New Jersey

NKF Negotiates $17.2M Sale of Office Building in Roseland, New Jersey

by David Cohen November 28, 2018

ROSELAND, N.J. — NKF has negotiated the $17.2 million sale of a 115,422-square-foot office building in Roseland. Located at 3 Becker Farm Road, the property is currently 97-percent leased to a tenant roster that includes Mandelbaum Salsburg and Tompkins McGuire. Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Tri-State Capital Markets represented the seller, Normandy Real Estate Partners, in the transaction. The buyer was international real estate fund Westwood Properties. The property was recently renovated with $2 million in capital improvements

November 28, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $1.6M Sale of Net-Leased Retail Property in New Jersey

by David Cohen November 27, 2018

NORTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a retail property net-leased to Dunkin’ Donuts in North Plainfield. The 1,800-square-foot property is located at 885 US Highway 22. Alan Cafiero, Ben Sgambati, Brent Hyldahl, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was a personal trust.

November 27, 2018

Leasing Activity New Jersey Northeast Retail

LA Fitness Signs 34,000 SF Lease in Aberdeen, New Jersey

by David Cohen November 26, 2018

ABERDEEN, N.J. — LA Fitness has signed a 34,000-square-foot lease at Aberdeen Plaza in Aberdeen. The shopping center is located at the intersection of Route 35 and Cliffwood Avenue. LA Fitness will take possession in spring 2019. Area retailers include Target, Costco, Pier 1 Imports, Stein Mart, BJ’s, and Modell’s. Michael Horne of CBRE and John Kalamaris of RealSource Partners represented LA Fitness in the transaction. Basser Kaufman, the owner of Aberdeen Plaza, represented itself.

November 26, 2018

Acquisitions New Jersey New York Northeast Retail

Lidl US to Acquire 27 Best Market Stores in New York, New Jersey

by David Cohen November 20, 2018

NEW YORK AND NEW JERSEY — Supermarket chains Lidl US and Best Market have announced an agreement in which Lidl will acquire 27 Best Market stores in New York and New Jersey. Beginning next year, the German discount retailer will convert the Best Market stores to the Lidl brand. The process will involve the remodeling, reinvestment and reflagging of Best Market locations as Lidl stores. Best Market is a privately owned fruit and grocery store chain headquartered in Bethpage, New York. Of the 27 Best Market locations, 24 are located in Long Island, two are located in New York City and one is located in New Jersey. The terms of the acquisition are undisclosed, and it is expected to close in the first quarter of 2019.

November 20, 2018

Acquisitions New Jersey Northeast Retail

GSAM Real Estate, Madison Marquette Acquire Retail Center in Newark

by David Cohen November 19, 2018

NEWARK, N.J. — Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000-square-foot retail center in Newark. The sales price was not disclosed. The fully occupied property is anchored by a ShopRite grocery store and includes a mix of restaurant, retail and medical tenants. The seller was not disclosed. Springfield Avenue Marketplace is located at the intersection of Springfield Avenue and Jones Street, approximately one mile from Newark Penn Station.

November 19, 2018

Acquisitions New Jersey Northeast Retail

NAI Hanson Negotiates Sale of 2,200 SF Retail Property in New Jersey

by David Cohen November 16, 2018

BLOOMINGDALE, N.J. — NAI James E. Hanson has negotiated the sale of a 2,200-square-foot retail property in Bloomingdale. The sales price was undisclosed. LJ Koch of NAI James E. Hanson represented the seller, Waldo LLC, in the transaction. The buyer was undisclosed. Located at 217 Hamburg Turnpike, the building previously served as the home of Walker’s Deli. The new owner plans to renovate and reopen the space as a high-end café, which will feature unique coffee drinks, homemade baked goods, and fresh, made-to-order breakfast and lunch items.

November 16, 2018

Acquisitions New Jersey Northeast Office

CBRE Negotiates Sale of 303,777 SF Office Complex in Paramus, New Jersey

by David Cohen November 15, 2018

PARAMUS, N.J. — CBRE has negotiated the sale of Country Club Plaza, a 303,777-square-foot office complex in Paramus. The sales price was undisclosed. Located at 115 and 117 W. Century Road, the two-building complex is currently 97 percent leased to two investment-grade tenants. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership of Garrison Investment Group and Onyx Equities, in the transaction. The buyer was Premium Capital Resources.

November 15, 2018

Loans Multifamily New Jersey Northeast

MRC Provides $67.5M Acquisition Loan for Multifamily Project in New Jersey

by David Cohen November 14, 2018

HARRISON, N.J. — Madison Realty Capital has provided $67.5 million in acquisition and construction financing for a 205-unit multifamily development project and an adjacent development site in Harrison. The loan allows the borrower, a partnership between Accordia Realty Ventures and Eastone Equities, to acquire both sites and finish construction of the 205-unit first phase of the project, which is currently topped off and approximately 60 percent complete. The development site has been approved for 435 multifamily units. Located at 700 Frank E. Rodgers Blvd., the first phase of the project is slated for completion in Spring 2019. The development team on the project includes Hollister as general contractor, NK Architects as design architect, Studio 1200 as interior designer, and The Marketing Directors as leasing and marketing agent.

November 14, 2018

Acquisitions Industrial New Jersey Northeast

NKF Arranges $15.8M Sale of Flex Facility in Clark, New Jersey

by David Cohen November 14, 2018

CLARK, N.J. — NKF has arranged the $15.8 million sale of a 108,000-square-foot flex facility in Clark. Located at 175-195 Terminal Ave., the property is fully leased as the headquarters of L’Oréal’s North American R&D division. The seven-acre property includes a single-story R&D space that was recently renovated. Steven M. Schultz and Tony D. Georgiev of NKF represented the seller, Denholtz Associates, in the transaction. The buyer was undisclosed.

November 14, 2018

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $10.5M Sale of Office Building in New Jersey

by David Cohen November 14, 2018

CLARK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a 76,000-square-foot, five-story office building in Clark. Located at 67 Walnut Ave., the property was 97 percent occupied at the time of sale. Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller in the transaction, a joint venture between Mountain Development Corp. and Bukiet Building and Management Co. The buyer was a private investor.

November 14, 2018

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