New Jersey

Englewood Health to Open 53,222 SF Medical Office in Jersey City

by Taylor Williams September 1, 2020

JERSEY CITY, N.J. — Locally based provider Englewood Health will open a 53,222-square-foot medical office at 2 Journal Square, a 325,000-square-foot building in Jersey City. The space will include medical offices for orthopedics, pain medicine, primary care, diabetes, OB/GYN, cancer, cardiology, pulmonology, urology and colorectal surgery. In addition, there will be onsite urgent care, breast screening and imaging, an infusion center and a laboratory. Greg Barkan, Remy deVarenne and Sam Bernhaudt of CBRE represented Englewood Health in the 15-year lease agreement. GAIA Real Estate owns the building and recently completed a multimillion-dollar renovation of it.

September 1, 2020

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers $140M Sale of Office Building in Iselin, New Jersey

by Taylor Williams August 31, 2020

ISELIN, N.J. — Cushman & Wakefield has brokered the $140 million sale of a 470,692-square-foot office building located at 194 Wood Ave S. in Iselin, located west of Staten Island. The sales price equates to $297 per square foot. Anchored by IBM, the property is located within the Metropark corporate office campus and was fully leased to seven tenants at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Kevin Donner, Frank DiTommaso, Kevin Carton and Todd Elfand of Cushman & Wakefield represented the seller, AIG, in the transaction. The buyer was New York City-based investment firm Opal Holdings.

August 31, 2020

Leasing Activity New Jersey Northeast Retail

Madison Marquette to Handle Leasing of 383,000 SF Teterboro Landing Shopping Center in New Jersey

by Taylor Williams August 31, 2020

TETERBORO, N.J. — Madison Marquette has added Teterboro Landing, a 383,000-square-foot retail power center in Teterboro, about 20 miles northwest of New York City, to its leasing portfolio. The property was built in 2015 and was fully leased at the time of sale to tenants such as Panera Bread, BJ’s Brewhouse, Chick-fil-A, Habit Burger, European Wax and T-Mobile. BIT Teterboro Landing Shops Urban Renewal LLC owns the center.

August 31, 2020

Acquisitions Industrial New Jersey Northeast Top Stories

PGIM Real Estate Acquires 4.7 MSF National Industrial Portfolio for $425M

by Taylor Williams August 31, 2020

MADISON, N.J. — New Jersey-based PGIM Real Estate has acquired a portfolio of 15 industrial buildings totaling 4.7 million square feet for $425 million. Four of the buildings are located in the Atlanta metros of Lithia Springs, Buford and Union City. Six of the buildings are located in the Dallas-Fort Worth (DFW) metroplex, and two are located in the Phoenix suburb of Avondale. The remaining three buildings are located in the Denver area, but the addresses and submarkets of those assets were not disclosed. All of these developments are newly constructed projects or are nearing completion. In addition, the properties all feature 32- to 36-foot clear heights and ample dock doors, which the new ownership cites as key features in marketing to e-commerce users. “COVID-19 has not only supported the continued rise of e-commerce and distribution demand across the United States, but it has also significantly accelerated the existing trend,” says Cathy Marcus, global chief operating officer and head of U.S. equity for PGIM Real Estate. “As many more retailers and international corporations enter the U.S. industrial market or expand their presence in the sector, these state-of-the-art properties will be an attractive component of our broader industrial portfolio.” “This transaction …

August 31, 2020

Industrial Market Reports New Jersey Northeast Northeast Market Reports Pennsylvania

