CBRE Group Inc. Completes Sale of Distressed Condo Project in Rahway, NJ
SADDLE BROOK, NJ. (January 2, 2013) –CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it brokered the sale of an incomplete condominium project, Riverwalk at Rahway, on behalf of the seller and buyer.
CBRE NY Outer Boroughs’ Elli Klapper and Matt Giordano and New Jersey Private Capital Group’s Charles Berger completed the $2.125-million transaction.
The sale consisted of a portion of the project’s 86 townhomes in Rahway’s Essex Street Redevelopment area, along the Rahway River. The community lies in a Transit Village within walking distance to New Jersey Transit’s Rahway Train Station, where the Northeast Corridor Line and North Jersey Coast Line converge. Coupled with a NJ Transit bus stop, residents have quick and direct access to New York and Trenton, as well as Central New Jersey and Shore Points. It is also located near the New Jersey Turnpike, Garden State Parkway and other major highways. In recent years, Rahway has experienced significant economic and social growth with the addition of upscale restaurants, trendy retail shops, and a number of diverse entertainment venues, all of which are within walking distance of Riverwalk at Rahway.
“The market for multi-family properties in desirable locations is very strong in Northern New Jersey,” said Berger. “This property represented an opportunity for an investor to acquire a distressed asset with significant upside in a highly sought after location.”
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ highly specialized investment requirements. With over 85 teams specializing in and dedicated to more than 54 markets across the United States, the Private Capital Group represents private investors in marketing and trading assets uniquely suited to the private capital arena. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy development and due diligence support.
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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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.