LIVINGSTON, NJ-Gebroe-Hammer Associates, the real estate sales firm based here, has arranged the sale of three shopping centers in separate transactions in Central and Southern New Jersey. The three properties, totaling 77,000 sf, traded for a combined $7.5 million.

According to G-H managing director Kenneth Uranowitz, the transactions were handled by the firm’s senior vice president Joel Schwartz and assistant vice president Avi Oren. The buyers and sellers were not identified, with Uranowitz describing them only as “longtime Gebroe-Hammer clients.”

The largest property is a 40,000-sf facility with a small office component located at 450 Amwell Rd. in Hillsborough, NJ. Financing for the transaction involved all cash over a new first mortgage, with Oren assisting the buyer in obtaining the financing. The retail portion of the property is currently 100% leased, according to Uranowitz, and the office portion has a limited amount of space available.

The second sale involves Cooper Corner Shopping Center, an 18,000-sf, 100%-leased retail property in Voorhees, NJ. The transaction was all-cash, with the purchaser obtaining a new first mortgage with G-H assistance.

The final property sold is Wedgewood Plaza Shopping Center in Sewell, NJ. The 15,000-sf Gloucester County property is 100% leased, and the new owners plan a number of improvements and upgrades, according to Uranowitz.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.