Investment team tapped to sell NJ apartment complex
CBRE Group Inc. announced that it has been selected as the exclusive agent to strategically market and sell Washington Park Apartments, situated within the epicenter of the highly sought-out Edison, New Jersey market, at 1940 Lincoln Highway, RT 27.
Despite recent evaluations revealing the property operates 45 percent below current market rents, the two-building, 52-unit garden style apartment complex has boasted positive cash flow for four generations.
CBRE’s New Jersey Multifamily Investment Properties team, led by Nat Gambuzza, first vice president, along with five team members, will spearhead the marketing and sale of the asset. The group was tapped for the assignment because of their depth of advisory and transaction services for multifamily and mixed-use properties, which has resulted in a successful sales record spanning various property types, as well as the ability to collaborate seamlessly across markets.
Washington Park Apartments boasts pride in ownership with perfectly maintained grounds despite an absentee owner, ample parking and a strong unit breakdown with 24 one-bedroom apartments with dinettes, 16 large one-bedroom apartments, and 12 junior one-bedroom apartments.
The property is centrally located near major highways and thoroughfares, the Edison train station and New Jersey Metro Park Station, as well as in close proximity to Rutgers University.
Employment opportunities nearby are also a primary driver for the constantly expanding local communities, with renters accounting for about 42 percent of the population within five miles of the asset. With the most recent population count at just under 100,000 people, Edison ranks as the fifth most populated city in New Jersey. Additionally, it has consistently ranked among the best and safest places to live by various news publications.
Cushman & Wakefield
Cushman team sells five buildings in NJ
Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the competitively bid trades of three regional offerings on behalf of the seller. The transactions involve five buildings and 343,000 square feet in Newark, Linden and Edison.
Seagis Property Group purchased two Port Newark buildings. The properties – at 158 Paris Street in Newark and 1026 West Elizabeth Ave. in Linden – total 101,000 square feet and are 98 percent occupied.
Cushman & Wakefield’s Gary Gabriel orchestrated the recent activity with Metropolitan Area Capital Markets team members Andrew Merin, David Bernhaut, Kyle Schmidt and Brian Whitmer.
In Edison, discount variety store chain DII Enterprises purchased a two-building complex at 183 and 185 National Road. The owner/occupier will ultimately use the 120,000-square-foot site as a regional distribution center, once tenant leases expire. DII Stores are located throughout the New York and New Jersey metropolitan area.
Finally, the Opper Group purchased 191 Talmadge Road in Edison. Totaling 122,000 square feet, the building sits on nearly 16 acres. It is fully leased to four tenants: Ashley Furniture, Zapp Fitness, Nixon Uniform Services Inc. and Fleet Pride Inc.
Tulfra Real Estate
Industrial property sells for $12M in Springfield, NJ
Tulfra Real Estate has closed on the sale of 21 Fadem Road in Springfield, New Jersey, to Shelbourne Global Solutions, a real estate investment firm based in Brooklyn, New York.
The sale, which closed December 30, 2016, is valued at $12 million. The 5.43 acre property was fully leased at the time of sale. Norman Feinstein Vice Chairman of The Hampshire Companies was the owner representative.
21 Fadem Road is an industrial property acquired in 2008 by Tulfra Real Estate, in partnership with The Hampshire Companies.
The 122,677-square-foot building, which was built in 1963, underwent an extensive renovation in 2009. Tulfra transformed the property into a desirable industrial/flex property and repositioned it for manufacturing, processing, research and development, production, fabricating, technology, data recovery and light industrial.
Their efforts attracted a wide range of quality tenants including Global Shipping Solutions and Gehrlicher Solar America Corp.
Marcus & Millichap
Healthcare headquarters up for grabs for $18.85M in CT
Marcus & Millichap announced the listing of ConnectiCare’s corporate headquarters in Farmington, CT. The asking price for the 64,518-square-foot, Class A corporate facility is $18.85 million.
The listing agents are Steven J. Siegel, of Marcus & Millichap’s Manhattan office, and Victor Nolletti, of Marcus & Millichap’s New Haven office.
Located in the upscale community of Farmington, Connecticut at 175 Scott Swamp Road (CT Route 6), the building was constructed in 2009 on a 16.8-acre campus. The three-story structure, known as Building One, houses about 200 employees in ConnectiCare’s Corporate Headquarters: Corporate Counsel, Accounting, Finance, Human Resources, Medicare and Network Administration. ConnectiCare, a leading health plan in the state of Connecticut, is a subsidiary of EmblemHealth.
The building for sale is one of two on the campus and both are occupied by ConnectiCare. A 100,539-square-foot IT/Customer Service Center, known as Building Two, is home to approximately 550 employees specializing in IT, Insurance Claims, and Customer Service. That facility was built in 2003.
ConnectiCare occupies 100 percent of both buildings on the campus, and each building benefits from long-term triple-net leases. ConnectiCare signed a 15-year lease for Building One that commenced in July 2009 and runs through the end of June 2024. The lease is structured with a 3-percent rental increase in year 11 of the base lease term. The lease also has three five-year options.