Maz Radwan, an investment specialist in Marcus & Millichap's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a New Jersey developer. Radwan also secured the buyer, a New York private investor.
"Located just outside the campus of Rutgers University, the sale of this property is an example of investors pursuing quality markets and properties regardless of market conditions," Fasano tells GlobeSt.com. "Everyone worked together to close the transaction," he continues. "The buyer had sold two apartment properties in Brooklyn and needed to execute a 1031 Exchange. Radwan facilitated the transaction and worked with Josh Lipsey of Marcus & Millichap Capital Corp. and the buyer to secure financing;" Lipsey was able to secure a non-recourse loan with a 10-year term a 30-year amortization.
Constructed in 1999, the apartment contains 27 studios, 11 one-bedrooms and four commercial units. Both buildings have on-site laundry and limited parking available.
In recent weeks, Marcus & Millichap has inked several other sales, including the $1.25-million trade of a 6,175-square-foot retail property in Caldwell. Seth Pollack, a senior associate at the firm's New Jersey office, had the exclusive listing to market the property on behalf of the seller, a local retail developer. Senior associate David Thurston secured and represented the buyer, a local investor, in a 1031 Exchange.
Prior to that transaction, the firm brokered the $895,000 sale of a mixed-use building in Bayonne. Originally built in the early 1900s, the entire building was completely renovated in 2003 and has consistently operated at 100% occupancy. The property consists of two- and three-bedroom units and a six-bedroom duplex. There is additional income from two cell towers and an office on the ground floor.
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