SHORT HILLS, N.J. — Stream Capital Partners has arranged the $12 million sale of a Walgreens property in Short Hills, located about 25 miles west of Manhattan. Phil DiGennaro, Jordan Shtulman and Jonathan Wolfe of Stream Capital represented the undisclosed seller in the transaction. The buyer was a private investor. The 14,963-square-foot property has 19 years remaining on the triple-net lease, which expires in 2036.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has negotiated the sale-leaseback of 473 Ridge Road, a 318,389-square-foot warehouse and distribution facility in South Brunswick. The sales price was not disclosed. Located on a 28-acre parcel, the property includes clear heights of up to 28 feet, 20 trailer spaces, 582 parking spaces and 38,207 square feet of office space. Cushman & Wakefield represented the seller, sportswear manufacturer Central Mills, in the transaction. The buyer was Saadia Group LLC. Central Mills will continue to occupy the property under a long-term lease arrangement.
BROWNS MILLS, N.J. — HFF has brokered the sale of a 7,000-square-foot retail building leased to Advance Auto Parts in Browns Mills, about 40 miles east of Philadelphia. The sales price was not disclosed. HFF represented the seller, a family trust, in the transaction. A private investor purchased the property. Advance Auto Parts has occupied the building since 2004 and has six years remaining on the lease.
HAMILTON, N.J. — Houlihan Parnes Realtors has arranged a $17 million refinancing for Independence Plaza, a shopping center in Hamilton. Located at 2465 South Broad St., the center is currently 75 percent occupied with a tenant roster that includes Regal Cinemas, Crunch Fitness, Save-a-lot, and Dollar Tree. The property is owned jointly by members of the Jemal and Houlihan families, of JJ Operating Inc. and Houlihan-Parnes Realtors, LLC. The property was recently appraised for $28.5 million, according to Houlihan Parnes. Houlihan Parnes secured a fixed-rate loan for the borrower for a term of five years with the option for ownership to extend for an additional five years. The lender was not disclosed.
PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the $15.4 million sale of two apartment buildings in Plainfield. Stephen Tragash and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller of Cornell Arms and Pingry Arms apartments, which are located a half-mile apart at 735 Park Ave. and 606 Crescent Ave., respectively. The buyer was also undisclosed. Comprised of 114 total units, the six-story mid-rise properties each feature a mix of studio and one-, two- and three-bedroom layouts. Amenities include elevators, laundry facilities and paved-surface parking.
SECAUCUS, N.J. — CBRE has brokered the sale of 425 Meadowlands Parkway, a 111,106-square-foot office building in Secaucus, as well as the leaseback of approximately 45,000 square feet of office space currently occupied by the seller. CBRE represented the seller, Meadowlands Parkway Associates, in the transaction. The buyer was CPR Meadowlands Parkway LLC. The deal also involved a lease buyout of tenant Capital One.
ROCHELLE PARK, N.J. — Cushman & Wakefield has arranged the sale of 395 W. Passaic St., a four-story, 107,969-square-foot office building in Rochelle Park. The sales price was not disclosed. Cushman & Wakefield represented the sellers, Garrison Investment Group and Onyx Equities, in the transaction. They buyer was Ramaa Management. The three-acre property was 80 percent leased to eight tenants at the time of sale.
MOUNT OLIVE, N.J. — HFF has arranged a $28.5 million refinancing for 350 Clark Drive, a three-building industrial warehouse facility in Mount Olive. The 443,030-square-foot facility was originally constructed to house the headquarters of Calvin Klein Cosmetics and is now 97 percent leased to office and industrial tenants. The property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors and 20,000 square feet of freezer space. HFF represented the borrower, Commercial Realty Group, to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.
PATERSON, N.J. — NAI James E. Hanson has negotiated the sale of Silk City Lofts, a 48-unit condominium building located at 175 Broadway, and an adjacent development site that has been approved for 195 rental units at 105 Fair St. in Paterson. Anthony Cassano of NAI Hanson represented the seller, Great Falls Realty LLC and the buyer, JCM Investors, in the transaction. Silk City Lofts features 48, one- and two-bedroom condominium units and was converted from a former silk mill. The property also features a 9,500-square-foot, ground-level commercial condominium that is currently vacant. An adjacent development site was also included in the transaction and has been approved for 195 rental units as well as ground-level retail.
NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.
