the 201-unit complex features a mix of one- and two-bedroom units less than 21 miles from Center City, Philadelphia, and 15 miles from Trenton. Within the Camden West submarket—the second-strongest Philadelphia-metro submarket behind Center City—the Brecher/Herskowitz team also arranged the $12.25 million sale of a 216-unit garden-apartment complex. Rounding out Gebroe-Hammer’s latest flurry of South Jersey activity was the $64.6 million sale of 443 units in Gloucester County.
BAYONNE, NJ—Fashion accessories manufacturer Cejon Inc. has extended its 84,000-square-foot industrial lease at 51-53 Hook Road in Bayonne. A Manhattan-based company that is an officially licensed accessory house for Steve Madden, Betsey Johnson and Big Buddha, Cejon has maintained its regional warehouse/distribution operation at the Hook Road property since 2005. Colliers International’s Dick Hecker, based in the global commercial real estate services firm’s Parsippany, NJ, office, represented Cejon in this transaction. Hecker notes the 300,000-square-foot, multi-tenant building also offers functional loading and ample parking to serve a thriving distribution operation, at a time when demand continues to outpace supply in New Jersey’s Port submarket.
YARDLEY, PA—Colliers International Philadelphia and Colliers International Princeton have leased approximately 3,400 square feet of office space to Intraprise, a provider of strategic advisory services and software engineering solutions, at the Tannery, 19 West College Ave, Yardley, PA.
POINT PLEASANT, NJ—The Kislak Company arranged the $3 million sale of Village Apartments, 10 residential units at 1005 Trenton Avenue in Point Pleasant, Ocean County, NJ. With a per unit price of $300,000, the sale of Village Apartments exceeded the previous record for the highest sale price per unit for an apartment building in all of Ocean County by $40,000 per unit according to data available from CoStar. The property, constructed in 2002, occupies slightly more than a half-acre of land, and consists of a brick row building with upper and lower level condo-quality units, each with two bedrooms and two bathrooms with hardwood floors throughout.
UNIONDALE, NY—Arbor Realty Trust recently funded eight loans totaling $23.4 million under the Fannie Mae DUS Loan and Freddie Mac SBL product lines. The 8 transactions were: Pershing Apartments, West Palm Beach, FL, a 54-unit multifamily property that received $3.007 million under the Freddie Mac SBL Loan program; Coventry North Apartments, Houston, TX, a 90-unit multifamily property ($2.79 million); Leawood Plaza Apartments, Houston, TX , an 80-unit multifamily property ($2.32 million); Whispering Oaks Apartments, Houston, TX, an 80-unit multifamily property ($4.545 million); Horizon Apartments, Baytown, TX, an 80-unit multifamily property ($2.1 million); Oaktree Apartments, Joppa, MD, a 49-unit multifamily property ($3.32 million); 214 West Hoosac St. and 300 East Hoosac St, Waterville, MN, 38-unit multifamily properties ($1.34 million); and 130 Bradly Ave., Meriden, CT, a 23-unit multifamily property ($948,000).
LITTLE FALLS, NJ—44 Main, a new collection of 34 upscale one- and two-bedroom rental homes in the Passaic County Township of Little Falls, is now 50-percent leased, officials from KV Realty say.
NEW YORK, NY—Cushman & Wakefield arranged the sale of two adjacent commercial buildings located at 6519 and 6523 18th Avenue in Bensonhurst, Brooklyn. The final closing price was $9.02 million. A Cushman & Wakefield investment sales team led by executive director Jeffrey A. Shalom, senior associate Caroline Hodes, and senior associate Stephen Vorvolakos represented both the seller and the buyer in the transaction. The two, two-story adjacent commercial buildings, totaling 8,070-square-feet, sold for a record price of $1,118 per square foot for this asset class on 18th Avenue. The corner retail space is anchored by Capital One Bank through a 15-year lease while the rest of the building will be delivered vacant shortly after closing.
EMERSON, NJ—NAI James E. Hanson brokered the lease for 2,800 square feet of retail space at 200 Kinderkamack Road in Emerson, NJ. NAI Hanson’s Randy Horning, MSRE, and Darren Lizzack, MSRE, represented the landlord, Hudson Emerson Properties, and tenant, Faustini’s Institute of Martial Arts and Fitness, in the exclusive listing. 200 Kinderkamack Road is a two-story, newly-constructed 5,600-square-foot retail building with frontage on Kinderkamack Road, Emerson’s main thoroughfare and easy access to the Emerson train station on NJ Transit’s Pascack Valley line.
WATERTOWN, MA—In its exclusive representation of a joint venture of LCB Senior Living and Washington Capital Management on behalf of its client, Cushman & Wakefield Senior Housing Capital Markets arranged the recapitalization of The Residence at Watertown Square, a 90-unit independent living, assisted living and memory care community located in the heart of the Watertown Square, for $45 million. LCB will continue to operate the community. The Residence at Watertown Square was newly built in November 2014. The midrise community is five stories with 90 apartments just two miles west of Boston’s city limits in the heart of Watertown Square, an infill, amenity-rich neighborhood surrounded by the most affluent towns in the Greater Boston area.
WESTFIELD, MA—Cushman & Wakefield completed the sale of 70 Turnpike Industrial Road in Westfield, MA. Cushman & Wakefield director Damon Bowers facilitated the sale of the 238,575-square-foot industrial building to HMC Real Estate, a New York-based real estate investment firm co-founded by Michael Grossman and Barry Lefkowitz, former executive officers of a multi-billion dollar public REIT with 33.5 million square feet of office, flex, and industrial properties. Cushman & Wakefield has been retained to lease the newly acquired building, which is undergoing major renovations including full roof maintenance (with partial replacement); installation of new mechanical systems and bathrooms throughout; internal demolition and reconfiguration to create an efficient and flexible design; and extensive parking lot, landscaping, and site improvements.
YORK, PA—ROCK Commercial Real Estate says BeBalanced has signed a lease for 1,950 square feet at 2331 E. Market Street in York. The building, owned by Barbara Elliott, is a two-story, 15,000-square-foot, multi-tenant retail/office plaza on York’s east end. Theodore K. Turnbull, of ROCK Commercial Real Estate, brokered the transaction and ROCK Commercial also manages the building. BeBalanced, a hormone weight loss center, uses the power of hormones and natural hormone balancing to correct key hormone imbalances.
GARDEN CITY, NY—ACC Space is pleased to announce the launch of its brokerage firm, as a part of its full service real estate company, ACC Real Estate Services. Chip Entwistle, principal, Gurpeet (Sonny) Singh, director, and Jonathan Schechter, dssistant director, have joined the company in order to maintain ACC’s vision of providing in-house services in all areas of commercial real estate services. By forming an alliance with these top brokers, CEO John Proscia continues to offer first-class talent of a large management firm, with the personal attention of a local company.
NEW YORK, NY—The law firm of Tarter Krinsky & Drogin is pleased to announce the arrival of Karen Schwimmer as an associate in the Real Estate practice. Schwimmer represents owners, operators and developers in the acquisition, financing, leasing, development and disposition of property. She also assists lenders with commercial real estate loan transactions, and cooperative and condominium boards with governance issues.