Page 16 - RE-NJ Nov.2021 #59
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14 N0VEMBER 2021
 EAST ORANGE RENTAL PORTFOLIO FETCHES $113 MILLION
An apartment owner has sold a 10-building, 641-unit portfolio in East Orange for $113 million, in a newly announced transaction by Gebroe-Hammer Associates.
According to the brokerage team, the sale by Milrose comprises a series of workforce housing assets on or near South Harrison St. The buyer, Spaxel, is a Manhattan-based developer and investment firm that
111 South Harrison St. in East Orange
is marking its largest acquisition in New Jersey to date.
Gebroe-Hammer Executive Managing Director Joseph Brecher spearheaded the transaction on behalf of both parties, working with Executive Managing Director David Oropeza and Executive Vice President Niko Nicolaou. Brecher noted that the complex sale required a two-tranche closing structure that allowed for loan assumptions on three of the 10 properties by the buyer.
“While we tapped into our expertise to facilitate the existing loan
assumptions — a process that required coordination with three separate servicers — we were able to successfully execute a two-phase closing just one month apart,” he said.
The portfolio features a mix of
one-, two-, three- and four-bedroom layouts across the 10 properties, which include 106, 111, 120, 158, 179, 255, 275, 296 and 94 South Harrison St., along with 650 Park Ave. The largest among them is 106 South Harrison, with 119 homes.
“Each of these properties benefits from East Orange’s greatest asset — its transit connectivity,” Brecher said. “They all are a short walk
to Brick Church Station, which offers Midtown-Manhattan Direct service along the Morris & Essex Line and have front-door NJ Transit service along five routes. Of course, highway access ramps to the Garden
State Parkway, (Interstate 280) and secondary roadways round out the transportation choices for local residents.”
In announcing the deal, Gebroe- Hammer noted that East Orange has more than $1 billion worth of development activity underway, which is helping to diversify the city’s existing tenant pool while making existing apartment buildings ripe for repositioning.
“Collectively, the properties possess inherent value-add characteristics and a percentage of units that have been upgraded during the past
four years or so,” said Oropeza,
the firm’s East Orange and eastern Essex County market specialist.
“As a result, the properties are primed for continuation of in-
place enhancements under new ownership and further repositioning maturation.”
 Belgrove Drive, 12 Grant Ave., 160 Stuyvesant Ave. and 9 Maple St. in Kearny for $10.915 million. Scott Davidovic and Michael Kossak of The Kislak Co. Inc. represented both parties.
329 ALFRED CORP. sold 329 Alfred Ave., a 300,000-square-foot development site in Teaneck, to Teaneck Urban Renewal for $9.83 million. Marcus & Millichap’s Steven J. Siegel represented the seller, while Casey Egan and Daniel Aviles represented the buyer, with assistance from John Krueger.
RETAIL
An undisclosed LLC sold The Shoppes at Matawan, a 33,719-square-foot complex at 1008-1016 Route 34 in Matawan, for $6.825 million. Marcus & Millichap’s Alan Cafiero brokered the deal.
AJE MANAGEMENT LLC leased 17,404
square feet at 540 Route 1 in Edison to Auto Lounge of Edison. The Goldstein Group’s Lew Finkelstein and CJ Huter
represented both parties.
POKE CAFÉ leased 2,400 square feet
at Flemington Marketplace, a 239,000-square-foot shopping center along Route 202 in Flemington. Vanessa Fernandez-Kelty of Levin Management Corp. represented ownership.
ZARO’S FAMILY BAKERY leased 2,285 square feet at The Shoppes on Broad, a 50,000-square-foot property at 635 Broad St. in Newark. Marta Villa of JLL represented ownership.
787 BROAD LLC leased 2,225 square
feet at 787 Broad St. in Newark to T-Mobile. JLL’s Marta Villa represented ownership, while Lew Finkelstein
and CJ Huter of The Goldstein Group represented the tenant.
NASSAU 195 LLC leased 1,100 square
feet at 195 Nassau St. in Princeton to Kumon Learning Center. Lauri Names of Princeton Realty Management Group and Kyle Janoczkin of Lee & Associates New Jersey represented the landlord and tenant, respectively.
NATIONAL CREDIT REPORTING SYSTEMS
INC. acquired 245 Bellevue Ave. in Hammonton. Ken Richardson and Aran Ploshansky of Vantage Commercial brokered the deal.
FINANCE
SHEM CREEK CAPITAL provided $29.9 million in financing to Bergman Real Estate Group and an affiliate
of Eightfold Real Estate Capital for their acquisition of 7 Giralda Farms,
a 236,809-square-foot office building
in Madison. JLL’s Michael Klein, Greg Nalbandian and Gerard Quinn sourced the four-year, floating-rate bridge loan.
CONNECTONE BANK closed a $27 million acquisition loan to Robert Tagliareni, the buyer of the six-building, 171-unit
General Kearny Apartments at 41-109 Belgrove Drive in Kearny. Progress Capital’s Brad Domenico sourced the financing, working with selling brokers Niko Nicolaou and David Oropeza
of Gebroe-Hammer Associates. Michael Strauss of ConnectOne Bank spearheaded the loan origination. RE
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ARCHITECTS AND PLANNERS
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Leaders in Mixed-Use, Transit-Oriented, Urban Design and Architecture
      Courtesy: Gebroe-Hammer
















































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