REBusinessOnline

New Jersey

Urstadt Biddle Properties Acquires Van Houten Farms Retail Center in Passaic, N.J., for $7.1M

PASSAIC, N.J. — Urstadt Biddle Properties has acquired the Van Houten Farms Shopping Center in Passaic for $7.1 million. Van Houten Farms is a 36,500-square-foot shopping center. Tenants include a 30,569-square-foot Gala Fresh Supermarket, Valley National Bank, a local Italian restaurant and a stationery store. The purchase was funded with available cash and the assumption of a $3.5 million first mortgage secured by the property with a 4.6 percent interest rate.

March 22, 2017

Berger Organization Acquires Office Tower in Newark, N.J.

NEWARK, N.J. — The Berger Organization has acquired 33 Washington Street, a 450,000-square-foot, 18-story office tower located in downtown Newark. The property was built for Horizon Blue Cross/Blue Shield and is now home to multiple tenants. Located on 1.6 acres across the street from Washington Park, the building is in the James Street Commons Historic District. Nearby attractions include the Newark Museum, John Ballantine House and Newark Public Library. The property sits two blocks from..

March 21, 2017

G.S. Wilcox Secures $56M Financing for Industrial Portfolio in New Jersey

SOUTH BRUNSWICK, MOONACHIE & TETERBORO, N.J. — G.S. Wilcox & Co. has secured $56 million in financing for a six-building industrial portfolio located in South Brunswick, Moonachie and Teterboro. Al Raymond of G.S. Wilcox arranged the 12-year loan, which includes a 3.25 percent fixed interest rate. Thrivent Financial for Lutherans, one of the firm’s correspondent lenders, provided the financing.

March 21, 2017

Cushman & Wakefield Brokers Sale of BroadAcres Office Park in Bloomfield, N.J.

BLOOMFIELD, N.J. — Cushman & Wakefield has brokered the sale of BroadAcres Office Park in Bloomfield. Prism Capital Partners and an institutional partner sold the 380,000-square-foot property to P3RE. The four-building, 20-acre property is located along the Garden State Parkway between exits 151 and 153. Cushman & Wakefield’s Gary Gabriel, Andrew Merin, David Bernhaut and Brian Whitmer were involved in the transaction. Prism will remain the leasing and managing agent for BroadAcres..

March 20, 2017

Second Phase of Renovations Begins at The Shops at Riverside in Hackensack, N.J.

HACKENSACK, N.J. — The second phase of a three-phase renovation project has begun on The Shops at Riverside, a retail center in Hackensack. Work on the first phase will be completed this summer with the creation of a dining and entertainment district. Offerings will include a movie theater with a lounge and bar operated by AMC, the relocation of The Cheesecake Factory and additional restaurants and specialty stores. The second phase will be completed by the end of 2017 and will involve..

March 17, 2017

Circle Squared, Hampshire Cos. Acquire Land for Industrial Property in Carteret, N.J.

CARTERET, N.J. — Circle Squared Alternative Investments and the Hampshire Cos. have acquired land for a planned industrial property in Carteret. The property, located at 1500 Blair Road, will be developed into a 156,000-square-foot warehouse/distribution facility. The project will be constructed on a six-acre parcel of land ground leased for a term of 50 years with two renewal options of 20 and 25 years each.

March 17, 2017

Mack-Cali Acquires 1.1 MSF Office Portfolio in New Jersey for $368M

MADISON AND SHORT HILLS, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has acquired a 1.1 million-square-foot office portfolio that includes six Class A properties in northern New Jersey for $368 million. The sales price of the portfolio is one of the highest ever recorded statewide in the office sector, according to a news release. RXR Realty LLC sold the portfolio, which includes 1, 3 and 7 Giralda Farms in Madison and 51, 101 and 103 JFK Parkway in Short Hills. The portfolio is 91 percent..

March 17, 2017

Hersh Realty Group Arranges Sale of The Westampton Marketplace in Westampton, N.J.

WESTAMPTON, N.J. — Hersh Realty Group Commercial Real Estate (HRG) has arranged the $7.4 million sale of The Westampton Marketplace located at 483 Woodlane Road in Westampton. The Westampton Marketplace is a 32,140-square-foot Class A retail shopping center consisting of 24,000 square feet of inline retail space and an 8,300-square-foot freestanding Family Dollar situated on 8.3 acres. Additional pad sites are available for future development. The center, built in 2008, is located near I-295..

March 16, 2017

Asbury Park Brewery Purchases Former Warehouse in Asbury Park, N.J.

ASBURY PARK, N.J. — Asbury Park Brewery has purchased a 28,369-square-foot former warehouse located at 810 Sewall Ave. in Asbury Park. Glenn Jaffe of Sheldon Gross Realty represented the seller, Flexcraft Co. Asbury Park Brewery initially signed on to lease the property, then decided to purchase it during the lease term. A Family Dollar store also occupies a portion of the property.

March 15, 2017

Gebroe-Hammer Associates Arranges $23.5M Sale of Carriage Club Apartments in Mount Arlington, N.J.

ARLINGTON, N.J. — Gebroe-Hammer Associates has arranged the $23.5 million sale of The Carriage Club, a 106-unit multifamily property located at 1 Hillside Dr. in Mt. Arlington. Gebroe-Hammer’s Adam Zweibel and Stephen Tragash secured the seller, Carriage Club Associates LLC, and procured the unnamed buyer, a private investment group, in the transaction. Built in 2003, Carriage Club is a Class A, 55-and-over apartment community offering one- and two-bedroom units, the latter of which offer a..

March 14, 2017