New Jersey

Bridge Development Acquires 18.03 Acres for Industrial Development in New Jersey

by Amy Works January 20, 2015

UNION, N.J. — Bridge Development has acquired 18.03 acres of land in Union for the development of a Class A institutional-quality industrial building. Industrial Realty Group sold the property for an undisclosed price. The site was originally developed in the 1920s as a milk processing plant operated by Tuscan and Lehigh dairies, but operations at the property ceased in 2006. Bridge Development plans to demolish the existing buildings and develop a speculative 263,415-square-foot industrial building with 36-foot clear ceiling heights. The facility, which will accommodate two tenants, will feature precast concrete construction, ESFR sprinkler systems, T-5 lighting, 50 docks, 55-foot column spacing, 66-foot staging bay at the loading dock and 111 trailer positions. The facility is slated for completion by November.

January 20, 2015

Industrial New Jersey Northeast Office

Sitex Group Acquires New Jersey Sharp Plaza for $40M

by Amy Works January 19, 2015

MAHWAH, N.J. — Sitex Group has acquired Sharp Plaza, a mixed-use campus located in Mahwah, for $40 million. Situated on the New York state border at the intersection of Routes 17 and 287, the campus includes a three-story, 147,000-square-foot Class A office building, a 350,000-square-foot warehouse building and 23 acres of undeveloped land. The office building is currently leased to Sharp as its North American headquarters on a long-term basis. The warehouse, which is expandable by 200,000 square feet, currently has an 80,000-square-foot vacancy. The remainder of the warehouse is long-term leased to Sharp and Amazing Savings. Sitex Group plans to reposition the warehouse vacancy and market the vacant land for office or warehouse build-to-suit opportunities. McBride Real Estate represented Sitex Group in the acquisition.

January 19, 2015

New Jersey Northeast Retail Texas

Simon Purchases The Mills at Jersey Gardens and University Park Village in Fort Worth

by Amy Works January 16, 2015

ELIZABETH, N.J., AND FORT WORTH, TEXAS — Simon has closed on its acquisition of two retail centers in New Jersey and Fort Worth, Texas, for an aggregate purchase price of $1.09 billion, including the assumption of existing mortgage debt. The two properties were acquired in connection with the closing of Washington Prime Group’s acquisition of Glimcher Realty Trust. Located in Elizabeth, Jersey Gardens, which has been renamed The Mills at Jersey Gardens, features a variety of tenants, including Bed, Bath & Beyond; Century 21; Coach Factory; Forever XX1; Lord & Taylor Outlet; Michael Kors; Neiman Marcus Last Call; Nike Factory Store; Saks Fifth Avenue Off 5th; and AMC Theatres. University Park Village in Fort Worth is tenanted by Ann Taylor, Anthropologie, Apple, Athleta, Banana Republic, Chico’s, Free People, J. Crew, Lululemon Athletica, Madewell, Michael Kors, Pottery Barn, Talbots, Vera Bradley, White House | Black Market, and Williams-Sonoma.

January 16, 2015

Industrial New Jersey Northeast

CenterPoint Properties Sells 35,038 SF Industrial Facility in New Jersey

by Amy Works January 16, 2015

CARLSTADT, N.J. — CenterPoint Properties has sold its facility at 30 Commerce Road in Carlstadt for an undisclosed price. Caudalie, a French skin care company, purchased the property, which is located on 1.44 acres and features two exterior loading docks, in an off-market transaction. The facility offers close proximity to New York and major highways, including Interstate 95, the New Jersey Turnpike and New Jersey Routes 46 and 80. Andrew Houston, Larry Casey and Robin Ritter-Ceriello of DTZ represented the seller in the deal.

January 16, 2015

Mixed-Use New Jersey Northeast

NAI Hanson Secures Sale of 14,000 SF New Jersey Mixed-Use Property

by Amy Works January 14, 2015

KEANSBURG, N.J. — NAI James E. Hanson has facilitated the sale of a mixed-use property in Keansburg. Father and Sons Building and Remodeling purchased the building, which is located at 19-21 Carr Ave., for an undisclosed price. The 14,000-square-foot building is well suited to be repurposed into a residential property. John Schilp and Joan Cenicola of NAI Hanson represented the undisclosed seller in the transaction.

