Birch Group buys historic Jersey property for $87M
CBRE announced the sale of American Metro Center (AMC) in Hamilton, New Jersey for $84,700,000.
The team including Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE Institutional Properties represented the seller and procured the buyer, The Birch Group.
The CBRE leasing team of Adam Englander and Matt Saker assisted in the sale process.
AMC is one of the most unique buildings in the Central New Jersey market.
Previously used by American Standard as a manufacturing facility, the historic design features exposed brick, high ceilings and expansive windows and skylightss.
“From the first time I walked the building, I was intent on acquiring this unique asset. I look forward to building on AMC’s past success by enhancing the amenity offerings and driving future leasing,” said Mark Meisner, principal of The Birch Group, who also purchased 350-360 Mt. Kemble in 2018.
● GEBROE-HAMMER ASSOCIATES
JV to reposition Baby Boomer homes
Gebroe-Hammer Associates has orchestrated the $35.25 million sale of 118 apartment units at Chatham Village Apartments in Chatham Township.
The firm’s three Executive Vice Presidents Niko Nicolaou and David Jarvis, along with Morris County market specialist Stephen Tragash, exclusively represented the seller, Madison Hill Properties.
The team also procured the buyer, Stolar Capital in partnership with Vertical Realty and EverWest Real Estate Investors, LLC.
Built in 1955, Chatham Village is a classic garden-style community featuring 118 apartment homes, of which 40 are one-bedroom and 78 are two-bedroom layouts.
“Chatham Village Apartments presented a rare opportunity to acquire and reposition a highly visible apartment-community asset with sustained appeal among the region’s highly educated, upper-income commuter tenant base,” said Nicolaou.
“In a submarket where pre-1970s-era product accounts for over 50 percent of the apartment inventory based on age, the community is extremely well-poised for value-add repositioning.”
Approximately 25 miles west of New York City, Chatham Village is 13 minutes from Short Hills Mall, the region’s premier shopping hub.
“EverWest is excited to partner with Stolar Capital and Vertical Realty on this attractive workforce housing acquisition,” said Steve Feinberg, EverWest’s director of northeast acquisitions.
“The property’s coveted location provides direct transit access to New York City, a top-rated school district and excellent long-term fundamentals in a high-barrier-to-entry market that aligns well with our investment strategy.”
Offers sought for huge Williamsburg development site
JLL Capital Markets has been selected to market 67 Kent Avenue in North Williamsburg.
The property footprint comprises six separate lots, totaling 72,535 s/f, that take up nearly a full city block and includes 1,125 s/f of wraparound, highly visibility frontage.
The JLL professionals overseeing the assignment include Brendan Maddigan and Stephen Palmese, Vice Chairmen; Ethan Stanton, Winfield Clifford and Michael Mazzara, Managing Directors.
“67 Kent is unique because there are two attractive development components intertwined into one overall business plan,” said Stanton.
“The two different phases will produce significantly higher returns for the developer because of the yield created in the first two years of the project. Ownership will consider offers on the entire assemblage as well as on individual lots.”
The assemblage comprises approximately 184,281 s/f of interconnected factory buildings. It also contains a freestanding apartment building and a vacant lot.
The property offers a commercial conversion with highly flexible zoning, and is situated in an IBZ where there is precedent for obtaining a ULURP for greater commercial density.
“An offering of nearly a full city block in North Williamsburg directly across from Bushwick Inlet Park is a compelling opportunity that institutional investors would be remiss not to jump all over,” said Maddigan.
The property overlooks two adjacent waterfront parks, East River State Park and the expanding 28-acre Bushwick Inlet Park, forever securing city and water views.
● HSP REAL ESTATE / NAI GLOBAL
Queens retail space hits market
HSP Real Estate Group and NAI Global are marketing 91,398 s/f of retail space at Queens Blvd and 63rd Drive in Rego Park.
The 100 percent leased, two-acre portfolio consists of four distinct non-contiguous sites with one- and two-story buildings and includes tenants such as Starbucks, Rite Aid, Duane Reade, HSBC Bank and JP Morgan Chase Bank.
The properties are located in a designated opportunity zone that could provide additional economic benefits if federal guidelines are met.
Portions of the portfolio may be redeveloped into mixed-use assets like ground floor retail and low-rise multifamily units over time.
“This is an incredible investment opportunity in one of the most sought-after areas in Queens,” said Dana Moskowitz, Partner, HSP Real Estate Group. “It is a main street destination that has been a go-to for the entire community since the 1940s.”
The space is located steps away from the Rego Center Mall, Queen Center and Queens Place and sits on a subway hub for the E, M and R lines.
● CUSHMAN & WAKEFIELD
Lakewood Equities acquires office building
Cushman & Wakefield’s New Jersey capital markets team has arranged the trade of 1 Gatehall Drive in Parsippany.
Following a competitive bidding process, an affiliate of Lakewood Equities purchased the 115,000 s/f four-story office building from a joint venture partnership involving Lincoln Property Company and Development Ventures Group.
Gary Gabriel headed the assignment with David Bernhaut, Andy Merin, Frank DiTommaso and Andy Schwartz. Office leasing specialists William O’Keefe and Kelsey Nakamura also supported the transaction.
According to Gabriel, physical upgrades and amenity enhancements generated over a dozen new leases and renewals during the past 18 months.
1 Gatehall Drive was delivered 86 percent leased to more than 20 tenants with an average size of 3,400 s/f. The property’s layout caters specifically to a small and mid-size tenant base.