Page 14 - RE-NJ

12 SEPTEMBER 2022
INVESTOR BUYS ORANGE APARTMENTS IN $22 MILLION DEAL
Aprivate investor has purchased a 120-unit apartment building in Orange for more than $22 million, brokers with Gebroe- Hammer Associates announced, touting the firm’s completion of
Courtesy: Gebroe-Hammer Associates
nearly $1 billion in multifamily investment sales during the first half of 2022.
According to the brokerage team, Executive Managing Director David Oropeza and Executive Vice President Stephen Tragash represented 248 Reynolds Group LLC in the sale of Reynolds Terrace Apartments. The property at 248 Reynolds Terrace, built in 1966 and continually updated, traded for $22.285 million, thanks in part to its value-add potential, its proximity to Manhattan and the greater Newark area and
its access to a vast network of highway and mass transit options.
The collection of studio, one- bedroom, two-bedroom and three-bedroom apartments last changed hands in 2019, for $16.65 million, in a deal also brokered by Oropeza and Tragash.
The latest sale came as part of a six-month stretch in which Gebroe-Hammer brokered 56 deals with a combined value of more than $979 million.
The Livingston-based firm’s transactions in the first half
of 2022 comprised 4,587 units across the northern New Jersey and greater Philadelphia regions, thanks largely to “unquenched” demand from Generation Z renters and would-be millennial homebuyers who are priced out of the single-family housing market.
“Since the post-World War II apartment-building boom and every challenging market cycle thereafter — at least those that have occurred in the past 47
years that I’ve experienced — multifamily properties have always proven to withstand economic and geopolitical headwinds better than any other real estate sector,” said Ken Uranowitz, Gebroe-Hammer’s president. “Moreover, inflationary periods drive investment strategies toward real estate assets where apartments are at the top of the food chain due to their inherent stability as a human need for shelter in a rising rental environment.”
Reynolds Terrace Apartments at 248 Reynolds Terrace in Orange
at Route 35 and Bethany Road in Hazlet, to Urban Air Adventure Park, Bubbakoo’s Burritos, CoCo Fresh Tea & Juice and AT&T Wireless. Pierson Commercial’s Gregg
Medvin represented ownership, while Stephen Carrozza of Metro Commercial and Matt Kenderian of Jeffery Realty represented Urban
Air Adventure Park. Pierson’s Gary Krauss and Jack Kahn of Jack Kahn Realty Services Corp. represented Bubbakoo’s Burritos and AT&T Wireless, respectively.
ADONI PROPERTY GROUP sold Franklin Court, a 42,116-square-foot strip center at 920 Hamilton St. in the Somerset section of Franklin, to LJL Realty Co. for $12.95 million. Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard of Cushman & Wakefield represented the seller and procured the buyer.
ASIAN FOOD MARKET leased 27,000 square feet at The Miracle Mall, a 100,000-square-foot property at 275 Route 18 in East Brunswick. Ryan Starkman of Pierson Commercial and Pete Nicholson of R.J. Brunelli & Co. represented the landlord and tenant, respectively.
MICHAELS leased 25,000 square feet at Hampton Plaza, a 130,000-square- foot complex at 27 Hampton House
Road in Newton. Jeffery Realty’s Bill Farkas and Jamie Sackeim of The Shopping Center Group represented the landlord and tenant, respectively.
DOLLAR TREE and FAMILY DOLLAR leased a combined 21,642 square feet
at Baywick Plaza, a 156,000-square- foot center on Route 9 in Bayville. Shane Wierks of Jeffery Realty and Danielle Brunelli of R.J. Brunelli & Co. represented the landlord and tenant, respectively.
FAMILY DOLLAR and DOLLAR TREE leased 19,500 square feet at 1620 Park Ave. in South Plainfield. Vanessa Fernandez-Kelty of Levin Management Corp. represented ownership, while Danielle Brunelli of R.J. Brunelli & Co. represented the tenant.
MVD LLC sold 33-39 Ridgedale Ave., a 15,000-square-foot property in East Hanover, to Sam Pareddy’s South Fifth LLC. The Goldstein Group’s Lew Finkelstein and CJ Huter represented both parties.
CATCH AIR leased 14,000 square feet at Twin City Shopping Center,
a 95,000-square-foot property at Garfield Avenue/Broadway and
53rd Street in Jersey City. E.J. Moawad of Levin Management Corp. represented ownership.
PLAZACORP leased 4,000 square
feet at 338 Newark Ave., a mixed- use building in Jersey City, to Gorillas. Bobby Antonicello Jr. of Grid Real Estate LLC represented ownership, while Ripco’s Alex Beard represented the tenant, a grocery delivery startup.
WASA PROPERTIES SUTTON
PLAZA leased 2,100 square feet, a 137,838-square-foot complex at 293 Route 206 in the Flanders section of Mount Olive, to Valentino’s Pizza. Chandler Vanderbeek and Connor Vanderbeek of Bussel Realty Corp. represented ownership.
210 MAIN URBAN RENEWAL/ HACKENSACK INVESTORS LLC leased 1,050 square feet at 210 Main St., a mixed-use building in Hackensack, to Gong Cha. NAI James E. Hanson’s Anthony Cassano represented both parties.
FINANCE
WELLS FARGO originated $227 million in total financing to Advance Realty Investors and Greek Development
in connection with the firms’ Linden
Logistics Center and Logan North Industrial Park projects in Linden and Logan Township, respectively. Cushman & Wakefield’s John Alascio, TJ Sullivan and Chuck Kohaut sourced the loan for the Logan Township project.
An undisclosed lender provided $60 million in financing to Russo
Development, The Hampshire
Cos. and Fourth Edition Inc., the developers of a new 271-unit luxury apartment building within the Print House development at 160 River St. in Hackensack. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. sourced the 10-year term loan.
MORGAN STANLEY closed a $44 million loan to Allendale Corporate Center LLC, the owner of a 389,433-square-foot flex commercial portfolio on Commerce Drive
and Boroline Road in Allendale. Black Bear Capital Partners’
Emil DePasquale represented the borrower in sourcing the 10-year, fixed-rate financing at a loan-to-value ratio of roughly 65 percent.
MINNESOTA LIFE INSURANCE CO.
provided $32 million to Alfred Sanzari Enterprises to refinance Glenpointe Centre East and the Atrium at Glenpointe, at 300 and 400 Frank W. Burr Blvd., respectively, which make up a combined 320,000 square feet within the Glenpointe campus in Teaneck. Thomas R. Didio, Thomas E. Didio Jr. and Salvatore Buzzerio of JLL sourced the 10-year, fixed-rate financing through Securian Asset Management, which originated the loan on behalf of the lender.
KNIGHTHEAD FUNDING LLC provided $31 million to Liberty Hall Joint Venture LLC to refinance Liberty Hall Center I, a 210,000-square-foot office building at 1085 Morris Ave. in Union Township. JLL’s Jon Mikula, Max Custer and Michael Lachs represented the borrower.
SIMMONS BANK provided a $25 million construction loan to Bridge Industrial for a 189,059-square-foot industrial development at 602 New Market Ave. in South Plainfield. JLL’s Jon Mikula, Michael Klein and Michael Lachs sourced the three-year, floating-rate loan on the borrower’s behalf. RE