Page 12 - RE-NJ

10 OCTOBER 2022
INVESTORS WANTED FOR ICONIC
HAHNE’S PROPERTY IN NEWARK
The team behind the restoration of the historic Hahne & Co. building in Newark is seeking investors for the property, in a newly announced offering by Walker & Dunlop.
According to the brokerage firm, the asset’s current ownership is looking to recapitalize the equity interest in what’s now a collection of 160 luxury apartments and 170,000 square feet of retail, commercial and education space. That includes a Whole Foods that anchors the property at 609 Broad St., which has revitalized the former Hahne’s department store and was among Newark’s most high- profile redevelopment projects of the past decade.
“Hahne & Co. is testament that well-executed
Walker & Dunlop’s investment sales team in the region. “No property in New Jersey combines residential, commercial, education and retail
as efficiently and seamlessly as Hahne & Co. does. This investment opportunity combines credit cash flow with considerable upside as Newark continues its ascent as a top destination for residents, students, artists and tech companies.”
Originally built in 1901, the once- dormant property is listed on the National Register of Historic Places. It has been home to commercial space and apartments since roughly 2017, as part of an acclaimed restoration and conversion project by L+M Development Partners, Prudential Financial and Goldman Sachs Urban Investment Group.
Aside from Whole Foods’ nearly 30,000-square-foot store, the property is home to more than 70,000 square feet occupied by Rutgers University. Its loft-style apartments, meantime, are 99 percent leased and were among the first new market-rate rentals to
Courtesy: Walker & Dunlop
Thomas Walsh
adaptive reuse developments can spur progress in a transitioning market,” said Thomas Walsh, a managing director with
Hahne & Co. at 609 Broad St. in Newark
come to Newark in a decade.
The Walker & Dunlop team, which also includes Joseph Garibaldi and Nick Vanderslice, also highlighted features such as its location adjacent to Prudential’s 740,000-square-foot office tower that opened in 2015
and its proximity to Newark’s mass transit network. W&D’s Jonathan Schwartz is leading the debt and
finance team on the assignment.
“Hahne & Co.’s separate condominium structure provides considerable upside as units
can be separately financed and monetized allowing an investor to take advantage of distinct revenue streams backed by credit-rated entities,” Walsh added.
DOVER: 214-UNIT APARTMENT BUILDING TRADES FOR $75 MILLION
An investment group has sold a 214- unit luxury apartment building in Dover for $75 million, marking the second trade of the property since late 2020.
According to Berkadia, which brokered the sale, the complex at
1 West Dickerson Ave. drew broad interest thanks in part to its 30-year tax abatement and the substantial rent growth recently seen in the town. The building is also adjacent to NJ Transit’s Dover station,
with amenities such as a gym, a basketball court, a lounge and garage parking.
Berkadia’s Nat Gambuzza, Spencer Beriont, Trevor Fiebel, Brian Antognini, Tim Blashford and Michael O’Reilly represented the seller and procured the buyer, according to a post by Traded.
They said the $375-per-unit sale price is a record for Dover, adding that the transaction value was 40 percent higher than the last time the property sold, in 2020.
The brokers did not disclose the name of either party, but public records show
a Tinton Falls-
based entity,
SWE Dover LP/
SWE Midcity LP,
as the current
owner. The
seller, Dover
Transit Urban
Renewal LLC, is
Nat Gambuzza an affiliate of Cedarhurst, New York- based SYM Investments, which lists the property as part of its portfolio highlights.
Built by Capodagli Property Co., the complex opened its doors in 2020 as Meridia Transit Plaza. The project by the Linden-based developer replaced three surface lots, offering a mix of one- and two-bedroom homes with street-level retail space.
In late 2020, an affiliate listed
as Meridia Transit Plaza Urban Renewal sold the complex for $53 million.