In a separate deal at 986 S. Springfield Ave. in Springfield,the firm represented the Plumbers Union Local 24 Pension Fund inits $1.10 million sale of a 7,600-square-foot office/flex building.Located on one acre, the property is a freestanding building in amarket surrounded largely by larger office complexes. According toSVN, the Plumbers Union is consolidating its operations into otherlocations. Andrew Zezas of Real Estate Strategies Corp. representedthe buyer, the American Cancer Society.

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"Despite the tightened underwriting standards by many banks andlenders, the smaller sales transactions under $2 million aregetting done," says Ian Grusd, managing director for Sperry VanNess. "We had immediate activity for both properties and letters ofintent within 45 days from the listing dates. This trend for'bite-sized' deals has been further evidenced by many recent salesin this price range from our firm on a national level."

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The same can be said for the multifamily market, which has seenan uptick in smaller-sized transactions, thanks in large part tothe resurgence of regional banks. "In the past, there was a lot ofsecuritized financing, but that is non-existent today, allowing thelocal and regional banks into the market," says Ken Uranowitz,managing director of Gebroe-Hammer Associates in Livingston. Theyare now the major players who are financing thesetransactions."

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And while investment activity might be muted for now, "Northernand Central New Jersey's proximity to Manhattan and its diversityof product, ranging from fully stabilized class A assets tovalue-added opportunities, will likely hold the market's place oninvestors' radar screens," adds Grubb & Ellis senior vicepresident and chief economist Robert Bach.

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