Aside from sweeping rent regulation changes this past June. Another seismic change with respect to residential rental laws and regulation rules could well be on the way: "Good cause eviction."
The deal announced by brokerage firm Kislak Group involves the 208-units located at 7500 S. South Shore, 6916 S. Clyde Ave. and 7038 S. Chappel Ave.
The Cherry Hill Road complex totals 191,249 square feet of office space and sits at the crossroads of Interstates 80 and 287, as well as Routes 46 and 202.
The deal is contingent on New York City-based SJP Properties and Scotto Properties of Morristown securing full municipal approvals for the mixed-use project that will feature two headquarters Class A buildings.
The spread between asking and closed cap rates for retail and office properties widened by 6 and 2 basis points respectively.
The companies say the 13,243-unit portfolio sale is the fifth largest ever.
The acquisition will add restaurant and retail petroleum specialty asset classes to Newmark’s valuation and advisory practice.
“When properties are trading at such low cap rates owners need to be right about their assumptions.”
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