CBRE GROUP INC. ARRANGES SALE OF NEWARK MULTIFAMILY APARTMENT BUILDING
NEWARK, N.J. (February 25, 2015) – CBRE Group, Inc. announced today that it has arranged the sale of 1 & 2 Noll Place in Newark, New Jersey, for approximately $1.9 million. The two buildings have a total of 36 apartment units, all of which are occupied.
Charles Berger of CBRE Capital Markets’ Investment Properties team in New Jersey and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York represented the seller in the transaction. The new owner, an out-of-state buyer, plans to hold the property for investment purposes.
“This transaction was especially complex, as environmental remediation was required and the income from the rooftop cell tower was previously sold to a third party,” said Mr. Berger. “Demand for high occupancy multi-family assets in Newark has increased significantly as investors recognize the value in renewed tenants and the demand for affordable rents in revitalized employment urban centers close to New York City. The out-of-state buyer saw the value in moving their capital from the New York market into Newark and northern New Jersey.”
The properties are ideally located, just one mile from the Garden State Parkway and from Seton Hall University.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.