NEWARK-Holliday Fenoglio Fowler LP has been retained on an exclusive basis to arrange the sale of the Colonnade, located at 25 Clifton Ave. here. This landmark property was designed by noted architect Mies van der Rohe and consists of 560 units in one building with two towers sharing a common concourse. The high rise-style community has 160 studios, 200 one-bedroom, 160 two-bedroom and 40 three-bedroom units and is currently over 90% leased. The units range in size from 545 to 1,625 square feet and average 948 square feet. The concourse level was recently renovated for around $2 million.

According to Christian M. Benedetto Jr., director of real estate services at Hopkins Sampson & Brown Real Estate Advisory Services, the asset offers "location, location, location. The building is across from Branch Brook Park, which was designed by Frederick Law Olmsted, designer of New York City's Central Park." What's more, he tells GlobeSt.com, "The location, pedigree of the architect of the building and the park make it Newark's equivalent of Manhattan's Dakota. The Colonnade is the Crown Jewel of residential buildings in Newark, and only one block from Broad Street Station"

Newark's revitalization, in conjunction with its growing universities, has increased the popularity of the city in recent years. A confluence of public and private capital is contributing to the revival of Newark. The first step was the completion of the $180-million New Jersey Performing Arts Center in October 1997. In addition, the development of sports arenas has also contributed to Newark’s new image. In 1999, the minor league baseball team, the Newark Bears, played its first season in the new $35-million stadium here. The Prudential Center opened in October 2007 as the home of the NHL’s New Jersey Devils. And the NBA’s New Jersey Nets will be playing there for the next two years. In the adjacent town of Harrison, a new soccer stadium for the New York Red Bulls was completed in 2010.