David Oropeza, executive vice president of the Livingston, NJ-based Gebroe-Hammer Associates, arranged the deal. The identities of the buyers and sellers, private investment groups, were not disclosed. However, according to Oropeza, the buyer assumed an existing first mortgage and the same lender provided additional secondary financing for the transaction.
The two buildings are currently 95% occupied, according to Oropeza, who was assisted in the transaction by G-H assistant vice president Steven Tenenbaum. The latest transaction represents the fifth time Oropeza has sold the two buildings, one a high-rise and the other a mid-rise, since 1997.
Legal representation for the seller came from Richard Kelin of Feinstein, Raiss, Kelin & Booker of West Orange, NJ; the buyer's attorney was Bruce Hersh of South Orange, NJ.
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