January 14, 2015

Industrial New Jersey Northeast

Marcus & Millichap Arranges 44,000 SF Industrial Facility Sale in New Jersey

by Amy Works January 13, 2015

MAHWAH, N.J. — Marcus & Millichap has brokered the sale of an industrial facility located at 370 Franklin Turnpike in Mahwah. The 44,000-square-foot asset sold for $3.9 million. The building features 12,000 square feet of newly refurbished office space and 32,000 square feet of industrial space with 24-foot clear heights. The office space is broken up into four 3,000-square-foot sections, with three of the sections being leased by office users and the fourth space being leased by the tenant occupying the warehouse space. David Thurston of Marcus & Millichap represented the both the buyer and seller in the transaction.

January 13, 2015

Mixed-Use New Jersey Northeast

Kushner Cos., The KABR Group Acquire One Journal Square Development Site for $27M in Jersey City

by Amy Works January 12, 2015

JERSEY CITY, N.J. — Kushner Cos. and The KABR Group have acquired a development site at One Journal Square in Jersey City for $27 million. Located at the intersection of Sip Avenue and John F. Kennedy Boulevard, the two-acre development site is entitled for mixed-use development, including approximately 1,500 multifamily units and a large retail component with ample parking. The companies plan to work with the city to develop a project that will help revitalize Jersey City’s Journal Square neighborhood. Currently, Kushner Cos. and The KABR Group are developing Trump Bay Street, a 50-story residential tower located at 65 Bay St. in Jersey City’s Powerhouse District.

January 12, 2015

New Jersey Northeast Office

HFF Arranges $10.95M Sale of New Jersey Office Building

by Amy Works January 12, 2015

EAST HANOVER, N.J. — HFF has brokered the sale of Eagle Rock Executive Office IV, an office building located in East Hanover. Griffin Capital Essential Asset REIT Inc. sold the property to Boxer F3 LLC for $10.95 million, free and clear of existing debt. Boxer Property will manage and lease the facility. Situated on 15.25 acres at 120 Eagle Rock Ave., the three-story 177,820-square-foot building is part of the three-building Eagle Rock Executive Park. The building features a granite and reflective glass curtain wall façade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Current tenants include Prudential, GfK US Holdings, CAI, Fishman McIntyre PC, and John Van Deusen & Associates. Jose Cruz, Kevin O’Hearn, Marc Duval and Andrew Scandalios of HFF represented the seller in the transaction.

January 12, 2015

Healthcare New Jersey Northeast Office

United Realty Trust Acquires 90,000 SF Medical Headquarters in New Jersey

by Amy Works January 9, 2015

CHERRY HILL, N.J. — United Realty Trust Inc. has acquired a medical office property located at 7 Carnegie Plaza in Cherry Hill. FRS Carnegie Plaza LLC sold the 90,000-square-foot property sold for $9.3 million. Built in 1988 and last renovated in 2009, the property is fully occupied by Fox Rehabilitation Services, a provider of physical, occupational and speech therapy services. Situated on 17.4 acres, the property provides infrastructure for more than 700 employees and includes 559 onsite outdoor parking spaces. United Realty Trust financed the acquisition in part through a $5.5 million first mortgage loan and a $1.8 million mezzanine loan.

January 9, 2015

New Jersey Northeast Office

The Berger Organization Adds 58 Park Place its Portfolio

by Amy Works January 8, 2015

NEWARK, N.J. — The Berger Organization has acquired 58 Park Place in Newark from PPSJ Corp. for an undisclosed price. The 30,000-square-foot office property is 50 percent occupied by the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Habitat for Humanity, which is currently located at 60 Park Place, plans to relocate to the fourth floor of 58 Park Place. This acquisition adds to the company’s current Newark portfolio, which includes 10, 50 and 60 Park Place and 570 and 765 Broad Street. Additional terms of the transaction were not released.

January 8, 2015

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