New Jersey

Weiss Realty Brokers Sale of Office, Flex Building in Pine Brook, New Jersey

by Amy Works August 14, 2017

PINE BROOK, N.J. — Weiss Realty has arranged the sale of an office and flex building located at 34 Maple Ave. in Pine Brook. iStar Realty acquired the property from a partnership between the principals of CHT Group and Jaime Weiss, managing member of 34 Maple Avenue LLC, for an undisclosed price. Situated on 10.4 acres, the property features 130,180 square feet of space. Prior to the sale, Weiss Realty acted as property manager and leasing agent for the ownership. Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer in the transaction. Meyner & Landis of Newark, N.J., acted as legal advisor to the seller, while Roseland, N.J.-based Mandelbaum Salsburg acted as counsel to the buyer.

August 14, 2017

Industrial New Jersey Northeast

HFF Secures $14.9M in Financing for Warehouse Facility, Land Site in South Brunswick, New Jersey

by Amy Works August 11, 2017

SOUTH BRUNSWICK, N.J. — HFF has secured $14.9 million in financing for a warehouse distribution building and adjacent 16-acre development site located at 83 Stults Road in South Brunswick. Michael Klein and Eric Tupler of HFF arranged the three-year, floating-rate loan through Malvern Federal Savings Bank for the borrower, a partnership between EverWest Real Estate Partners and Accordia Realty Ventures. Loan proceeds will be used to cover acquisition and closing costs associated with the purchase, pay for planned capital improvements to the property and cover soft costs associated with securing approvals for the development site. The 368,537-square-foot, rail-served warehouse building features 24-foot clear ceiling heights, 23 loading docks, one drive-in dock and 14,745 square feet of office space. The borrower plans to subdivide the property and erect a 200,000-square-foot warehouse on the adjacent land parcel. The existing property is subject to a short-term sale-leaseback with Hermann Services Inc.

August 11, 2017

New Jersey Northeast Retail

Marcus & Millichap Arranges $2.1M Sale of Retail Property in Pleasantville, New Jersey

by Amy Works August 11, 2017

PLEASANTVILLE, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 881 Black Horse Pike in Pleasantville. A developer sold the property to an undisclosed buyer for $2.1 million. Family Dollar net leases the 8,060-square-foot building. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller in the deal.

August 11, 2017

New Jersey Northeast Office

Colliers Negotiates $6.2M Sale of Office Building in Hammonton, New Jersey

by Amy Works August 10, 2017

HAMMONTON, N.J. — Colliers International has arranged the sale of a three-story office building located at the intersection of Routes 30, 54 and 206 in Hammonton. Interstate Commercial acquired the property from Hammonton 1 LLC for $6.2 million. At the time of sale, the 33,000-square-foot property was fully occupied by South Jersey Family Medical Center and South Jersey Energy Solutions, a subsidiary of South Jersey Industries. Evan Zweben of Colliers represented the seller, while Dan Silverstri of Interstate Commercial provided in-house representation for the buyer.

August 10, 2017

Multifamily New Jersey Northeast

Houlihan-Parnes Realtors Brokers Sale of 197-Unit Apartment Community in Pennsville, New Jersey

by Amy Works August 10, 2017

PENNSVILLE, N.J. — Houlihan-Parnes has arranged the sale of Laura’s Glen Apartments, an apartment community located in Pennsville. The 197-unit property, along with an adjacent 26-acre land parcel, sold for an undisclosed price. Situated on 17 acres, the community features 10 two-story buildings offering a mix of one-, two- and three-bedroom apartments, ample parking, a swimming pool and playground. Stewart Wolf of Goldberg, Weprin, Finkel, Goldstrin LLP provided legal counsel for the seller, an investment group. The name of the buyer was not released. Robert Tiburzi and James Coleman of Houlihan-Parnes brokered the transaction.

August 10, 2017

New Jersey Northeast Office

Rialto Capital Sells 212,666 SF Office Property in Secaucus, New Jersey, for $21M

by Amy Works August 8, 2017

SECAUCUS, N.J. — Rialto Capital has completed the sale of 150 and 200 Meadowlands Parkway, two office buildings in Secaucus. Alma Realty acquired the buildings for $21 million. Totaling 212,666 square feet, the two buildings were 77 percent leased at the time of sale. Current tenants include Schiavone Construction, Ashley Stewart, Cory 1st Choice Home Delivery and Image Processing Systems, a data center for VXchange and Frontage Laboratories. Jeffrey Dunne, Jeremy Neuer and Geoffrey Schubert of CBRE represented the seller in the deal.

August 8, 2017

Multifamily New Jersey Northeast

Joint Venture Breaks Ground on Condo Project in Hoboken, New Jersey

by Amy Works August 8, 2017

HOBOKEN, N.J. — 722 Jefferson St LLC, a joint venture between Derby Consulting and Crimson Capital, has broken ground for a condominium project located at 722 Jefferson St. in Hoboken. The five-story building will feature 15 residences in two- and three-bedroom layouts with deeded parking spaces; 2,000 square feet of courtyard space; two private rear yards and three private 930-square-foot roof decks. Minervini Vandermark is serving as architect and Fields Construction Co. is serving as construction manager and general contractor for the project, which is slated for completion by spring 2018.

August 8, 2017

Industrial New Jersey Northeast

Saddleback Real Estate Developers Acquires Industrial Building in Fairfield, New Jersey

by Amy Works August 8, 2017

FAIRFIELD, N.J. — Saddleback Real Estate Developers has purchased an industrial building located at 8 Kulick Road in Fairfield. The 23,200-square-foot property sold for an undisclosed price. Saddleback Real Estate plans to continue to expand its portfolio in New Jersey. The name of the seller was not released.

August 8, 2017

Loans Multifamily New Jersey Northeast

Love Funding Secures $13M FHA Loan for Section 8 Housing Community in Camden, New Jersey

by Amy Works August 4, 2017

CAMDEN, N.J. — Love Funding has secured a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Square and Bergen Square areas of the city. The loans proceeds, along with 4 percent Low-Incoming Housing Tax Credits provided by the New Jersey Department of Community Affairs, will be used to renovate the property. The renovations will result in more than $125,000 in improvements, including the replacement of all systems and fixtures with energy-efficient upgrades, for each of the units being rehabbed. The New Jersey Department of Community Affairs originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Leonard Lucas of Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program.

August 4, 2017

New Jersey Northeast Retail

Urstadt Biddle Properties Purchases 26,500 SF Shopping Center in Waldwick, New Jersey

by Amy Works August 4, 2017

WALDWICK, N.J. — Urstadt Biddle Properties has acquired Waldwick Plaza Shopping Center, a retail property located at the intersection of Franklin Turnpike and Wyckoff Avenue in Waldwick, for an undisclosed price. Tenants at the 26,500-square-foot property include the U.S. Post Office, Supercuts, Verizon Wireless, Massage Envy and The Little Gym, as well as local tenants, including a liquor store, dry cleaner, nail salon and Italian restaurant. The name of the seller was not released.

August 4, 2017

Newer Posts

Older Posts