New Jersey

Larken Associates Begins Leasing 198-Unit Apartment Community in Lopatcong, New Jersey

by Taylor Williams July 9, 2020

LOPATCONG, N.J. — Development and management firm Larken Associates has begun leasing Autumn Ridge, a 198-unit apartment community in Lopatcong, located near the New Jersey-Pennsylvania border. The 14-building property consists of 148 multifamily residences and 50 units that are reserved for renters age 55 and older. Floor plans feature one-, two- and three-bedroom units that are equipped with quartz countertops, stainless steel appliances, vinyl plank flooring and individual washers and dryers. Amenities include a pool, package concierge system, game area, conference room, fitness center, playground and a lounge with a dry bar. The first units are expected to be available for occupancy later this year.

July 9, 2020

Company News New Jersey Northeast Retail Top Stories

Bed Bath & Beyond to Close 200 Stores Over Next Two Years Following 49 Percent Decline in Sales Due to Pandemic

by Alex Tostado July 9, 2020

UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) plans to close 200 stores over the next two years. The Union-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers. For the three-month period, net sales were approximately $1.3 billion, a 49 percent year-over-year decrease. Bed Bath & Beyond reports that 90 percent of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77 percent. During the same period, sales on the digital platform grew 82 percent. “From the beginning of this crisis, we have taken measured, purposeful steps to help keep our people safe and our customers serviced, and we are proud of the way our teams have navigated this unprecedented challenge with speed and agility,” says Mark Tritton, president and CEO of Bed Bath & Beyond. “At the same time, our actions to strengthen our financial position and liquidity are enhancing our flexibility and capacity to invest and rebuild our business for long-term success.” As of May 30, Bed Bath & Beyond operated 1,478 …

July 9, 2020

Scout-Cold-Logistics-Center-East-Greenwich

Development Industrial New Jersey Northeast

Scout Capital Nears Completion of 332,000 SF Cold Storage Facility in Southern New Jersey

by Taylor Williams July 7, 2020

EAST GREENWICH, N.J. — Miami-based Scout Capital Partners is nearing completion of Scout Cold Logistics Center, a 332,000-square-foot cold storage facility in East Greenwich, located 18 miles outside Philadelphia in Southern New Jersey. The facility features 80 loading docks and 36-foot clear heights and is expected to be complete by the end of summer. A logistics company that specializes in transport of perishable foods has leased 97,000 square feet at the property. The remaining floor plans range in size from 65,000 to 235,000 square feet. Colliers is handling leasing of the facility.

July 7, 2020

Quin-Sleepy-Hollow-Plainfield-New-Jersey

Development Multifamily New Jersey Northeast

JMF Properties Begins Leasing Phase II of 212-Unit Apartment Community in Plainfield, New Jersey

by Taylor Williams July 7, 2020

PLAINFIELD, N.J. — JMF Properties has begun leasing the second and final phase of Quin Sleepy Hollow, a 212-unit apartment community in the Northern New Jersey city of Plainfield. The transit-served property features one- and two-bedroom units with floor-to-ceiling windows, quartz countertops and individual washers and dryers. Amenities include a resident lounge with billiards, a library, theater room, business center, dog park and a fitness center with a yoga studio. Move-ins are expected to begin later this summer.

July 7, 2020

Industrial Leasing Activity New Jersey Northeast

Major Kitchen Cabinet Signs 75,000 SF Industrial Lease in Elizabeth, New Jersey

by Taylor Williams July 7, 2020

ELIZABETH, N.J. — Major Kitchen Cabinet Inc. has signed a 75,000-square-foot industrial lease at 502 York St. in Elizabeth, located just south of Newark. The wholesale cabinet provider will be expanding from a 40,000-square-foot space in Brooklyn when the full-building lease commences later this year. The new space features 22-foot clear heights and six loading docks. Locally based investment firm Elberon Development Group owns the property, having acquired it in 2015 at full occupancy.

