BURLINGTON, N.J. — NAI Mertz has brokered the sale of an industrial facility located at Six Campus Dr. in Burlington. The buyer is an investor focused on the acquisition and operation of single-tenant industrial properties. Generation Brands, a manufacturer and distributor of decorative and functional lighting and ceiling fan products, occupies the entire building. Situated on 60 acres, the property, which includes 250,000 square feet of expansion potential, features 32-foot clear ceiling heights, 61 loading docks, solar paneling and ESFR sprinkler systems. Scott Mertz of NAI Mertz was the sole broker in the transaction. The name of the seller and the acquisition price were not released.
The New Jersey industrial market is experiencing a renaissance of sorts with robust leasing activity in both Northern and Central regions of the state, increasing asking rents and more than 4.5 million square feet of industrial space delivered in 2014. All of these factors point to an even stronger 2015 as developers take advantage of improving market conditions. As we continue to see users and investors competing for the same properties, which in turn creates bidding contests resulting in higher sale prices, we pause and ask, “Can users compete with investors in this environment? And furthermore, should they?” To answer these questions, we need to look back at how we arrived at the current conditions. Towards the fourth quarter of 2013, asking rents and vacancy rates seemed to reach equilibrium. For each quarter after, asking rents steadily increased and vacancy dropped as demand rose. In the fourth quarter of 2014, vacancy in Central New Jersey fell to 7.2 percent, and asking rents rose from $5.35 to $5.42 per square foot with increasing demand along the New Jersey Turnpike corridor. Throughout the year, positive absorption totaled more than 2 million square feet in this region, making it the sixth year in …
WOODBRIDGE, N.J. — A joint venture between Advance Realty and F. Greek Development has completed the construction of a refrigerated storage and distribution center in Woodbridge. Preferred Freezer Services, a worldwide operator of temperature-controlled warehouses, has leased the 190,000-square-foot built-to-suit facility. Located on 9.3 acres at 275 Blair Road, the facility is designed to accommodate temperatures of negative 10 degrees and features a 53-foot clearance height.
PISCATAWAY, N.J. — Colliers International has arranged a long-term 30,000-square-foot lease for Paychex North America Inc. to relocate to One Centennial Plaza in Piscataway. Paychex, a provider of payroll, human resource and benefits outsourcing solutions for small to medium-sized businesses, will relocate to a portion of the first floor of the three-story, 236,961-square-foot office building this fall. The property features a conference and training center, security desk, on-site property management, 24/7 access, a full-service cafeteria and an outdoor seating area. Richard Madison and Jack Callahan of Colliers represented the landlord, while Michael Maroon of Acclaim Group represented Paychex in the transaction.
LIVINGSTON, N.J. — BNE Real Estate Group has opened The Hillside Club, a luxury apartment community located in Livingston. Located at 1000 Murray Court, The Hillside Club features one- and two-bedroom layouts, with limited den and loft options, starting at $2,195 per month. The apartment, ranging in size from 791 to 1,831 square feet, feature hardwood floors in the living areas, carpeted bedrooms, nine-foot ceilings, oversized windows, in-unit washer/dryers and chef-inspired kitchens. Community amenities include a clubhouse, fitness studio, heated outdoor pool, complimentary WiFi and a residents’ lounge with billiards, fireplace, kitchenette and lounge seating. The property is managed by BNE Management Group.
CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.
WALLINGTON, N.J. — Inserra Supermarkets is opening ShopRite of Wallington within Wallington Plaza Shopping Center in Wallington. Located at 375 Paterson Ave., the 60,000-square-foot supermarket will feature ShopRite from Home (online ordering with home delivery), free nutrition and wellness programming, full-service catering, a pharmacy and a liquor store. The store is slated to open in May.
HANOVER, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has broken ground for the construction of a global headquarters for MetLife Investments in Hanover. Situated on 14 acres within 67 Whippany Road’s South Campus component, the 185,000-square-foot property will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, employee food court with indoor and outdoor seating, and a café. Additionally, the property will offer 4.5 parking spaces per 1,000 feet of rentable area. The property is also designed to achieve LEED Gold Core and Shell and LEED Platinum Interiors certifications. Bruce Mosler, Ethan Silverstein, David Susoreny, Bill Brown and Andrew Merin of Cushman & Wakefield represented MetLife in the transaction. Robert Donnelly and Robert Donnelly Jr., also of Cushman & Wakefield, represented the property ownership in the lease transaction.
SOUTH BRUNSWICK, N.J. — Clarion Partners has acquired a 20-acre site located at 335 Ridge Road in South Brunswick for an undisclosed price. The buyer plans to demolish the existing building, which was formerly a call center, and construct a state-of-the-art warehouse and distribution center on the site. The new warehouse will be part of a planned industrial business park and consolidate an adjoined parcel of previously purchased land. Doug Bansbach of DTZ represented the seller, United States Land Resources, and the buyer in the transaction. Additionally, Joseph Zingaro provided in-house representation for the buyer.
NORTH BRUNSWICK, N.J. — CBRE Group has arranged the sale of The Shoppes at North Brunswick, a shopping center located along Route 1 North Brunswick. A New York-based private equity firm sold the 150,000-square-foot property to Shoppes at North Brunswick LLC, an entity controlled by The Azarian Group, for an undisclosed price. The center is 94 percent leased to a mix of tenants, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Company, Ann Taylor Loft, Charming Charlie, Corner Bakery Café, SuperCuts and Wingstop. Additionally, the retail and office property has 10,000 square feet of space available. Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE represented both parties in the transaction.