New Jersey

Clarion Partners Acquires Parkway Lofts in Bloomfield for More Than $100M

by Amy Works November 12, 2014

BLOOMFIELD, N.J. — Clarion Partners has acquired Parkway Lofts, a multifamily property in Bloomfield, for more than $100 million. The seller was a joint venture comprised of Prism Capital Partners and an institutional investor. Originally built in 1897, the property is an eight-story industrial building that was redeveloped into 136 loft-style apartment units. Units feature gourmet kitchens with stainless steel appliances and quartz countertops, walk-in closets, oversized windows and in-unit washer/dryers. Onsite amenities include a two-story fitness center, rooftop deck with fire pit and ample garage parking. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE Group’s Institutional Properties team represented the seller in the transaction.

November 12, 2014

New Jersey Northeast Office

Cushman & Wakefield Brokers Trade of 99 Wood Avenue South in New Jersey

by Amy Works November 11, 2014

ISELIN, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group has arranged the sale of 99 Wood Avenue South in Iselin. TA Associates Realty purchased the 10-story, 272,000-square-foot office building for an undisclosed price. The building recently underwent $3 million in building renovations and system upgrades. At the time of sale, the property was 91 percent leased to a variety of tenants, including Ernst & Young, Citibank, M&T Bank, and Greenbaum, Rowe, Smith & Davis. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Ed Duenas of Cushman & Wakefield brokered the transaction.

November 11, 2014

Loans Multifamily New Jersey Northeast Seniors Housing

Oak Grove Capital Arranges $8.2M FHA Financing for Senior Apartment Community

by Amy Works November 11, 2014

TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.

November 11, 2014

Multifamily New Jersey Northeast

Parkway Lofts Surpasses 50 Percent Leased in Bloomfield

by Amy Works November 10, 2014

BLOOMFIELD, N.J. — Prism Capital Partners’ Parkway Lofts is now more than 50 percent leased. Located in Bloomfield, the adaptive reuse multifamily project features 361 loft-style apartments, which were converted from the original six-story warehouse building. The first two phases of the property have been leased and now phase three is available. Units features 17- and 12-foot ceilings, exposed columns and beams, 13-foot insulated windows, concrete floors, custom lighting fixtures, and designer kitchens and bathrooms. Onsite amenities include a rooftop deck with fire pit, a 5,000-square-foot fitness center, a 20-seat theater room, a private party and billiards room, a 24-hour resident-only convenience store, and a dog run.

November 10, 2014

New Jersey Northeast Retail

Nordstrom Rack to Open at The Crossroads at Eatontown

by Amy Works November 10, 2014

EATONTOWN, N.J. — Nordstrom Rack will open a new location at The Crossroads at Eatontown, located at 231 Highway 35 in Eatontown. The new 35,500-square-foot retail store is slated to open fall 2015. Construction for the new store is scheduled to commence this fall. Wall, N.J.-based Gerard Construction Corp. is building the new space. The Crossroads at Eatontown offers 105,735 square feet of retail space. Current tenants at the center include Macy’s Furniture and Fortunoff Backyard. Helena Loelius and Trista Ricciardelli of Sitar Realty Company-TCN Worldwide represented landlord LGR Associates in the transaction. Jeffery Howard of Ripco Real Estate Corp. represented Nordstrom Rack.

November 10, 2014

Industrial New Jersey Northeast

Bussel Realty Brokers $1.5M Acquisition of New Jersey Industrial Facility

by Amy Works November 7, 2014

KENILWORTH, N.J. — Bussel Realty Corp. (BRC) has arranged the sale of an industrial facility located at 25 Sidney Circle in Kenilworth. Scheininger Real Estate purchased the 17,200-square-foot property for $1.5 million from BPS Company. The property features 16-foot ceilings, one loading dock, one drive-in and 1,410 square feet of office space. The buyer purchased the facility for Flexline and plans to use it to manufacture specialty hose assemblies for the pharmaceutical, steel, food and aviation industries. Gregory Irving of BRC represented the buyer in the transaction.

November 7, 2014

Industrial New Jersey Northeast

Duke Realty Opens First Warehouse at Legacy Commerce Center in New Jersey

by Amy Works November 6, 2014

LINDEN, N.J. — Duke Realty Corp. has opened the first of three warehouse properties at Legacy Commerce Center, a 60-acre Class A industrial and retail development at the former site of a General Motors’ assembly plant in Linden. Located at 801 W. Linden Ave., the 495,000-square-foot building features 50-by-50-foot column spacing, a 36-foot ceiling, an ESFR sprinkler system and parking for 300 vehicles. Legacy Commerce Center will offer 1.1 million square feet of space with 10 proposed retail pad sites and three proposed industrial sites, offering for-lease space and build-to-suit opportunities. Mindy Lissner, William Waxman, Steven Beyda, Susan Strauss-Rickwalder and Jamie Dennison of CBRE Group are overseeing leasing and marketing for the complex on behalf of Duke Realty.

November 6, 2014

Loans New Jersey Northeast Retail

HFF Arranges $10.4M Loan for New Jersey Retail Property

by Amy Works November 5, 2014

TINTON FALLS, N.J. — HFF has arranged a $10.4 million loan for a freestanding A&P supermarket and Sonic Drive-In ground lease in Tinton Falls. HFF worked on behalf of The Hampshire Companies to secure the 10-year, fixed-rate loan through Spencer Savings Bank. Loan proceeds were used to acquire the fee interest and refinance existing debt on the leasehold interest. The 56,304-square-foot grocery store and fast-food restaurant are located at 994 Shrewsbury Ave. Jon Mikula, Michael Klein and Michael Cerulo of HFF represented the borrower in the deal.

November 5, 2014

Industrial New Jersey Northeast

NAI Hanson Brokers 33,000 SF New Jersey Warehouse Building Lease

by Amy Works November 4, 2014

CARLSTADT, N.J. — NAI Hanson represented landlord, Amor SGE LLC, in the lease of 33,000 square feet at its industrial building in Carlstadt. M4U Inc. will use the space, located at 50 Armor Ave., to expand its operations. The warehouse space features four loading docks, two drive-ins, 1,200 amps of power and ample parking. Jeff DeMagistris and Tom Vetter of NAI Hanson represented the owner in the transaction.

November 4, 2014

Industrial New Jersey Northeast

Bussel Realty Brokers $6.6M Distribution Facility Sale in New Jersey

by Amy Works October 31, 2014

UNION, N.J. — Bussel Realty Corp. has brokered the sale of 600 Green Lane, a 91,000-square-foot distribution and headquarters facility in Union. Millstein Acquisitions and D’Artagnan purchased the property for $6.6 million. Situated on 5.9 acres the property features 13,000 square feet of modern offices, 26- to 28-foot ceiling heights, 17 loading docks and 163 parking spaces. The property most recently underwent renovations in 2005. Robert Sagar and David Blitt of Bussel Realty represented the seller, while Blau & Berg represented the purchaser in the transaction.

October 31, 2014

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