Caryl Communications is an award-winning public relations and marketing agency based in Paramus, N.J. Read More

Cushman & Wakefield Arranges Sale of Newark, N.J., Apartment Portfolio

Download Word Document: Click Here

NEWARK, N.J., May 8, 2017 – A 68-unit Newark apartment portfolio traded this week in a $4.8 million sale arranged on behalf of the long term private ownership by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. The offering included two communities on Roseville Avenue; the assets are located just one block from each other.

Built in the early 1970s, both properties are three-story walk-ups. 467-479 Roseville Avenue contains 46 units and totals approximately 37,000 square feet on 0.46 acres, while 385-391 Roseville Avenue includes 22 units and totals approximately 17,600 square feet on 0.30 acres.

“These properties drew competitive bidding from multiple interested parties,” noted Cushman & Wakefield’s Brian Whitmer, who handled the transaction with Metropolitan Area Capital Markets team members Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd. “The buyer distinguished itself by not only pushing pricing over our asking number but also limiting contingencies. As a result, the acquiring firm has added two attractive properties to its growing portfolio.”

Whitmer added that the properties offer superior access to I-280 and Route 21, with NJ Transit bus service located in front of the buildings. They are also convenient to neighborhood retail including a deli/grocer and CVS Pharmacy. Onsite laundry and parking add to their leasing appeal.

“This part of Newark is experiencing an influx of attention and investment capital,” Seth Pollack noted. “The buyer is planning to renovate the properties, which will further improve their competitive positioning.”

Based in East Rutherford, N.J., the Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $25 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.

###

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

-END-

 

 

Tags:

Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *

Please enter validation text from image * Time limit is exhausted. Please reload the CAPTCHA.