MARTINSVILLE, N.J. — Marcus & Millichap has brokered the sale of a retail property located on Washington Valley Road in Martinsville. A private investor acquired the property for $3.5 million. The strip center features 15,103 square feet of retail space. Michael Lombardi and Joseph Cunder of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
BLACKWOOD, N.J. — G.S. Wilcox & Co. has arranged a $7 million loan for a six-building industrial-flex park in Blackwood. The loan is fixed for a seven-year term with a 25-year amortization. The 240,000-square-foot property is nearly 95 percent leased to more than 30 tenants. The financing was provided by Southern Farm Bureau Life Insurance Co. for the undisclosed borrower.
PISCATAWAY, N.J. — Colliers International has brokered the sale of One Centennial Plaza, a two-building office plaza located off Route 287 South in Piscataway. An Atlanta-based private equity group acquired the property from JPMCC 2005-LDP2 Piscataway Office for $11 million. Connected by a 4,000-square-foot atrium, the 245,106-square-foot plaza is 72 percent occupied by Johnson & Johnson, Paychex and Ingersoll Rand. Jacklene Chesler, Richard Madison, Jonathan Schlussel and Jack Callahan of Colliers represented the seller and sourced the buyer in the deal.
METUCHEN, N.J. — Woodmont Properties has opened Woodmont Metro at Metuchen Station, a transit-oriented development located at the New Jersey Transit Metuchen Train Station in Metuchen. Situated at the corner of Pearl and New streets, the property features 273 residential apartments, an indoor pet spa, a swimming pool, outdoor fireplace and barbecue grilling areas. The community was developed by Woodmont Properties and Nexus Parking Systems, which built and operates the parking deck for the Metuchen Municipal Authority.
BAYONNE, N.J. — Cushman & Wakefield has arranged three sales of mixed-use properties in Bayonne. In the first transaction, an undisclosed buyer purchased a three-building mixed-use property located at 462 Broadway, 464 Broadway and 15-17 Liberty Court for $1.1 million, or $90.38 per square foot. The 13,000-square-foot portfolio features four residential units and four commercial units. Fahri Ozturk and Lev Kimyagarov of Cushman & Wakefield arranged the transaction. In the second deal, Ozturk brokered the $1.6 million sale of a 16,500-square-foot mixed-use building located at 813-819 Broadway. The building features 9,000 square feet of ground-level retail and medical office space and 7,500 square feet of second-floor office space. Current tenants are Children’s Specialized Hospital and La Guardiola Pizzeria. In the third transaction, an undisclosed buyer acquired a 17,700-square-foot mixed-use asset located at 544-556 Broadway for $1.3 million. Vacant at the time of sale, the building features a ground-floor retail component and second-floor office space. Ozturk arranged the transaction. The names of the sellers were not released.
FRANKLIN TOWNSHIP, N.J. — HFF has brokered the sale of The Harrison, a 20-story apartment building located at 575 Easton Ave. in Franklin Township. An undisclosed buyer acquired the 316-unit property for $54 million. Originally built in 1974 and renovated in 2015, the property features 38 studio units, 178 one-bedroom units and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, spacious layouts and balconies. On-site amenities include 24/7 concierge service, a clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and two-in-one basketball/tennis court. At the time of sale, the property was 95 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver, and Marc Duval of HFF represented the undisclosed seller in the deal.
CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of an office building located at 499 Cooper Landing Road in Cherry Hill. The Guidance Center of Camden County Inc. sold the property to 409 ROPA Realty LLC for $1.6 million. The buyer plans to convert the 12,000-square-foot property into a state-of-the-art medical office building. Kevin Burns of Markeim Chalmers represented the seller in the deal.
NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.
NUTLEY AND CLIFTON, N.J. — PB Nutclif I, an affiliate of Prism Capital Partners, has completed its previously announced purchase of the 116-acre former Hoffmann-La Roche Inc. North American headquarters campus in Nutley and Clifton. The company plans to reposition the campus as a mixed-use development anchored by a medical school. In July, Hackensack Meridian Heath and Seton Hall University committed to leasing two buildings and 16 acres at the property. Seton Hall and Hackensack Meridian will immediately start improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center on the campus.
UPPER SADDLE RIVER, N.J. — CBRE has brokered the sale of 10 Mountainview, an office building located in Upper Saddle River. Mack-Cali Realty Corp. sold the property to Moshe Gold, on behalf of a private investment group, for $19.7 million. At the time of sale, the 207,730-square-foot building was 67 percent leased to a variety of tenants, including Sherwin Williams and Stryker. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties, in collaboration with Jeffrey Babikian of CBRE’s Saddle Brook, N.J., office, represented the seller and procured the buyer in the deal.
