SPRINGFIELD, N.J. — NAI DiLeo-Bram has brokered the sale of a 22,542-square-foot office building located at 120 Mountain Ave. in the Northern New Jersey city of Springfield. The property sits on a one-acre site with proximity to the Morris Turnpike, State Route 24 and the Garden State Parkway. Robert DiLeo and Robert Dinner of NAI DiLeo-Bram represented the buyer in the transaction. Colliers International represented the seller. Additional terms of sale were not disclosed.
BAYONNE, N.J. — German discount grocer Lidl has opened a 30,000-square-foot store within Harbor Point Marketplace in the Northern New Jersey city of Bayonne. Larry Anderson, Steve Durak and Dina Santarelli of Sabre Real Estate Advisors LLC, the national retail advisory practice of the Sabre real estate group of companies, represented Lidl in its site selection and acquisition of the land. The grand opening took place on Nov. 18.
CARLSTADT, N.J. — Sitex Group, an investment and development firm focused on the Tri-State area, has acquired a 30,000-square-foot warehouse in the Northern New Jersey city of Carlstadt. The property, which is currently vacant, features 20-foot clear heights, two loading docks and 3,000 square feet of office space. Jeff Chaus of Chaus Realty brokered the deal and has been retained to lease the building.
Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores
UNION, N.J. AND LOS ANGELES — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, Calif. Both companies have agreed to a transition services agreement (TSA) following the close of the transaction to help ensure business continuity. The sales price was not disclosed. Cost Plus World Market opened its first store in 1958 on San Francisco’s famous Fisherman’s Wharf. Today the company operates stores in 39 states coast to coast, as well as one in Washington, D.C. Bed Bath & Beyond acquired Cost Plus World Market in 2012. The transaction is scheduled to close prior to the end of Bed Bath & Beyond’s fiscal year on Feb. 27, 2021, and is subject to customary closing conditions. Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities Inc. and Bryan Cave. In addition to the sale …
CRANBURY, N.J. — Duke Realty, an Indianapolis-based REIT, has secured two industrial leases totaling 950,000 square feet in Cranbury, located in the north-central part of the state. Cooper Electric signed a lease for 650,000 square feet at 315 Half Acre Road, and logistics firm Comptree inked a deal for 300,000 square feet at the adjacent facility at 311 Half Acre Road. Both buildings feature 38-foot clear heights and two drive-in doors. Mindy Lissner, William Waxman, David Gheriani, Robert Pine and Kevin Dudley of CBRE represented Duke Realty in the lease negotiations. Jules Nissim of Cushman & Wakefield represented Cooper Electric, while Richard Marchisio and Drew Maffey of Lee & Associates represented Comptree.
SOMERVILLE, N.J. — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, will develop a 374-unit apartment community in Somerville, about 40 miles west of New York City. The community will be situated on 15 acres and will be part of Somerville Station, a transit-served, mixed-use development in the downtown area. Units will feature studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, courtyards with grilling stations, coworking space and a pet park. Somerset Development, the master developer of Somerville Station, sold the land on which the property will be built. Construction is underway and expected to be complete in the third quarter of 2023.
MOUNT OLIVE, N.J. — New York-based investment firm The Birch Group has acquired a 73,000-square-foot office building located at 500 International Drive in Mount Olive, located east of Newark. The sale included a 7,115-square-foot adjacent commercial building. The Rockefeller Group developed the three-story building, which was fully leased to 16 tenants at the time of sale, in 1987. Jose Cruz, Kevin O’Hearn, Fred Hyatt, Stephen Simonelli, Michael Oliver and Nicholas Stefans of JLL represented the undisclosed seller in the transaction.
EAST BRUNSWICK, N.J. — Pennsylvania-based self-storage REIT CubeSmart has opened a 1,100-unit facility in the Northern New Jersey city of East Brunswick. New Jersey-based TFE Properties developed the facility, which spans more than 130,000 square feet of net rentable space. The facility is located along State Route 18 at the site of a former Kmart and is situated within TFE’s Junction Pointe retail project.
FREEHOLD, N.J. — CBRE has negotiated the $4.9 million sale of a 46,000-square-foot industrial building in Freehold, located in the central part of the state. The property was built on 10 acres in 1984. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, L&M Realty Associates LLC, which originally acquired the asset for $3.5 million in 2013. The team also procured the buyer, a New Jersey-based limited liability company.
VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Company Inc. has arranged the $15.1 million sale of Regency Court and Chester Court, two apartment communities totaling 152 units in Vineland, located at the southern tip of the Garden State. Regency Court totals 104 units on 4.5 acres, and Chester Court features 48 units on 2.4 acres. Both garden-style properties offer courtyards and onsite laundry facilities. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.