July 7, 2020

560-590-Bercik-Street-Elizabeth-New-Jersey

Industrial Leasing Activity New Jersey Northeast

NAI James Hanson Negotiates 49,300 SF Industrial Sublease in Elizabeth, New Jersey

by Taylor Williams July 2, 2020

ELIZABETH, N.J. — NAI James Hanson has negotiated a 49,300-square-foot industrial sublease for third-party logistics company Z Brothers Express Inc. in Elizabeth, a suburb of New York City. The space is located within a 143,756-square-foot, Class A industrial building at 560-596 Bercik St. The warehousing and distribution facility sits on 6.4 acres and features nine tailgates, one drive-in door and a clear height of 30 feet. Eric Demmers and Russell Verducci of NAI James Hanson represented the sub-landlord, RIM Logistics Ltd., in the lease negotiations. Rubicon Representation represented Z Brothers Express

July 2, 2020

Healthcare Leasing Activity New Jersey Northeast

North Jersey Dermatology Center Signs 1,343 SF Medical Office Lease in Parsippany

by Taylor Williams July 2, 2020

PARSIPPANY, N.J. — North Jersey Dermatology Center (NJDC) has signed a 1,343-square-foot medical office lease in Parsippany, approximately 35 miles west of New York City. The space is situated within Parsippany Commons, a three-story, 54,000-square-foot office building located at 3219 Route 46 East. The lease at Parsippany Commons marks NJDC’s fourth office location, joining its Rockaway, Clifton and Newfoundland offices. The company worked closely with Core Enterprises, the landlord’s in-house design and construction team, as well as Cerminara Architects, to design and execute the build-out of its new office space. Stephen Graziano of Colliers International represented the landlord, Larken Associates, in the lease negotiations.

July 2, 2020

Acquisitions Industrial New Jersey Northeast

CBRE Brokers Sale of 180,000 SF Industrial Facility in Lyndhurst, New Jersey

by Alex Patton June 30, 2020

LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a distribution center for apparel retailer Barney’s but was vacant at the time of sale. Thomas Monahan, Brian Fiumara and Steven D’Amato of CBRE represented the seller, a private investor, in the transaction. The team also procured the buyer, Sitex Group.

June 30, 2020

Leasing Activity New Jersey Northeast Office

JLL Negotiates 68,000 SF Office Lease for WuXi Biologics in Cranbury, New Jersey

by Alex Patton June 26, 2020

CRANBURY, N.J. — JLL has negotiated a 68,000-square-foot office lease for WuXi Biologics, a Chinese medical technology development company, in Cranbury, a northeastern suburb of Trenton. The company has leased the entirety of a facility located at 7 Clarke Drive for 10 years. The building includes a research and development laboratory, biologics manufacturing space and office space. The facility was constructed in 1998 and is located within Cedar Brook Corporate Center, a 1.2 million-square-foot office and technology park. This is the third lease for the WuXi Biologics in the United States, along with a facility in Worcester, Massachusetts, and a 33,000-square-foot development laboratory in King of Prussia, Pennsylvania. Cedar Brook Corporate Center, the owner of the building, was represented internally. Robert Ryan and John Buckley of JLL represented WuXi Biologics in the lease negotiations.

June 26, 2020

Acquisitions New Jersey Northeast Office

Golden Gate Capital Acquires Office Portfolio in Mount Laurel, New Jersey for $14.8M

by Alex Patton June 26, 2020

MOUNT LAUREL N.J. — Brooklyn-based private equity firm Golden Gate Capital has acquired a seven-building office portfolio in Mount Laurel, an eastern suburb of Philadelphia, for $14.8 million. The portfolio totals 244,000 square feet and includes a building located at 10001 Briggs Road in the Cambridge Crossing office complex, as well as six buildings in Greentree North Corporate Center. Tenants of the portfolio include Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, Ancero LLC, Just Children and Virtua Infectious Disease. Both properties offer convenient access to the New Jersey Turnpike and Interstate 295. Stephen Marzullo, Adam Silverman and Jon Sarkinsian of CBRE represented the undisclosed seller in the transaction.

June 26, 2020

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