VOORHEES, N.J. —Comcast Corp. has expanded its lease at Voorhees Technology Center, located at 401 White Horse Road in Voorhees, by 42,000 square feet. This expansion brings the company’s footprint to more than 150,000 square feet at the 215,000-square-foot building. Brian Sherlock and Evan Zweben of Colliers International represented the landlord, while Marc Policarpo and Bob Corr of Binswanger represented Comcast in the transaction.
HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.
RAHWAY, N.J. — The Goldstein Group has arranged the sale of a 21,000-square-foot, freestanding retail building, located at 2161 Route 1 in Rahway. JRS Realty LLC sold the property to Kata Corp. for an undisclosed price. Chuck Lanyard of The Goldstein Group represented the seller in the transaction.
BRANCHBURG, N.J. — Marcus & Millichap has brokered the sale of Branchburg Plaza, a retail property located at 1010 U.S. Route 202 in Branchburg. A 1031 exchange buyer acquired the 8,250-square-foot strip center for $1.9 million. Robert Angus and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction.
ENGLEWOOD, N.J. — A fund advised by CBRE Global Investors has acquired The Brownstones at Englewood South, an apartment community located at 73 Brownstone Way in Englewood, for an undisclosed price. The 350-unit property features a mix of loft, flat and townhome-style floor plans with high-end finishes, including granite countertops and stainless steel appliances. Community amenities include a clubhouse, fitness center, pool and deck and green space. The buyer has an interior and amenity upgrade plan for the property. The property, which features 12,521 square feet of ground-floor retail space, was 98 percent occupied at the time of sale. Jose Cruz, Kevin O’Hearn, Michael Oliver and Andrew Scandalios of HFF represented the undisclosed seller in the transaction.
HACKENSACK, N.J. — Redwood Realty Advisors has arranged the sale of two apartment properties located in Hackensack. Totaling 99 apartment units, the assets sold for $16.4 million. Built in 1975, the properties include the 46-unit Driftwood Apartments at 20 Second St., and the 53-unit El Dorado Apartments at 240 Anderson St. The undisclosed buyer plans to reposition the properties. Thomas McConnell, Kevin McCrann, Michael Scrima and Jeremy Wernick of Redwood Realty represented the seller, Rose Realty Inc., in the transaction.
EVESHAM, N.J. — RD Management LLC has unveiled its redevelopment plans for The Shoppes and Residences at Renaissance Square, located on Route 70 in Evesham. Formerly known has Tri-Towne Plaza, the center offers 112,245 square feet of mixed-use space. The redevelopment includes the addition of five buildings, containing 338 apartments; an open space with jogging paths, walkways and a pond; new signage; upgrades to the retail portion; and the addition of new retail and restaurant facilities to the existing space. The development is scheduled to commence in spring 2016.
EDISON, N.J. — Mack-Cali Realty Corp. has acquired an office building located at 333 Thornall St. within Metropark in Edison. The 196,000-square-foot property, known as Metroview, sold for $53.1 million; the name of the seller was not disclosed. The company plans to integrate its existing building at 343 Thornall St. with the new acquisition through the construction of an interconnected, landscaped walkway, to create an approximately 400,000-square-foot campus. On-site amenities include a terraced, outdoor seating area and exercise components. The building was 96 percent leased at the time of sale.
JERSEY CITY, N.J. — Onyx Equities and Rubenstein Partners has completed the $20 million renovation of 30 Montgomery Street in Jersey City. The 15-story, 320,000-square-foot building has been transformed into a state-of-the-art, Class A property with an additional 8,000 square feet of retail space. Improvements include a complete replacement of windows, a high-efficiency HVAC system, installation of a backup generator, a new executive conference center, modern finishes in the common areas and the addition of a ground-level, urban retail amenity, which includes a 15-foot vaulted ceiling at the front entrance and possible outside, café-style seating. Vericon Construction served as the lead contractor, while Environetics designed the building’s new features as the architect of record for the project, which took 11 months.
ASBURY, N.J. — Compass Self Storage, a member of the Amsdell family of companies, has acquired a self-storage property located at 190 Route 173 West in Asbury for an undisclosed price. The property, which offers more than 64,000 net rentable square feet, features drive-up access, indoor climate-controlled units, digital surveillance, electronic access, online payments, truck rental and a full line of moving and packing supplies. Compass Self Storage has an improvement package planned for the property, including upgrading the interior sales office, rebranding the signage and adding additional lighting to the property. Operated by Compass Self Storage LLC, the property is the company’s 60th store opened under the Compass flag and its fifth location in New Jersey. The acquisition was made by separate affiliates of Cleveland, Ohio-based Amsdell Group LLC and Compass Self Storage LLC. The name of the seller was not released.
