New Jersey

Mack-Cali Realty Signs Plymouth Rock to 12-Year, 130,000 SF Lease in Woodbridge, New Jersey

by David Cohen June 6, 2018

WOODBRIDGE, N.J. — Mack-Cali Realty Corp. has signed Plymouth Rock Insurance to a 12-year, 130,000-square-foot lease at Mack-Cali’s office complex in Woodbridge, located at 581 Main St. After the transaction, the eight-story, 200,000-square-foot property is now fully leased. Mack-Cali recently completed a capital improvements program at the property, which included upgrades to the entryway, lobby, fitness center, café, conference room and exterior landscaping. As an additional amenity, Mack-Cali recently partnered with Uber and will pay $10 towards rides for tenants to and from the complex during commuting hours. Toni Casiano of Mack-Cali represented the company in lease negotiations while Sam Horowitz of Colliers International represented Plymouth Rock. Cushman & Wakefield served as the exclusive leasing agent for the property.

June 6, 2018

Acquisitions New Jersey Northeast Retail

HFF Arranges $41.5M Sale of Wall Towne Center in New Jersey

by David Cohen June 5, 2018

WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.

June 5, 2018

Acquisitions Industrial New Jersey Northeast

Colliers Brokers $2.5M Sale of Industrial Building in Blackwood, New Jersey

by David Cohen June 5, 2018

BLACKWOOD, N.J. — Colliers International has brokered the $2.5 million sale of a 44,800-square-foot industrial building located at 100 Freeway Drive in Blackwood. The property is situated on 3.7 acres and features 18-foot ceilings as well as 5,000 square feet of office space. Marc Isdaner of Colliers represented the buyer, FLCR LLC, in the transaction. The seller, Colfin Cobalt I-II LLC, was represented by David Ricci and Tony Rod of Flynn Co. Bank of Hope provided acquisition financing.

June 5, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Bayonne, New Jersey

by David Cohen June 5, 2018

BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.

June 5, 2018

Acquisitions New Jersey Northeast Office

Colliers Negotiates $10M Sale of Office Building in New Jersey

by David Cohen June 4, 2018

PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.

June 4, 2018

Loans New Jersey Northeast

Progress Capital Secures $6.3M Financing for Parking Lot in Newark

by David Cohen May 31, 2018

NEWARK, N.J. — Progress Capital has arranged $6.3 million in permanent mortgage financing for the acquisition of a 2.2-acre paved parking lot located at 296-305|308-320 Mulberry St. and 12-14 Cottage St. in Newark. The property also includes a double-sided billboard currently subject to an annual lease. The undisclosed borrower purchased the property for $9 million and is entering into a lease with L.A. Parking Corp. The borrower’s property management firm will maintain the leasing and management of the billboard. Brad Domenico of Progress Capital arranged the financing. The loan is non-recourse and accompanied by a fixed rate of 4.5 percent and a seven-year term amortized over 25 years.

May 31, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $1.7M Sale of Mixed-Use Building in New Jersey

by David Cohen May 31, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.

May 31, 2018

Acquisitions New Jersey Northeast Office

NAI Hanson Negotiates Sale of 3,112 SF Office Condo in Northern New Jersey

by David Cohen May 30, 2018

RIVER EDGE, N.J. — NAI James E. Hanson has negotiated the sale of a 3,112-square-foot office condo in River Edge. The condo is located at 63 Grand Ave., a three-story, 10,000-square-foot office building. Darren Lizzack, Randy Horning, and Michael Guerra of NAI Hanson represented the buyer, Dr. Dan S. Landmann, in the transaction. Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave LLC. The buyer was searching for an opportunity to purchase space as a long-term home for his surgery practice currently based in Maywood.

May 30, 2018

Leasing Activity New Jersey Northeast

NIA Secures 20,000 SF of Leases at Mixed-Use Building in New Jersey

by David Cohen May 30, 2018

PARAMUS, N.J. — NIA National Realty has arranged five lease transactions totaling 20,000 square feet at a retail and office building in Paramus. Located at 66 Route 17 North, the two-story, 40,000-square-foot building recently underwent a $1 million renovation that included a new façade and windows. A high-end rug company signed a new 10-year lease for 5,000 square feet on the ground floor; Lois Law Firm has signed a 12,500-square-foot lease and Primerica has signed a 1,500-square-foot lease. Educational consultant Shift New Jersey and the Forman Holt law firm both extended their current leases. NIA is also headquartered at the property.

May 30, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Sale of Apartment Tower in New Jersey for $22M

by David Cohen May 29, 2018

EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.

May 29, 2018

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