CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 45,670-square-foot industrial building located at 9 Bridewell Place in the Northern New Jersey city of Clifton. Building features include 23-foot clear heights and 11,102 square feet of office space. Ken Lundberg, Darren Lizzack, Randy Horning, Pat Lennon and Lorenzo Lambiase of NAI Hanson represented the seller, Challenge Partners LLC, in the transaction. The buyer was beverage producer and distributor 3 V Co. Inc.
FAIRFIELD, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a two-building, 72,045-square-foot industrial portfolio in Fairfield, about 25 miles west of New York City. The first building totals 46,536 square feet and was built in 1981, while the second building spans 25,509 square feet and was constructed in 1980. The portfolio was fully leased to five tenants at the time of sale. Thomas Atler of Graham Realty Group LLC represented the seller in the transaction.
MORRISTOWN, N.J. — Kislak Co. has arranged the $8.5 million sale of a 23-unit luxury multifamily property in the Northern New Jersey city of Morristown. Units at the property, which was built in 2015, feature individual washers and dryers, balconies and two assigned private parking spaces. Joseph Keenan and Robert Holland of Kislak represented the seller, Morristown Gateway LLC, in the transaction. Jason Pucci and Justin Lupo, also with Kislak, procured the buyer, an affiliate of regional multifamily owner-operator The Kamson Corp. The property was 96 percent occupied at the time of sale.
EAST ORANGE AND IRVINGTON, N.J. — Marcus & Millichap has arranged the $92.5 million sale of a 24-property, 702-unit multifamily portfolio in East Orange and Irvington, two cities located in Essex County. Approximately 55 percent (390) of the units are located in East Orange, and the remaining units (312) are located in Irvington. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America, in the transaction. Eric Anton and Chris Warner in the firm’s Manhattan office represented the buyer, Spaxel LLC, a New York-based multifamily developer. Brad Domenico of Progress Capital arranged $81 million in acquisition financing for the deal.
PATERSON AND PASSAIC, N.J. — Gebroe-Hammer Associates has brokered the $17 million sale of a 133-unit apartment portfolio in Northern New Jersey’s Passaic County. The portfolio comprises nine properties of early 20th century construction that offer 133 units in studio, one-, two- and three-bedroom formats. Debbie Pomerantz of Gebroe-Hammer represented the seller, Golden Equities LLC, in the transaction and procured the buyer, an undisclosed private investor.
MOORESTOWN, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has received a zoning approval that will allow the Philadelphia-based mall owner to add up to 1,065 multifamily units and a hotel to its Moorestown Mall in Southern New Jersey. For PREIT (NYSE: PEI), which filed for Chapter 11 bankruptcy in early November, the move is part of a larger effort to diversify the real estate at several of its regional malls. Dubbed a “densification plan” by company executives, PREIT’s plan to sell parcels of land to multifamily developers is expected to generate as much as $150 million in proceeds that will be used to reduce its outstanding debt. The company is in the process of delivering 3,500 apartments across its properties as part of the initial phase of the plan, which could ultimately see as many as 7,000 multifamily units and several hotels added to PREIT’s properties. The first phase of the multifamily component at Moorestown Mall will consist of 375 units and a hotel with an unspecified number of rooms. “Our foresight has shaped a high-quality portfolio with a strong retail core that attracts a distinctive mix of new uses to redefine the future-ready retail and leisure district,” said …
BURLINGTON, N.J. — Lee & Associates has brokered the $110.5 million sale of a 116.8-acre industrial redevelopment site in the Southern New Jersey city of Burlington. The property currently houses a 1 million-square-foot warehouse that was previously occupied by the U.S. General Services Administration and will be decommissioned. The new ownership, a partnership between New York-based Clarion Partners and MRP Industrial, plans to build two Class A distribution centers on the site on a speculative basis. Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill Jr. of Lee & Associates represented the seller, Boston-based STAG Industrial, in the deal.
RUNNEMEDE, N.J. — CBRE has arranged the $29.3 million sale of Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio in Runnemede, located outside Philadelphia in Southern New Jersey. The sale included four development parcels with the capacity to house 125,000 square feet of new product. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Richards & Robbins, in the transaction. The buyer was industrial investment firm Faropoint. Tenants at the property include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.
UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) reported 2 percent comparable sales growth for its fiscal third quarter that ended on Nov. 30, an increase that was fueled largely by 77 percent growth in digital sales compared with the same period a year ago. Despite this growth, the New Jersey-based retailer will continue with its plan that was announced in July of last year to close some 200 stores by mid-2022. According to CNBC, this includes the closing of 43 stores by the end of February. Bed Bath & Beyond also agreed in December agreed to sell its Cost Plus World Market brand to Los Angeles-based private equity firm Kingswood Capital Management. The company’s stock price closed at $21.03 per share on Wednesday, Dec. 6, up from $16.60 per share a year ago. CNBC also reports that as of late August, Bed Bath & Beyond operated about 1,500 stores across the country.
OLD BRIDGE, N.J. — General contractor Unity Construction Services Inc. has completed a 38,000-square-foot office project for regional grocer Key Food’s corporate headquarters in Old Bridge, about 40 miles south of New York City. Key Food is relocating from Staten Island to the new building, which houses open and private offices, conference rooms, a fitness center, an executive suite and a test kitchen. California-based Ware Malcomb designed the project.