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ON THE SCENE: Anza sells NJ apartment complex for $5.7M; Blue Rise Group acquires office flex property for $3M

Blue Rise Group has acquired an office flex property with a broadcast and cell tower at 3200 Expressway Drive South in Islandia, NY for $3 million. The CBRE team of Carl Eriksen and Mark Zussman represented the seller, Univision. Located in Islandia, 3200 Expressway Drive South is a 17,000 s/f flex property with 7,150 s/f of office space and 9,850 s/f of high ceiling industrial space. The property and cell tower sit on 1.42 acres of land with access and exposure to the Long Island Expressway Service Road.

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EXP Realty Advisors has arranged the sale of a 6,138 s/f net-leased Hooters property, located at 8207 W Irlo Bronson Memorial Highway in Kissimmee, Florida for $4,325,000, which represents a cap rate of 5.27 percent. The restaurant is located on Irlo Bronson Memorial Highway, which winds through several Disney theme parks and exposes the property to over 55,000 cars per day. The property is an out parcel to a Publix grocer and other surrounding retailers. The area will also soon also be home to the Jimmy Buffett’s 320 acre Margaritaville Resort. Andrew Greenberg of EXP Realty Advisors represented the buyer, a New York City based real estate investor who needed to complete a 1031 exchange.

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Gebroe-Hammer announced the $5.7 million sale of the 30-unit Silver Lake Garden Apartments at 104 Fifth Ave.in Belma, NJ. Vice President Adam Zweibel, Gebroe-Hammer’s Central and South Jersey market specialist, exclusively represented the original developer/owner, Anza, Inc., and procured the buyer, a private investor, for the circa-1966 low-rise complex. The sale garnered a $190,000 per-unit-price, a new high for apartment buildings constructed prior to 1970 in the Jersey Shore region. Comprised of six two-bedroom and 24 one-bedroom layouts, Silver Lake Gardens has a horseshoe-shape arrangement. It has undergone extensive upgrades since being built, the latest of which were completed from 2012 through 2015.

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Sean Lefkovits and John Florek of HPNY have closed on the off-market sale of 244 10th Avenue for $11,700,000. The property is located in the Chelsea section of Manhattan between 24th and 25th Street. The 5-story walk-up consists of eight apartments and one store. The property is built approximately 6,000 s/f with 25 ft. of frontage. It traded for roughly $1,828 psf. Seller was 244 10th Avenue Realty. The purchasing entity was 244 10th LLC. Lefkovits and Florek of HPNY represented both sides in the transaction.

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Marcus & Millichap announced the following sales:

• 210 Nostrand Avenue, a 6,000 s/f development site located in Brooklyn, sold for $1,300,000. Eric Eckhardt from Marcus & Millichap’s Brooklyn office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a developer, was also secured and represented by Eckhardt.

• A 6,250 s/f multifamily property located in West New York, NJ, sold for $1,215,000. Andrew M. Zuckerman and Daniel Aviles, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, a private investor. the pair also secured and represented the buyer, a private investor. The multifamily property is located at 112 66th Street in West New York, NJ. The property has a brick exterior and is in excellent condition with recent capital improvements including renovations to six units, upgrades to the hot water heater and a new fire alarm system.

• Grove Plaza, a 19,845 s/f retail property located in North Plainfield, NJ, sold for $1,910,000. Alan Cafiero, Ben Sgambati and Brent Hyldahl, investment specialists in Marcus & Millichap’s New Jersey office, represented the seller, a private investor. The team also secured and represented the buyer, a private investor. Grove Plaza is located at 789 Route 22 West in North Plainfield, NJ.

• Valley Supreme Plaza, a 50,800 s/f retail property located in Pine Bush, NY, sold for $5,800,000. Alan Cafiero, Ben Sgambati, Matt Leszyk and Anthony Asencio, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. Scott Plasky and Scott Edelstein, investment specialists in Marcus & Millichap’s Manhattan office, secured and represented the buyer, a private investor. Valley Supreme Plaza is located at 2412 NY State Route 52 in Pine Bush, NY. The retail center has served the local community for over 25 years and has shown a history of high occupancy levels throughout the years.

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Silber Investment Properties announced that Petrakis Realty Group has completed a multistage acquisition of triple net (NNN) properties with 7-Eleven tenants in West Virginia. The latest deal, consisting of five properties, is valued at around $4 million. Adam Silber, principal of Silber Investment Properties, represented the buyer. Petrakis Realty Group, started by three brothers in the 1990’s, has bought, sold and developed over $500 million in shopping centers and strip malls. The firm owns and manages their current portfolio of over 100 properties. The company is currently focused on triple net (NNN) properties such as Dunkin Donuts, 7-Eleven, fast food restaurants, gas stations, and drug stores. The seller in the latest transaction was represented by Sam Judd of the Silber Investment Properties National Net Leased Division. The proeprties are located at 1655 W Washington St, Bolivar, WV, 836 Jefferson Ave, Charles Town, WV, 4716 Hedgesville Rd, Hedgesville, WV, 8949 Williamsport Pike, Falling Waters, WV, and 26 Charles Town Plaza, Charles Town, WV.

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SJP Properties announced that it has sold a site within the Somerset Corporate Center for the development of an AC Hotels by Marriott and a Zinburger Wine & Burger Bar. A European-inspired hospitality brand with more than 100 locations around the world, AC Hotels newest location in Bridgewater will feature 150 guest rooms and a rooftop bar and lounge, and will be complemented by a 5,800 s/f free-standing Zinburger, the upscale burger restaurant. Construction on the hotel and restaurant will commence this month and is expected to be completed by 2020. Somerset Corporate Center is fully leased to companies including Linde Americas, Qualcomm, iconectiv, Mazda, Kering Eyewear, and Merrill Lynch.

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