Maz Radwan, an investment specialist in Marcus & Millichap'sNew Jersey office, had the exclusive listing to market the propertyon behalf of the seller, a New Jersey developer. Radwan alsosecured the buyer, a New York private investor.

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"Located just outside the campus of Rutgers University, the saleof this property is an example of investors pursuing qualitymarkets and properties regardless of market conditions," Fasanotells GlobeSt.com. "Everyone worked together to close thetransaction," he continues. "The buyer had sold two apartmentproperties in Brooklyn and needed to execute a 1031 Exchange.Radwan facilitated the transaction and worked with Josh Lipsey ofMarcus & Millichap Capital Corp. and the buyer to securefinancing;" Lipsey was able to secure a non-recourse loan with a10-year term a 30-year amortization.

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Constructed in 1999, the apartment contains 27 studios, 11one-bedrooms and four commercial units. Both buildings have on-sitelaundry and limited parking available.

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In recent weeks, Marcus & Millichap has inked several othersales, including the $1.25-million trade of a 6,175-square-footretail property in Caldwell. Seth Pollack, a senior associate atthe firm's New Jersey office, had the exclusive listing to marketthe property on behalf of the seller, a local retail developer.Senior associate David Thurston secured and represented the buyer,a local investor, in a 1031 Exchange.

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Prior to that transaction, the firm brokered the $895,000 saleof a mixed-use building in Bayonne. Originally built in the early1900s, the entire building was completely renovated in 2003 and hasconsistently operated at 100% occupancy. The property consists oftwo- and three-bedroom units and a six-bedroom duplex. There isadditional income from two cell towers and an office on the groundfloor.

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