CONTRACTORS, OWNERS & MANAGERS
NJPA M A ID
BUILDING SERVICES
TLANTIC
REAL ESTATE JOURNAL
Section C of the Mid Atlantic Real Estate Journal
A 415-unit class A apartment community located in downtown New Brunswick, NJ
Dunne, Welsh & Leonard of CBRE broker the $112.5m sale of The Highlands at Plaza Square
N
EW BRUNSWICK, NJ — Jeffrey Dunne, Kevin Welsh and Christopher Leonard of CB Richard Ellis’ New York Institutional Group represented MRA Plaza Apartments I Urban Renewal, LLC, an entity controlled by Prudential Real Estate Investors, Roseland Property Company, Applied Development Company and Matrix Development Group, in the sale of The Highlands
at Plaza Square for $112.5 million. The team was also responsible for procuring the buyer, Highlands Urban Renewal, L.L.C., an entity controlled by Manulife Financial Corporation through its U.S. subsidiary John Hancock Life Insurance Company (U.S.A.). The Highlands at Plaza Square is a 415-unit class A mid-rise apartment community located in downtown New Brunswick, Middlesex
FEBRUARY 25 - MARCH 10, 2011
HI-LIGHTS Gruskin Group designs 24,000 s/f Rider Insurance Rider Insurance has just completed the renovation and expansion of its headquarters located at 120 Mountain Ave., Springfield, NJ. See Page 4C.
Mc Gowan Builders breaks ground on 38,000 s/f dealership Mc Gowan Builders, Inc. (MGB) broke ground on the new BMW of Freehold car dealership facility located at 4225 U.S. Hwy. 9 North. See page 6C.
ALSO INSIDE: DREW BARILE, KOHL ASSET MANAGEMENT ...........................2C BUILDING SAFETY & SECURITY ........................................... 7-11 NJAA ORGANIZATION .........................................................13C IREM ORGANIZATION ................................................... 14-15C PEOPLE ON THE MOVE .........................................................16C Section C, 20 pages
MAREjournal.com
The Highlands at Plaza Square County. Developed in 2004 as the trophy apartment community in the City of New Brunswick, The Highlands
is situated in a high-visibility location along Route 18 amidst a burgeoning “24/7” downtown that is convenient
to transportation (Routes 18 and 1 and Interstates 287 and 95, train/bus station for New Jersey Transit and Amtrak), diverse employment, education (Rutgers University and The University of Medicine and Dentistry of New Jersey), the arts (George Street Playhouse and Crossroads Theatre) and a host of restaurants and other lifestyle amenities. Jeff Dunne had the following comments on the sale: “The Highlands is another example of the development partnership success exhibited by PREI Roseland, Applied and Matrix. Manulife is poised to benefit from the ongoing transformation of downtown New Brunswick into a ‘24/7’ location with burgeoning tenant appeal. This is a strong first entry for Manulife into the New Jersey Class A apartment market.” ■
Brad Korman directed the sale on behalf of the sellers
Cushman & Wakefield completes $55m sale of Korman Apartments NORTHEAST PHILADELHIA, PA — Korman Affiliated Entities has sold 710 apartments in two locations in Northeast Philadelphia to Greystar Real Estate Partners, LLC, Charleston, South Caro- Andrew Merin lina. C u s h m a n & Wa k e f i e l d served as the broker in the transactions. The two residential complexes are known as Rushwood (392 units) and Winchester Walk (318 units). The Cushman & Wakefield team consisted of Andrew Merin, vice chairman, David Bernhaut, vice chairman, Gary Gabriel, executive vice president, Karen Iman, senior director and Brian Whitmer, director. “The name Korman and its excellent reputation for quality
Rushwood development and management He said “We are extremely elicited a great deal of interest pleased with the professional from perspective purchasers effort of Cushman & Wakeover a wide geographical area” field’s Investment Sales Team. said Merin. We saw the distinct advanBrad Korman directed the tages of dealing with a multisale on behalf of the sellers. office brokerage firm.” ■