Thursday, October 7, 2010
FLORHAM PARK, NJ – The New Jersey and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have closed the sale of Morris Crossing (top left photo), a recently-renovated, 123-unit multi-housing community in Morris Township, New Jersey.
The HFF investment sales team was led by senior managing directors Jose Cruz (middle right photo) and Andrew Scandalios (middle left photo) and directors Kevin O’Hearn and Jeff Julien, who represented the seller.
Hartz Mountain Real Estate purchased Morris Crossing for $31 million free and clear of debt.
Situated on 12 acres, Morris Crossing is located at 18-23 Max Drive close to Route 202 and Interstate 287 in Morris Township, approximately 25 miles west of Manhattan.
The six-building property, renovated from 2007 to 2009, has one-, two- and three-bedroom units that average 948 square feet each and are 96% occupied. The property has undergone interior and exterior renovations in the past three years.
“Morris Crossing is strategically located less than one mile from both the Morris Plains and Morristown train stations with direct service into Manhattan, making this is an ideal location for commuters that want ease of access into the city.
“The property is also within close proximity to downtown Morristown, which is one of only a few New Jersey locations that provide a true 24/7 cosmopolitan feel, featuring fine dining, premium shopping, various entertainment and cultural venues and a lively nightlife atmosphere,” said Cruz.
“In addition, the property maintains a competitive advantage through the look and feel of its suburban single-family home-style living with expansive yards, which is in stark contrast to the mid-rise buildings in downtown Morristown,” added Scandalious.
Hartz Mountain Real Estate, headquartered in Secaucus, New Jersey, owns and operates more than 200 buildings in the New York and New Jersey area.
Jose R. Cruz, HFF Senior Managing Director, (973) 549-2000
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500