CBRE New Jersey Breaks Orange Township Record with Sale of South Orange Towers
EAST BRUNSWICK, N.J. (October 24, 2012) – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that it completed the sale of South Orange Towers, a 108-unit multifamily apartment building for $101,851 per unit – $11 million overall – by tapping CBRE’s national platform to secure an out-of-state buyer. The final sale price is the highest recorded price per unit for multifamily in Orange, according to CoStar Group database.
CBRE’s Charles Berger, of the NJ Private Capital Group (PCG), and Elli Klapper, of the NY Investment Properties team, completed the transaction on behalf of the owner and an undisclosed buyer. The building, located on the direct borders of South Orange, West Orange and Orange, had been on the market for several years, as various brokers were unable to find a buyer willing to meet the owner’s non-negotiable $11 million price tag, according to Mr. Berger.
The eight-story building offers a mix of studios, and one-to-four bedroom units on 104,750 square feet. The 100 percent occupied property offers amenities such as assigned and covered parking, laundry facilities, a swimming pool, elevators, and an on-site superintendent and porter.
Mr. Berger, based out of CBRE’s Saddle Brook office, said he was able to coordinate with Mr. Klapper in the New York City Outer Boroughs office, to find willing buyers outside the Garden State. Within three months of getting the assignment, CBRE had several offers, including one from a West Coast buyer, which met or surpassed the owner’s expectations.
“This sale is a prime example of how we were able to use the CBRE platform as a way of bringing our clients something that no other firm was able to provide – a buyer willing to pay the asking price,” Mr. Berger said. “We were able to bring in a number of interested buyers from outside New Jersey who were willing to pay more than local buyers and a deal was struck immediately.”
The building is located just two blocks away is an NJ Transit rail station, providing 30-minute access to New York City for commuters. Also easily accessible is the Garden State Parkway, 1-280, and I-78.
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 firm (in terms of 2011 revenue). The Company has approximately 34,000 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 Web site at www.cbre.com.