MOUNT LAUREL, N.J. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired Mount Laurel Crossing, a garden-style apartment community located in Mount Laurel, approximately 20 miles east of downtown Philadelphia. Built in 1999, the property comprises 13 residential buildings offering a total of 296 units. At the time of sale, the property was 95 percent occupied. The name of the seller and acquisition price were not released.
EDISON, N.J. — CBRE has arranged the sale of Washington Park Apartments, an apartment complex located at 1940 Lincoln Parkway, Route 27 in Edison. Joseph’s Wish LLC sold the property for $6.2 million. Situated on 1.9 acres, the garden-style apartment complex features 52 units. At the time of sale, the property was fully occupied. Nat Gambuzza and Spencer Beriont of CBRE represented the seller and procured the undisclosed buyer in the deal.
With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway point of 2017, according to Reis. Vacancy had been trending down since mid-2016, with a slight tick up in the second quarter of 2017, currently resting at 5.2 percent due to the delivery of 1,600 units in the last three months. Compare this to a $1,336 average rent and 4.4 percent vacancy rate nationwide, and New Jersey’s sustained appeal to investors and developers is unquestionable. However, multifamily investment sales to date in 2017 have been fairly measured — with fewer opportunities coming onto the market. For sales in excess of $10 million through August 2017, the volume has totaled $1.07 billion with the number of units sold totaling 4,708 (down 12 percent and 43 percent respectively compared to the same time in 2016) …
NORTH BERGEN, N.J. — Philadelphia-based Post Brothers has purchased The Duchess, a 320-unit multifamily high-rise development located at 7601 River Road in North Bergen. The developer, LWH Urban Renewal LLC sold the property for $166 million. Comprised of three interconnected 12-story buildings, The Duchess features a mix of studio, one-, two- and three-bedroom layouts, ranging from 600 square feet to a three-bedroom/three-bath, 2,600-square-foot penthouse. On-site amenities include a water terrace with a heated outdoor pool, private cabana beds and sun chaises and a veranda with yoga decks, a sandbox, co-working space and child-friendly spaces. Joseph Brecher, David Oropeza, Eli Rosen and Nicholas Nicolaou of Gebroe-Hammer represented the seller and buyer in the transaction.
EMERSON, N.J. — The Hampshire Cos. has completed the disposition of a free-standing convenience store, located at 354 Kinderkamack Road in Emerson, for an undisclosed price. QuickChek, a New Jersey-based convenience store chain, leases the 4,700-square-foot property. Chris Bosworth of CBRE represented the seller in the deal. The name of the buyer was not released.
MOUNT OLIVE, N.J. — Marcus & Millichap has arranged the sale of ITC Crossing North, a retail property located in Mount Olive. A private investor sold the 47,750-square-foot property for $5.9 million. Michael Lombardi and Jason Petrick of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
FLEMINGTON, N.J. — Sitar Realty Group has brokered the sale of a retail center located at 3 Walter Foran Blvd. in Flemington. Flemington Partners acquired the property from Arnav Investments for $5.6 million. The center features 36,408 square feet of retail space. Giorgio Vasilis of Sitar Realty Group brokered the transaction.
MOORESTOWN AND BURLINGTON, N.J. — Brennan Investment Group has purchased a 26-building portfolio in Moorestown and Burlington, suburbs of Philadelphia, for an undisclosed price. Totaling 1.3 million square feet, 24 of the properties are located in Moorestown with the remaining two in Burlington. Brennan plans to open a regional office in one of the Moorestown properties. The Flynn Company will handle leasing and property management of the portfolio. The name of the seller was not released.
MANASQUAN, N.J. — Levin Properties has purchased ACME Center, a retail property located at 71 Taylor Ave. in Manasquan, for an undisclosed price. ACME supermarket occupies the 19,000-square-foot property, which is situated on two acres. Levin Management Corp. served as advisor to the buyer in the deal. Levin Management Corp. is the property’s new leasing and managing agent. The name of the seller was not released.
HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an industrial building located at 174 Union St. in Hackensack. Ninth Avenue Properties sold the 5,800-square-foot property to Petaks Kosher Foods Catering for an undisclosed price. As part of the transaction, the seller negotiated a leaseback for 300 square feet of office space at the property. The property is a two-story industrial/USDA processing plant with full cooking, preparation and refrigeration equipment, as well as second-floor storage and six parking spaces. Petaks Kosher Foods Catering plans to relocate its operations from Fair Lawn, N.J., to the new property. Anthony Cassano of NAI Hanson represented the seller in the transaction.