The seller is Trumark Cos., the developer of the overall project, which covers 18.25 acres and is called Carter Station. The buyers are San Francisco Bay Area investors Pritam and Manjit Grewal. Fernando Cuebas of Meacham/Oppenheimer Inc. represented Trumark. The buyers were represented by Manjit Aulakh of A-1 Realty in San Francisco.
Trumark began developing Carter Station about three years ago in cooperation with the City of Newark, which considered the project as key to revitalizing its Downtown area. Trumark sold 12.25 acres of entitled land to Shea Properties, which built 311 apartment homes, and sold 4.5 acres to Western Pacific Housing, which built 50 single-family homes.
"This was a significant project for us and meaningful to Newark in its desire to revitalize the downtown and bring mixed uses to the city's core area," says Trumark principal Mike Maples.
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