“I think this program is going to force capital that's been sitting on the sidelines to act and to get invested in some of the communities that need it the most across the country,” says Lindsay Sparacino, managing director of EJF Capital.
“The property's location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” says HFF's José Cruz.
The property, located at the northwest quadrant of Powers Ferry and Terrell Mill Roads, will be located within the new master planned 24-acre Marketplace Terrell Mill development.
Monmouth County is seeking to facilitate the growth of an emerging technology cluster at Fort Monmouth, which already houses the headquarters of three technology companies, currently employing over 1,000 people on the former Fort.
The assets do not align with the seller's core plan for the area, so it is effectively the first time they are available to be acquired by someone who can focus on maximizing each individual asset.
Located at 60-70 Spruce Street in Paterson's Great Falls historic district, around 90 filmmakers, photographers, and many other creative professionals call Art Factory Studios home.
The $400 million first phase of project has reimagined an ageing and underutilized section along Market Street into a dynamic full block of leading stores and popular restaurants.
The 734-bed development will bring a new Jewish community center, European arcade-style retail stores and expanded parking to intersection of Garner Street and Beaver Avenue.