New Jersey

Bridge Development Partners Develops 1.3 MSF Industrial Center in Perth Amboy, New Jersey

by Amy Works October 5, 2017

PERTH AMBOY, N.J. — Bridge Development Partners has developed a 1.3 million-square-foot industrial distribution center in Perth Amboy. Designed and constructed by Premier Design + Build Group, the three-building center features ultramodern amenities and proximity to interstate highways, deep-water cargo ports, air-freight hubs and rail lines. The center comprises a 354,250-square-foot building, a 220,200-square-foot facility and a 718,200-square-foot building. The buildings feature 36-foot clear ceiling heights, hundreds of truck dock positions, ESFR fire protection systems and 800 amp, 277/480-volt electrical services, as well as parking lots for 703 cars and 441 trailers. Cornerstone Architects provided architectural services for the project.

October 5, 2017

Industrial New Jersey Northeast

Elberon Development Acquires 115,000 SF Warehouse in Elizabeth, New Jersey

by Amy Works October 4, 2017

ELIZABETH, N.J. — Elberon Development Group has purchased a warehouse located at 919 Fairmount Ave. in Elizabeth. Hayward Industries sold the property for $9 million. The seller has leased back 10,000 square feet of the 115,000-square-foot building, while the remainder of the property is leased to Survivor Window through the end of 2017. Starting in early 2018, Elberon will implement a capital expenditure plan at the property to re-lease the window manufacturer’s space. Improvements will include LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and new landscaping. Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield brokered the transaction.

October 4, 2017

Market Reports New Jersey Northeast Northeast Market Reports Office Pennsylvania

Greater Philadelphia Office Fundamentals Reflect Continued Strength

by Taylor Williams October 4, 2017

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a 16-year low. These conditions are helping to generate demand that is reverberating throughout the real estate sector, especially for office space. Office leasing activity has been on an upswing in 2017. The overall tone is positive, and vacancy rates have been stable for the past few quarters, hovering just above 10 percent. The second quarter posted approximately 395,155 square feet of new leases and renewals. This is a 24 percent increase in activity from the first quarter and an incredible 58 percent increase compared to the second quarter a year ago. New leases represented approximately 43.4 percent of all deals for the quarter. Notable deals ranged from 5,000 to 31,000 square feet. The office investment and sales market is also showing increased activity. Buyers continue to take advantage of …

October 4, 2017

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 16,500 SF Office Building in River Edge, New Jersey

by Amy Works October 3, 2017

RIVER EDGE, N.J. — NAI James E. Hanson has brokered the sale of an office building located at 10 Elizabeth St. in River Edge. Crestview Associates sold the 16,500-square-foot property to NJCF Property for an undisclosed price. The buyer, a check cashing service based in Chicago, plans to renovate the property to bring the building, which was constructed in 1983, up to modern standards. Andrew Somple and Anthony Cassano of NAI Hanson represented the seller in the deal.

October 3, 2017

Loans New Jersey Northeast Retail

CBRE DSF Arranges $14.1M in Acquisition Financing for 88,265 SF Retail Center in New Jersey

by Amy Works October 2, 2017

MOUNT LAUREL, N.J. — CBRE Debt & Structured Finance (CBRE DSF) has arranged $14.1 million in financing for Towne Square Shopping Center in Mount Laurel. The borrower, The Westover Cos., used the loan proceeds to purchase the 88,265-square-foot retail center located at 872 Union Mill Road. At the time of closing, the shopping center was 94 percent occupied. ShopRite Supermarket anchors the center, which was built in 1996. Thomas Gorman and Steven Doherty of CBRE DSF represented the borrower in the transaction. Additionally, Brad Nathanson, Adam Rosenzweig and John Colussi of CBRE arranged the sale of property. The team represented the seller, The Hampshire Cos., in the deal.

October 2, 2017

New Jersey Northeast Office

Rhodium Capital Advisors Buys Office Building in Somerset, New Jersey, for $5.8M

by Amy Works October 2, 2017

SOMERSET, N.J. — Rhodium Capital Advisors has acquired an office building located at 100 Franklin Square Drive in Somerset for $5.8 million. The 107,000-square-foot office building is occupied by a mix of healthcare, education, insurance, technology and legal firms. Rhodium plans to spend $2.4 million for tenant improvements and leasing commissions for existing and new tenants, as well as $350,000 on building-wide capital improvements. Slava Vaynberg of Cushman & Wakefield represented Rhodium in the acquisition. Sol Kinraich and Ryan Goldstein of MLK Real Estate Capital arranged the debt financing, while Jeffrey Zwick & Associates acted as Rhodium’s legal counsel.

October 2, 2017

New Jersey Northeast Retail

Marcus & Millichap Facilitates $2M Sale of Shopping Center in Milford, New Jersey

by Amy Works September 28, 2017

MILFORD, N.J. — Marcus & Millichap has brokered the sale of Holland Center, a neighborhood shopping center located at 621-641 Milford Warren Glen Road in Milford. A private buyer acquired the asset for $2 million. Situated on 5 acres, the 10,777-square-foot property was fully occupied by six tenants at the time of sale. Derrick Dougherty, Mark Krantz and Shannon Bona of Marcus & Millichap represented the seller, while Mark Taylor, also of Marcus & Millichap, represented the buyer in the deal.

September 28, 2017

Loans New Jersey Northeast

HFF Secures $43.6M Refinancing for The Grove at Shrewsbury in Northern New Jersey

by Amy Works September 26, 2017

SHREWSBURY, N.J. — HFF has secured a $43.6 million refinancing for The Grove at Shrewsbury, a 148,000-square-foot lifestyle center located 25 miles south of New York City in Shrewsbury. The center is home to 35 retailers, including Williams-Sonoma, Pottery Barn, Bluemercury, Lululemon Athletica, Anthropologie, Madewell and Starbucks Coffee. Jon Mikula and Connor Milanaik of HFF worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, fixed-rate loan through Principal Commercial Capital.

September 26, 2017

Industrial New Jersey Northeast

Cabot Properties Acquires 62,200 SF Industrial Facility in Caldwell, New Jersey

by Amy Works September 26, 2017

CALDWELL, N.J. — Cabot Properties has purchased an industrial facility located at 8 Fairfield Crescent in Caldwell. Tulfra Real Estate sold the 62,200-square-foot property for $7.8 million. Built in 1975, the property was fully renovated in 2014 and features 10,000 square feet of office space and 52,200 square feet of warehouse space. The building is fully leased through 2021 by two companies: Regi USA and Inline Distributing Co. Robert Borny and Jose Cruz of HFF brokered the transaction.

September 26, 2017

New Jersey Northeast Retail

Unison Realty, ALTO Real Estate Acquire 120,349 SF Shopping Center in Toms River, New Jersey

by Amy Works September 22, 2017

TOMS RIVER, N.J. — Unison Realty Partners and ALTO Real Estate Funds have acquired Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River, for $21.1 million. Built in 1987, the 120.349-square-foot property is situated on 14.6 acres and has a pad site for future development. Michaels, DSW Shoe Warehouse, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial are tenants at the 86 percent-leased center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF marketed the property with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC.

September 22, 2017

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