Philadelphia, Southern New Jersey Industrial Market: Everything Investors Need to Know

by Taylor Williams August 28, 2020

By Marc Isdaner, senior managing director, principal, Colliers International; and Ian Richman, senior managing director, Colliers International Strong job and population growth in recent years have caused the Philadelphia/Southern New Jersey industrial market to continually rise on the radars of both investors and developers. As the nation battles COVID-19, we see demand for industrial space growing as more users look to service last-mile customers in densely populated areas. This market is no exception. With the right guidance and counseling, investors can achieve strong returns here, even as variables like user demand and land/construction costs continue to rise, bringing valuations and sales prices along with them. Projects Get Bigger We continue to see developers take down large tracts near major thoroughfares in this region, oftentimes building on speculative bases. Examples of such projects are Mansfield Logistics Park, a 960,000-square-foot, two-building spec development by Clarion Partners off Interstate 295 in Burlington County that is nearing completion; and The Cubes at East Greenwich, a two-building spec development located off I-295 in Gloucester County. The latter project is being developed in an area that was largely inactive until 2018, as land sites and established industrial parks such as Pureland were essential built out. Scout …

August 28, 2020

Loans Mixed-Use New Jersey Northeast

JLL Arranges $116.3M Construction Loan for North Market Mixed-Use Project in Morristown, New Jersey

by Taylor Williams August 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $116.3 million construction loan for Phase I of North Market, a mixed-use project that will be located in Morristown, about 30 miles west of New York City. At completion, the 32.6-acre project will consist of 350 multifamily units, 40,500 square feet of office space, a 150-room boutique hotel and 94,500 square feet of retail and restaurant space. Thomas Didio of JLL arranged the loan through an undisclosed life insurance company on behalf of the borrower and developer, The S. Hekemian Group LLC of Englewood, New Jersey. Phase I, which is expected to be complete in about 24 months, will focus on the multifamily component, which will include amenities such as a pool, fitness center, outdoor grilling areas, coworking space and saunas.

August 27, 2020

Leasing Activity New Jersey Northeast Office

Cognizant Signs 36,000 SF Office Lease for New Headquarters in Teaneck, New Jersey

by Taylor Williams August 25, 2020

TEANECK, N.J — Multinational corporation Cognizant has signed a 36,000-square-foot office lease at Glenpointe Center East in Teaneck, located northwest of New York City, for its new office headquarters. Glenpointe Center East features a 26,000-square-foot spa and fitness center, as well as a restaurant, wine bar and a lounge. Gregg Najarian and Nate Brzozowski of Savills represented the tenant in the lease negotiations. The landlord, Alfred Sanzari Enterprises, was represented internally.

August 25, 2020

Acquisitions New Jersey Northeast Office

Markheim Chalmers Brokers Sale of 33,303 SF Office Portfolio in Berlin, New Jersey

by Taylor Williams August 24, 2020

BERLIN, N.J. — New Jersey-based Markheim Chalmers has brokered the sale of a 33,303-square-foot office portfolio in Berlin, located southeast of Philadelphia. The portfolio spans four buildings and was 89 percent leased at the time of sale. Adam Dembo of Markheim Chalmers represented the seller, Affiliated Management, in the transaction. Dembo also procured the buyer, Taunton Road LLC. The sales price was not disclosed.

August 24, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $10.9M Sale of Three Multifamily Assets in Jersey City

by Taylor Williams August 24, 2020

JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of three multifamily assets totaling 66 units in Jersey City, a western suburb of New York City. The sales price was roughly $10.9 million, or $171,000 per unit. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap handled the transaction. The buyer and seller were not disclosed.

August 24, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $34M Construction Loan for Multifamily Project in North Haledon, New Jersey

by Taylor Williams August 21, 2020

NORTH HALEDON, N.J. — JLL has arranged a $34 million construction loan for the development of a multifamily project at 920 Belmont Ave. in North Haledon, about 30 miles northwest of New York City. The property will total 180 units and offer amenities such as a fitness center, lounge area, coworking space and an outdoor pool and patio area with grilling stations. Jon Mikula and Michael Klein of JLL arranged the financing through Investors Bank on behalf of the borrower, a partnership between Tulfra Real Estate and The Hampshire Companies. Completion is slated for 2021.

August 21, 2020

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