Category: Newsletter

A local investor has purchased a nearly 6,300-square-foot industrial property in Newark for $1 million, in a newly announced deal by The Quinas Cos. Inc.

According to a news release, the trade of 94-98 Parkhurst St. came by way of an estate that was liquidating its real estate holdings. The deal closed 45 days after contract signing, the brokerage team said, noting that the buyer moved “swiftly and decisively” with a cash offer at full asking price for the 6,250-square-foot warehouse.

Ryan Cerqueira of The Quinas Cos. represented both parties.

“This transaction highlights the continued strong investor demand for well-located assets in Newark with easy access to the port and major highways,” he wrote in the news release.

An industrial user is relocating to Newark after acquiring an 8,400-square-foot warehouse in the city, according to a brokerage team with The Quinas Companies Inc.

The buyer, which was undisclosed, paid $1.2 million in the transaction at 383-387 South 11th St. QCRE’s Ryan Cerqueira represented both parties after an offering that drew 127 unique inquiries, yielded 23 tours and produced 11 offers, he said, highlighting the significant investor and owner-user demand for similar space in the Newark market.

The deal closed June 9 with the seller having updated the roof, lighting systems, façade and other areas, QCRE said. The building’s new owner is relocating from Brooklyn.

The site of a vacant 2,500-square-foot retail property in Newark has changed hands for $625,000, in a newly announced deal by The Quinas Cos. Inc.

In a LinkedIn post on Thursday, the brokerage team said an owner-user purchased and intends to revitalize the property at 180-182 Clinton Ave. The long-vacant building sits on a 7,000-square-foot lot, Quinas said, noting that it closed at 96.15 percent of the original list price.

The firm’s Ryan Cerqueria announced the transaction.

The historic Divine Riviera Hotel, situated in Newark’s Central Ward, has traded hands for the first time in 17 years.

The hotel, erected in 1922, was a significant player in the desegregation of Newark’s and the national hotel system.

LRES duo, Ryan Cerqueira and John Marzano, completed the sale of the once dubbed “Million-Dollar Hotel” representing both the seller and the buyer. The Newark-based brokerage procured a local buyer for the 8-story, 220 room hotel, whose exact plans for the 100,000 square foot structure are unknown but hope to breathe new life into the building.

“Once we secured this assignment, we knew that there would be no shortage of buyers lining up to bid on this historic Newark gem,” Cerqueira said, “We’re excited for the future of the hotel under its new stewardship and look forward to its restoration as a pillar in Newark’s Old Third Ward.”

The Divine Riviera Hotel has rich history. The hotel has seen a number of high-profile owners throughout its tenure, namely, Reverend Major J. Divine. Divine was a civil rights activist whose role in desegregating the United States lodging system began with the $550,000 cash purchase of the Riviera Hotel in 1959.

“It was an honor to participate in the transaction of an asset with so much history” Cerqueira concluded.

A joint venture led by KS Group has purchased a historic and culturally significant hotel in Newark’s Central Ward, in a newly announced deal by Logistics Real Estate Services.

The partnership, which also includes Jeff Blau and Pride Investment Group, paid $8.5 million for the 101-year-old Divine Riviera Hotel, which houses 220 rooms across eight stories. The building at 169 Clinton Ave. changed hands in a deal involving an undisclosed seller, marking the first trade of the property in 17 years.

“Once we secured this assignment, we knew that there would be no shortage of buyers lining up to bid on this historic Newark gem,” LRES’ Ryan Cerqueira said. “We’re excited for the future of the hotel under its new stewardship and look forward to its restoration as a pillar in Newark’s Old Third Ward.”

Cerqueira and John Marzano represented both parties, adding that the buyer’s plans for the 100,000-square-foot structure are unknown. An October report by Jersey Digs noted that the hotel has served as a rooming house in recent decades, while city officials denied a developer’s proposal to convert it to apartments, citing excessive density in the plan.

The brokerage team noted last week that the hotel, built in 1922, was a significant player in the desegregation of the local and national hotel system. The property has seen several high-profile owners throughout its tenure, including the Rev. Major J. Divine, a civil rights activist whose role in desegregating the United States lodging system began with the $550,000 cash purchase of the Riviera Hotel in 1959.

“It was an honor to participate in the transaction of an asset with so much history,” Cerqueira added. “We look forward to its continued success.”

KS Group, led by Daniel Spiegel and Yehuda Kotkes, is active in Newark and recently delivered 52 units across two buildings on Market Street. The firm has 360 residential units under construction in the city and some 2,000 in its development pipeline.