New Jersey

NAI James Hanson Negotiates 22,526 SF Industrial Lease in Hackensack, New Jersey

by Alex Patton May 13, 2020

HACKENSACK, N.J. — NAI James Hanson has negotiated a 22,526-square-foot industrial lease for women’s clothing retailer Advance Apparels in Hackensack, a northwestern suburb of New York City. Located at 105-111 S. State St., the property features 20-foot clear heights and 2,000 square feet of office space. Patrick Lennon and Kenneth Lundberg of NAI James Hanson, along with Fred Meyer of NAI Mertz, represented the landlord, Turabdin Realty LLC, in the lease negotiations. Stevie Muller of Equity 3 LLC represented the tenant.

May 13, 2020

Acquisitions New Jersey Northeast Retail

LNR Partners Sells 50,000 SF Retail Center in Woodland Park, New Jersey

by Alex Patton May 11, 2020

WOODLAND PARK, N.J. — Florida-based developer LNR Partners LLC has sold Lenox Plaza, a 50,000-square-foot retail center in Woodland Park, a northwestern suburb of New York City, to an undisclosed buyer. At the time of sale, the property was 96 percent leased to tenants including Pizza Hut, Party City and Blimpie. The four-building complex was originally built in 1986, and the parking lot was recently renovated in 2018. LNR acquired the property from Azarian Group in 2007 for $20 million. Jacklene Chesler of Colliers International represented LNR Partners in the transaction. The sales price was undisclosed.

May 11, 2020

Acquisitions New Jersey Northeast Office Retail

Kislak Co. Arranges $11.6M Sale of Office, Retail Property in South Orange, New Jersey

by Alex Patton May 11, 2020

SOUTH ORARGE, N.J. — Kislak Co. Inc. has arranged the $11.6 million sale of South Orange Square, a 31,000-square-foot office and retail property located on the western outskirts of New York City. Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, the property includes 21,000 square feet of ground-floor retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms. At the time of sale, the property was 98 percent leased to tenants including Verizon, Investors Bank and the South Orange Pharmacy. Meridian Capital Group arranged acquisition financing through Spencer Savings Bank on behalf of the undisclosed buyer. Joni Sweetwood of Kislak represented the seller, which was also undisclosed.

May 11, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $5.8M Sale of Retail Building in Madison, New Jersey

by Alex Patton May 11, 2020

MADISON, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a retail building in Madison, a western suburb of New York City. Located at 307 Main St., the 10,011-square-foot building was leased to Starbucks and a dry cleaner at the time of sale. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies.

May 11, 2020

Multifamily New Jersey Northeast

Mack-Cali Reports 96.7 Percent Multifamily Rent Collection in April

by Alex Patton May 7, 2020

JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI), a Jersey City-based REIT, reports that it collected 96.7 percent of multifamily rent payments due for April at its multifamily properties across the country despite the COVID-19 outbreak. Many multifamily tenants across the country have been unable to work due to temporary business closures and employee layoffs and furloughs, raising questions as to whether they would be able to pay their April rents. Mack-Cali’s 6,524-unit multifamily portfolio, operated by its subsidiary Roseland Residential Trust, was 95.7 percent occupied as of the end of 2019 with an average rent of $3,028 per unit. The company recently opened The Emery at Overlook Ridge, a 140-unit property in Malden, Massachusetts, with 52 percent of units preleased. Including The Emery, Mack-Cali had five multifamily developments totaling 1,942 units under construction at the end of the quarter. The portfolio is located in Massachusetts, New Jersey, New York, Virginia and Washington, D.C. Mack-Cali’s stock price closed at $14.82 per share on May 6, compared with $22.92 per share at the same time last year.

May 7, 2020

Loans New Jersey Northeast Office

Houlihan-Parnes Arranges $31M Loan for Refinancing of Office Building in Tarrytown, New York

by Alex Patton May 7, 2020

TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.

May 7, 2020

Industrial Loans New Jersey Northeast ORIX Self-Storage

Orix USA Provides $15.5M Construction Loan for Self-Storage Facility in Woodbridge, New Jersey

by Alex Patton May 7, 2020

WOODBRIDGE, N.J. — Orix USA Corp. has provided a $15.5 million construction loan for a 1,115-unit self-storage facility in Woodbridge, a southern suburb of New York City. Orix provided the nonrecourse loan to a partnership between Woodbridge Self-Storage and 112 New Brunswick Properties Urban Renewal LLC. The loan covers costs of the land acquisition and construction of the facility, which will total 130,000 net rentable square feet.. Utah-based REIT Extra Space Storage will operate the facility. David Merkin and Barry Dollman of Eastern Union arranged the loan.

May 7, 2020

Acquisitions New Jersey New York Northeast

Sitex Acquires Two Development Sites Totaling 32 Acres in Meadowlands, Long Island Submarkets

by Alex Patton May 6, 2020

HACKENSACK, N.J., AND WESTBURY, N.Y. — Sitex Group, a New Jersey-based developer, has acquired two commercial development sites totaling 32 acres in the Meadowlands (New Jersey) and Long Island submarkets. No sales price was disclosed. The sites include a 10-acre tract located at 514-582 S. River St. in Hackensack and a 22.5-acre parcel in Westbury, a city on Long Island. Specific construction plans were not disclosed. Dan Foley and Chris Marx of Savills negotiated the Hackensack transaction. Mark Walsh of Select Real Equity Advisors, along with Jason Miller and Jeffrey Schwartzberg of Premier Commercial Real Estate, negotiated the Westbury transaction. Both sellers were private investors that requested anonymity.

May 6, 2020

Acquisitions Industrial New Jersey Northeast

Sitex Acquires 172,000 Industrial Warehouse in Lyndhurst, New Jersey

by Alex Patton May 5, 2020

LYNDHURST, N.J.— Sitex Group, a New Jersey-based developer, has acquired a 172,000-square-foot industrial warehouse in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the warehouse features a 26-foot clear height, 11 loading docks, trailer parking and more than 165 parking spaces. Tom Monahan, Brian Fiumara, Larry Schiffenhaus and Steve D’Amato of CBRE brokered the transaction. The seller was a private investor. The sales price was undisclosed.

May 5, 2020

Healthcare New Jersey Northeast

Holt Construction, U.S. Army, FEMA Construct 100-Bed Temporary Hospital in Paramus for Non-COVID Patients

by Alex Patton May 5, 2020

PARAMUS, N.J. — Holt Construction, the U.S. Army Corps of Engineers and the Federal Emergency Management Agency (FEMA) have constructed a 100-bed temporary hospital in Paramus, a northwestern suburb of New York City. The facility was built in a large parking lot adjacent to Bergen New Bridge Medical Center and is intended for acute, non-COVID-related patients due to the influx of COVID-positive patients to the main building. The temporary hospital consists of two tent structures, each equipped with 50 beds, an admissions bay, nurse stations and six bathrooms with showers, as well as storage and other auxiliary space. The construction team completed the facility in less than two weeks. As of May 4, the New Jersey Department of Health reported 128,269 positive cases of the virus and 7,910 deaths.

May 5, 2020

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