Located at 334 E. Main St., the single-building brick complex includes a new 21-unit expansion. The existing 51 units were 100% occupied at the time of sale, with the marketing of the new units just underway. Tuckerton, which has a history of marine-related activities, is just 18 miles north of Atlantic City.
"This acquisition complements the buyer's existing portfolio, which includes a nearby property," says Follman, who assisted both the seller and buyer in navigating complicated certificate-of-occupancy issues related to the expansion. "The nearby property provides the new owner of Harbor View with an opportunity to enhance management efficiencies."
For nearly three years, Follman worked with both the seller and the buyer to get this deal to the closing table, Ken Uranowitz, Gebroe-Hammer's managing director tells GlobeSt.com. "The sale was completed because of Steve's perseverance in overseeing every detail, including all governmental inspections and permits. He even went so far as to supervise, on many occasions, on-site contractors and their suppliers to complete various punch-list items necessary for final COs for the new 21-unit building. It really was a tremendous effort above and beyond a broker's typical job description."
Financing for the acquisition was obtained from Investors Savings Bank and brokered by Mendy Pollack of Eastern Union Commercial. Legal counsel was provided by Riker Danzig Scherer Hyland of Morristown and Mitchell Beinhaker, Esq. of Westfield, representing the seller and buyer, respectively.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
