New Jersey

Cushman & Wakefield Arranges Sale of Monmouth Shores Corporate Park in New Jersey

by David Cohen April 11, 2018

WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.

April 11, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Negotiates $6.3M Sale of Mixed-Use Building in Red Bank, New Jersey

by David Cohen April 11, 2018

RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.

April 11, 2018

Acquisitions New Jersey Northeast Office

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.

April 10, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $9.8M Loan for Refinancing of Three Flex Buildings in New Jersey

by David Cohen April 10, 2018

WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.

April 10, 2018

Acquisitions Hospitality New Jersey Northeast

HREC Arranges Sale of 276-Room Sheraton Hotel in New Jersey

by David Cohen April 9, 2018

EDISON, N.J. — HREC has arranged the sale of the Sheraton Edison Raritan Center in Edison, about 33 miles south of Manhattan. The sales price for the 276-room hotel was not disclosed. The hotel is located in the Raritan Center business park, which is home to local cable television station News 12 New Jersey and the regional operations for both UPS and FedEx. Kevin Hanley, Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the undisclosed seller in the transaction. The buyer was also not disclosed. Edison has recently attracted a large amount of commercial business to the area, according to HREC.

April 9, 2018

Loans New Jersey Northeast Office

Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen April 6, 2018

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

April 6, 2018

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Three-Building Office Park in Basking Ridge, New Jersey

by David Cohen April 6, 2018

BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.

April 6, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Arranges Sale of 360-Unit Apartment Community in Hackensack

by David Cohen April 5, 2018

HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.

April 5, 2018

Loans New Jersey Northeast

Progress Capital Arranges $5.2M in Financing for Apartment Community in Newark

by David Cohen April 5, 2018

NEWARK, N.J. — Progress Capital has arranged $5.2 million in permanent financing on behalf of West of Hudson Properties for the acquisition of a two-building apartment community in Newark. The lender was Sabal Financial. The terms of the loan include a $5.2 million non-recorse permanent mortgage with five years of interest-only payments at a fixed rate of 3.86 percent. The loan represents a 65 percent loan-to-purchase price accompanied by a 20-year term and 30-year amortization. After the five-year interest-only period expires, the rate will reset. Located at 10-36 Osbornse Terrace and 9 Hedden Terrace, the 70-unit community was fully renovated in 2007. Brad Domenico of Progress Capital arranged the loan on behalf of West of Hudson Properties.

April 5, 2018

Industrial New Jersey Northeast Property Type

Colliers Negotiates Sale of Three Industrial Buildings in South Jersey for Combined $7.5M

by David Cohen April 2, 2018

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of three industrial buildings in Southern New Jersey for a combined $7.5 million. The three properties located in Pennsauken include: 9240 Commerce Highway, a 67,600-square-foot warehouse acquired by a private investor for $3.2 million; 6995 Airport Highway Lane, a 60,800-square-foot manufacturing facility purchased by Heat Makers Sense for $2.7 million; and 9265 Commerce Highway, a 33,500-square-foot warehouse acquired by Draco Broadcast for $1.6 million. The seller was the Bloom Organization. Ian Richman and Marc Isdaner of Colliers arranged the sale of the three properties.

April 2, 2018

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