$42M Flips New Apt. Complex to JP Morgan Fleming

Jeffrey R. Dunne, who heads the CB Richard Ellis Tri-State Investment Team, along with partner Jim Tully, repped LCOR and found the buyer, JP Morgan Fleming Asset Management. Further terms of the deal were not disclosed.

Gaslight Commons is one of LCOR's recently developed transit-oriented, mixed-use projects in various communities in the region. The project also got some impetus from the State of New Jersey's effort to encourage such development at existing transportation hubs, especially commuter rail, as a means of redeveloping downtowns and putting residents closer to mass transit.

"The property is part of the continuing redevelopment of the area surrounding the South Orange train station," Dunne says. "The location led to strong investor interest in the property."

"The attributes of this deal led to strong interest from pension funds and advisors, REITs and private capital," Tully confirms. "The property generated more than 25 property inspections and 15 offers."

For 2003, CBRE's Tri-State Investment Team closed more than $1.1 billion in transactions, according to Dunne. Prominent deals in New Jersey included the sale of the 360-unit Hunters Chase apartment community in Marlton; the 303,000-sf Commons at West Windsor in the community of the same name; the 410,000-sf 111 Sylvan Ave. office building in Englewood Cliffs; the 387,000-sf Aviation Plaza shopping complex in Linden; the mixed-use 500,000-sf Princeton Forrestal Village in Princeton; and the 124,000-sf 15 Exchange Place in Downtown Jersey City.