New Jersey

Cushman & Wakefield Brokers $80M Sale of Three-Property Office Portfolio

by Amy Works May 14, 2015

MORRISTOWN AND MORRIS TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of a three-property office portfolio in Morris County, N.J. East Rutherford, N.J.-based Lincoln Equities purchased the 410,000-square-foot portfolio sold for $80 million, or $195 per square foot, from Edison, N.J.-based Alfieri LLC. The portfolio includes the 106,000-square-foot Harding Plaza located at 1200 Mt. Kemble Ave. in Morristown; the 151,400-square-foot 100 Southgate Parkway in Morris Township; and the 151,000-square-foot Patriot’s Plaza at 60 Columbia Turnpike in Morristown. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller, while the buyer had in-house representation during the transaction.

May 14, 2015

Hospitality New Jersey Northeast

Advance Realty to Develop 150-Room AC Hotel by Marriott in Harrison, N.J.

by Amy Works May 14, 2015

HARRISON, N.J. — Advance Realty is developing an AC Hotel by Marriott in the Riverbend District, the company’s 35-acre redevelopment project in Harrison. The 85,000-square-foot hotel will feature 150 guest rooms, a bar and lounge area, a breakfast area, outdoor seating, a meeting room, fitness center and a lobby. Additionally, the hotel will feature more than 4,300 square feet of retail and restaurant space, which will complement the residential, retail and office space that is under development in the Riverbend District.

May 14, 2015

Delaware Multifamily New Jersey Northeast

HFF Arranges $65M in Financing for Three-Property Multifamily Portfolio

by Amy Works May 12, 2015

NEPTUNE CITY, MATAWAN AND ABERDEEN, N.J., AND WILMINGTON, DEL. — HFF has secured $65 million in financing for a three-property, 974-unit multifamily portfolio in New Jersey and Delaware. The portfolio includes the 20-building, 428-unit Brighton Arms located on West Sylvania Ave. in Neptune City; the 24-building, 268-unit Tree Haven located at 120 and 130 Ravine Dr. in Matawan and 33 Aberdeen Road in Aberdeen; and the 28-building, 278-unit Valley Run at 2601 Carpenter Road in Wilmington. Jim Cadranell and Jon Mikula of HFF represented the borrower, PRC Group, to secure the fixed-rate financing for the portfolio in three separate transactions through Investors Bank.

May 12, 2015

Industrial New Jersey Northeast

Bussel Realty Brokers Sale of 75,600 SF Distribution Facility in New Jersey

by Amy Works May 6, 2015

ELIZABETH, N.J. — Bussel Realty Corp. has brokered the sale of a distribution facility, located at 502 York St. in Elizabeth. Federal Autocat, which currently leases the property, elected to execute its option to purchase the 75,600-square-foot facility for an undisclosed price. Situated on three acres, the property features 20-foot ceilings, multiple loading docks, one drive-in door, ample power and on-site parking. Jordan Metz of Bussel Realty represented the buyer, while David Blitt, also of BRC, represented the seller, Weisman Family Partnership LLC, in the transaction.

May 6, 2015

New Jersey Northeast Office

Hollister Construction Completes Office Renovation in New Jersey

by Amy Works May 6, 2015

BRIDGEWATER, N.J. — Hollister Construction Services has completed the interior fit-out of a 38,000-square-foot medical office facility, located at 10 Finderne Ave. in Bridgewater, for Insmed Inc. The project involved the renovation of the existing office space, including the full interior demolition and re-construction of three floors, as well as the construction of 3,700 square feet of laboratory space on the third floor and a two-story, standalone mezzanine through the center of the building. The lower section of the mezzanine now features a meeting room with a flat-screen television and game center, including a shuffleboard table, and the middle level features a Tiki hut with a kitchenette, a peanut-shaped island and sitting areas. The project team included Alliances Architecture and AKF Engineers.

May 6, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $5.1M Sale of New Jersey Apartment Building

by Amy Works May 5, 2015

HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of Colonial Court Apartments in Hammonton. The 72-unit apartment building sold for $5.1 million. Located at 748 Bellevue Ave., the property consists of 12 buildings with 24 one-bedroom and 48 two-bedroom apartments. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the undisclosed buyer in the transaction.

May 5, 2015

Healthcare New Jersey Northeast Office

Valley Hospital Leases 73,978 SF at Mack-Cali Centre III in New Jersey

by Amy Works May 5, 2015

PARAMUS, N.J. — Valley Hospital has signed a 10-year lease for 73,978 square feet of space at Mack-Cali Centre III in Paramus. Located at 140 East Ridgewood Ave., the property features two towers joined by a seven-story atrium, an on-site café with outdoor seating and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant, while Chris DeLorenz of Mack-Cali represented the landlord. Additional terms of the transaction were not disclosed.

May 5, 2015

Industrial New Jersey Northeast

Colliers Brokers $2.7M Sale of Two Industrial Buildings in New Jersey

by Amy Works May 4, 2015

BELLMAWR, N.J. — Colliers has brokered the sale of two industrial/flex buildings at Korman’s Interstate Business Park in Bellmawr. Bellmawr Industrial and Technology Center LLC purchased the properties for $2.7 million from Korman Commercial Properties. The assets, which total more than 96,000 square feet, are located at 420 and 440 Benigno Blvd. The two-building property, called Kor-Center, is a multi-tenant complex. Current tenants are Show-n-Tell Media, an affiliate of the buyer; Dade Paper; Spectrum Show Services; and JDJ Construction; among others. Marc Isdaner of Colliers represented the seller in the transaction.

May 4, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 34,573 SF Retail Property

by Amy Works May 1, 2015

CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located in Cranford. The 34,573-square-foot property sold for $7.5 million. The fully leased center is occupied by Dunkin Donuts, UPS and Dollar General, among others. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. Lombardi and Angus also represented the undisclosed buyer.

May 1, 2015

New Jersey Northeast Retail

Staples Opens at North Village Shopping Center in New Jersey

by Amy Works May 1, 2015

NORTH BRUNSWICK, N.J. — Staples has opened its newest New Jersey location at North Village Shopping Center in North Brunswick. With the opening of the 14,000-square-foot store, the shopping center is 100 percent occupied. Other tenants are Bed Bath & Beyond, Barnes & Noble, Michaels, Eastern Mountain Sports, Panera Bread, Smashburger, Chili’s, A&G Fine Foods and Rossopomodoro Ristorante. Levin Management serves as the exclusive leasing and managing agent for the 132,000-square-foot center.

May 1, 2015

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