CBRE closes more than $19.3M in multifamily transactions
ESSEX COUNTY, NJ — CBRE announced today that the investment sales team led by senior vice president Nat Gambuzza closed a total of nine multifamily transactions in Essex County, New Jersey during 2017, with a total value amounting to more than $19.3 million The properties represent a total of 233 units overall and are located in the communities of Irvington, Belleville and Montclair. The CBRE team, which worked on behalf of each seller, was supported by senior associate John Veniero. “We’re proud to be closing 2017 as market leaders in the Essex County multifamily sector,” said Gambuzza. “Essex County is one of the region’s most densely populated counties, and local owners and investors know they can count on CBRE to help generate lucrative real estate transactions.” Five of the county’s nine sales were in Irvington, where a total of 170 units comprised nearly three-quarters of total deal volume. The largest deal was a five-property, 88-unit portfolio transaction on Smith St., which traded for $5 million. Addresses included 23, 25, 34-36, 27-37 and 39 Smith St. The other four Irvington deals were a $2.8 million two-building sale at 404-408 and 410-414 Union Ave. with a total of 45 units; a $1.8 million, 24-unit deal at 977-983 Stuyvesant Ave.; a $520,000 transaction at the four-unit 1400-1404 Springfield Ave.; and a nine-unit deal at 701 Lyons Ave. priced at $300,000. The team closed three sales in Belleville encompassing a total of 42 units. The transactions included a 24-unit property at 304-316 Franklin Ave. that sold for $3.65 million, a 14-unit deal at 6-8 Lincoln Terrace trading for $1.51 million, and the $425,000 sale of 246-248 Mill St., a four-unit property. Gambuzza’s team also closed the $3.3 million sale at 124 Maple Ave. in Montclair, a 21-unit site. CBRE has successfully negotiated a lease for SOSH Architects first Philadelphia location at the historic Curtis Center located at 601 Walnut Street in Philadelphia, Pennsylvania. SOSH Architects is currently occupying interim space at the Curtis Center while the innovative design of their new office space is being constructed. The firm is expected to move into a 3,274 s/f office on the 10th floor of the building during the first quarter of 2018. “Our new Philadelphia location extends our firm’s reach and responsiveness to our growing client base,” said Christopher Menchin, NCARB, LEED AP, principal at SOSH. “We are extremely pleased with the decision to expand into the Philadelphia market, and we look forward to our firm’s continued growth. We are constantly striving to exceed the expectations of our clients, and based on what our clients are telling us. We are committed to being part of the communities we serve, and delivering the best design services possible.” The CBRE team of Ken Zirk and Matthew Knowles negotiated on behalf of SOSH Architects, while Colliers International represented the landlord, Keystone Property Group.