Cushman & Wakefield Arranges Sale of 6.5-Acre Multifamily Development Site
Sold as part of a court order, the Trio East Property is approved for 64 Residential Units.
- Newark, NJ (1888PressRelease) March 01, 2011 - A 6.5-acre development site, dubbed Trio East, has been sold as part of a court order for $1.8 million, announced Cushman & Wakefield, Inc.'s Andrew Merin, of the real estate services firm's Metropolitan Area Capital Markets Group. Merin, along with Gary Gabriel, David Bernhaut, and Brian Whitmer, orchestrated the sale.
Tarragon, the original developer of the property, was required by the bankruptcy court to sell the asset to satisfy the lien holder. Cushman & Wakefield was engaged by the court to sell the property, subsequently representing the seller in the transaction, and procuring the buyer, Berkeley Palisades Park, LLC of Austin, TX.
The site has panoramic views of Manhattan, as well as proximity to all the different forms of public transportation. The immediate area is very dense, with an older stock of housing and an undersupply of new construction. It also has the strong demographics to support new construction.
"When the site initially went under contract, the economy was just beginning to turn around," Whitmer said. "The buyer was very bullish throughout the process and comfortable with the eventual prospects of the investment."
The transaction also serves as an indication of the health of the market, according to Whitmer. "The response we are getting is that it is nice to see land starting to trade again," Merin said. "We believe it is a harbinger of things to come, that investors' sentiment is improving."
The undeveloped site, just minutes from shopping and dining in Fort Lee, N.J. and a 10-minute commute from Manhattan, sits adjacent to the existing Trio West, a two-building condominium property. Trio West was developed by Tarragon, and the unsold units of the two completed buildings were sold by Cushman & Wakefield in 2009 as part of a fractured condo transaction.
The Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $14.6 billion worth of transactions since 2000. Merin and Bernhaut, who co-founded and head the Metropolitan Area Capital Markets Group, also oversee eastern regional activities for a new Cushman & Wakefield group that advises clients on corporate property dispositions throughout the United States.