BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.
BRIDGETON, N.J. — WinnCompanies has begun an $18.7 million rehabilitation of Bridgeton Villas Apartments in Bridgeton. The project will modernize the community, improve energy efficiency and expand resident services. Constructed in 1966 and 1969, the community features eight buildings housing 28 one-bedroom, 92 two-bedroom and 36 three-bedroom units with an on-site leasing and management office. WinnDevelopment will oversee the first phase of the renovation project, which will improve five buildings totaling 100 units. Interior work will include mechanical system upgrades along with complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures. Exterior improvements include the beautification of building facades, new entryways, complete roof replacement, landscape work and parking lot repair. Along with the overall rehabilitation, five units will be brought up to ADA compliance and 10 units will be set aside as special needs housing for homeless individuals and families. WinnCompanies will partner with Gateway Community Action Partnership to deliver supportive services for residents occupying the designated units. WinnCompanies acquired Bridgeton Villas in March 2017.
ROSELAND, N.J. — CBRE has arranged the sale of an office building located at 4 Becker Farm Road in Roseland. An undisclosed buyer purchased the 281,762-square-foot building for $16.7 million. At the time of sale, the building was 95 percent leased to a variety of tenants, including KMPG and CohnReznick. Jeffrey Dunne, Jeremy Neuer, Patrick Arangio, Jack Howard and Nick Savage of CBRE represented the seller, a special servicer, in the transaction.
FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness center and a 24-hour resident service team. The property is located within The Green at Florham Park, Rockefeller Group’s 268-acre master-planned development.
NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.
CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.
BAYONNE, N.J. — Marcus & Millichap has arranged the sale of a retail property located at 563-567 Broadway in Bayonne. A private investor sold the property for $1.1 million, or $192 per square foot. The building features 5,600 square feet of retail space. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
PRINCETON, N.J. — Cushman & Wakefield has arranged the sale of an office building, located at 103 Carnegie Center Drive in Princeton. Boston Properties acquired the 96,000-square-foot building from Mack-Cali Realty Corp. for $15.8 million. The three-story building features flexible floor plans accommodating tenants from 500 square feet to 15,000 square feet. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Andrew Schwartz of Cushman & Wakefield brokered the transaction.
MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s under the HUD Section 202 Direct Loan Program. Its primary source of income is a Section 8 Housing Assistance Payment (HAP) Contract, which has a remaining term of approximately 16 years. The Section 8 subsidy is sufficient to fund operations and debt service obligations, but the project had growing capital needs that could not be financed from operations and current reserve balances. The project benefited from a PILOT (Pilot in Lieu of Taxes) and ground lease agreements from the City of Margate. The existing agreements did not meet HUD’s current loan program requirements and needed to be amended to recapitalize the project. Approximately $1.4 million in loan proceeds are escrowed for capital repairs, $350,000 was deposited into a replacement reserve fund and a 15 percent …
RIDGEFIELD PARK, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 158 Bergen Turnpike in Ridgefield Park. Wooti Realty LLC sold the 4,500-square-foot building to 158 Bergen Owners LLC for an undisclosed price. The buyer plans to relocate its fire and security systems sales business from Brooklyn to the new site. Anthony Cassano of NAI Hanson represented the seller, while Marcus & Millichap represented the buyer in the transaction.