NEWARK, N.J. — Marcus & Millichap has negotiated the $4.3 million sale of a 36-unit apartment building in Newark. Located at 140 Chancellor Ave., the property consists of 34 one-bedroom and two, two-bedroom units. Richard Gatto, Fahri Ozturk and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
FAIR LAWN, N.J. — The Storage Acquisition Group has sold A Space Station Self Storage in Fair Lawn. The sales price was undisclosed. Located at 16-01 McBride Ave., the 117,885-square-foot property offers climate-controlled units, electronic gate access and video surveillance. Bill Sitar Jr. and Thomas Palumbo of Sitar Realty Co. represented the Storage Acquisition Group in the transaction. The buyer was undisclosed.
HAMILTON, N.J. — HFF has brokered the $20.5 million sale of a 44,975-square-foot truck terminal in Hamilton. Located at 49 Thomas J. Rhodes Industrial Drive, the fully leased facility includes 101 dock-high doors and one drive-in door. Built in 2009, the property is currently occupied by YRC Freight. Jose Cruz, Marc Duval, Jordan Avanzato and Mark Mahasky represented the seller, Matrix Development Group, in the transaction. The buyer was Realterm Logistics.
NEWARK, N.J. — Marcus & Millichap has negotiated the $2.6 million sale of a two-building apartment community in Newark. Located at 101 Treacy Ave. and 491 Clinton Ave., the two buildings consist of 35 units and three commercial spaces. Richard Gatto, Fahri Ozturk and Thomas Cleary in Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was undisclosed.
PARSIPPANY, N.J. — HFF has brokered the $66 million sale of an office building in Parsippany. Located at 300 Kimball Drive, the five-story property was originally built in 2001 and is LEED Silver certified. The building is currently 78 percent occupied by a tenant roster that includes FM Global, Fiserv, Langan Engineering and Western World Insurance. Kevin O’Hearn, Jose Cruz, Stephen Simonelli and Michael Oliver represented the seller, a large national insurance company, in the transaction. The buyer was a private investor.
MANALAPAN, N.J. — Marcus & Millichap has brokered the $11.7 million sale of Tennent 9 Shopping Center in Manalapan. Located at 700 Tennent Road, the 60,000-square-foot center is anchored by NetCost Supermarkets, a European specialty supermarket. The remaining 10 units are leased to a mix of local and regional business, along with a Rite-Aid pharmacy. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
NEWARK, N.J. — Arbor Realty Trust has arranged a $1.5 million loan to refinance an 18-unit multifamily property in Newark. Located at 21-25 Willoughby St., the building was originally constructed in 1920 and renovated in 2018. Geoffrey Platt of Arbor secured the financing on behalf of the undisclosed borrower through Freddie Mac. The 10-year, fixed-rate loan includes three years of interest-only payments with a 30-year amortization schedule.
WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.
WAYNE, N.J. — CBRE has arranged the sale of the former Toys ‘R’ Us corporate headquarters in Wayne. The sales price was undisclosed. Located at 1 Geoffrey Way, the 621,000-square-foot property is situated on 191 acres overlooking a reservoir. The property was built in 1962 as the original headquarters for American Cyanamid and consists of two interconnected office buildings. Toys ‘R’ Us occupied the property for 16 years. Jeffrey Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau of CBRE represented the seller, Toys ‘R’ Us Property Company I LLC, and Raider Hill Advisors, in the transaction. The buyer was undisclosed.
DENVILLE, N.J. — Marcus & Millichap has arranged the $1.8 million sale of a 12,770-square-foot retail property in Denville. Located at 424 W. Main St., the fully occupied property is situated on 1.4 acres. Michael Lombardi and Scott Plasky of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.