JERSEY CITY, NJ - CBRE Group, Inc., announced today that Jeffrey Dunne, vice chairman; Gene Pride, senior vice president, and Patrick Carino, financial analyst, all with CBRE’s New York Institutional Group, represented 350 Warren LP in the sale of 350 Warren Street, the 366-unit residential redevelopment project in Jersey City. The team was also responsible for procuring the buyer, Mill Creek Residential Trust.
An eight–story, former industrial building located in the heart of Jersey City, 350 Warren’s redevelopment offers a one-of-a-kind opportunity to provide loft-style units within a rehabbed historic industrial building boasting 12.5-foot ceilings, exposed brick, large windows, wood beams and columns.
Mill Creek Property Trust, a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide, is teaming with equity partner Rockwood Capital to transform 350 Warren into loft-style luxury apartments unavailable anywhere else in the Jersey City market. The property will boast a rooftop deck, fitness center, clubroom with bar, dog washing station, bicycle storage and repair station, conference rooms and 24-hour concierge.
Within a mile of 350 Warren Street there has been an approximately 50 percent increase in the population since 2000, comprised of the key renter demographic of 25-to-44 year olds, with more than 75 percent having at least a college degree, 88 percent working in white collar jobs, and having an average annual household income of $132,000. Since 2003 more than 7,600 residential rental units have been added and absorbed in the Jersey City’s CBD, creating a 24/7 environment.
“350 Warren garnered interest from national, regional and Manhattan developers for its unique ‘loft building’ characteristics and prime Jersey City Central Business District,” Mr. Dunne said. “Mill Creek is acquiring a redevelopment asset unlike any of the conventional apartment projects in Jersey City.”
Situated within the Powerhouse Arts District just two blocks from the nearest Light Rail station and one block from the Grove Street PATH station, 350 Warren provides seven-minute access to Manhattan’s World Financial Center and 18-minutes to Midtown. Future residents will benefit from the prime 24/7 surrounding neighborhood, which encompasses millions of square feet of office, residential and retail, including the 1.2 million sq. ft. Newport Centre Mall.
“Mill Creek is actively and strategically identifying investment opportunities within the Northeast and we are excited to continue to expand our presence in New Jersey with another luxury apartment community,” said Richard Murphy, Managing Director, Mill Creek Residential. “Jersey City is teeming with new development and we anticipate playing a major role in the continuing transformation of this neighborhood.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com