New Jersey

The property, in the supply constrained Short Hills area multifamily market, was sold by Madison Hill Properties of Passaic, NJ.

The second and third generation, family-run property owners are selling out their kids don't want to run the business the way their parents and grandparents did.

Earlier this year, Hackensack, NJ-based Alfred Sanzari Enterprises sold two garden-style apartment communities—Riverside Terrace in Bogota, NJ to the Tournambe Family and Queen Anne in Hackensack, N.J. to JC Realty—to leverage the successful 1031 exchange.

JMF Properties recently staged a ribbon cutting for the 212-unit development at 1400 South Ave., located between the Netherwood and Fanwood train stations on the Raritan Valley train line.

The New Jersey and South Dakota assets sold for a total of $58 million.

"From the first time I walked the building, I was intent on acquiring this unique asset. I look forward to building on AMC's past success by enhancing the amenity offerings and driving future leasing," says Mark Meisner, principal of The Birch Group.

EverWest purchased the property and secured a long-term lease agreement with the laminating, coating and metallizing technology at the building located at 12 Daniel Road.

The redevelopment of the shopping center, now known as "Fishtown Crossing," will create approximately 18,000 square feet of new retail space.