WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.
PLAINFIELD, N.J. — Family Dollar has expanded its retail lease to 10,000 square feet in Plainfield, a southwestern suburb of New York City. The retailer previously leased 6,000 square feet in a building located at 227 E. Front St. and will expand by an additional 4,000 square feet into the adjacent former furniture store. Family Dollar also plans to remodel its original space. Danielle Brunelli and Pete Nicholson of R.J. Brunelli & Co. represented Family Dollar in the lease negotiations. The landlord was undisclosed.
FORT LEE, N.J. — Mack-Cali Realty Corp. has sold One Bridge Plaza, a 206,500-square-foot, Class A office building located in the northern New York City suburb of Fort Lee. The 10-story building was 69 percent leased at the time of the sale. The property offers direct access to the George Washington Bridge and the New Jersey Turnpike. Kevin Welsh, Brian Schulz and Jason Emran of Newmark Knight Frank represented Mack-Cali in the transaction. The team also procured the buyer, a private investor. The sales price was undisclosed.
WEST ORANGE, N.J. — The Kislak Cos. Inc. has brokered the sale of a 48,000-square-foot, Class B medical office building in West Orange, a western suburb of New York City. Located at 622 Eagle Rock Ave., the three-story building was constructed in 1988. JAG One Physical Therapy and Garden State Community Bank are the anchor tenants of the building. The property offers convenient access to State Routes 280 and 287, the Garden State Parkway and the New Jersey Turnpike. Matt Wilheimer of Kislak represented the seller, New York Community Bank, in the transaction. The buyer was 622 Eagle Rock Avenue Realty.
YARDVILLE, N.J. — R.J. Brunelli & Co. has negotiated a 25,067-square-foot retail lease for fitness chain Jersey Strong in Yardville, a southeastern suburb of Trenton. The fitness center will be located within Dover Park Plaza, a 56,000-square-foot retail center at 1-23 Sunnybrae Blvd. Other tenants include a CVS pharmacy and several restaurants. Robert Kwiatkowski of R.J. Brunelli represented Jersey Strong in the lease negotiations. Danielle Brunelli and Peter Miller, also with R.J. Brunelli, represented the landlord.
HOPEWELL TOWNSHIP, N.J. — American Real Estate Partners (AREP) and Independencia Asset Management have sold 1100-1200 American Boulevard in Hopewell Township, approximately 10 miles west of Princeton, for $95 million. Originally built in 2000 as part of the Merrill Lynch corporate campus, the property consists of three Class A office buildings totaling 380,417 square feet. It is currently fully leased to Merrill Lynch, which Bank of America acquired in 2008. AREP purchased the property in 2013. Under terms of the new agreement, AREP will continue to lease and manage the asset. Cushman & Wakefield brokered the transaction. A New York City-based real estate investment firm was the buyer. “The deal offered positive cash flow from an investment-grade tenant for several years; desirable real estate centrally located between New York City and Philadelphia; and an opportunity to ensure management continuity by leveraging AREP’s operating platform,” says David Bernhaut, executive vice chairman of Cushman & Wakefield’s capital markets group. The Princeton/Route 1 Corridor has been one of New Jersey’s top submarkets for nearly two decades, according to AREP. Since 2004, the area has experienced a 20 percent increase in Class A asking rents. Headquartered in metro Washington, D.C., AREP is an institutional …
LAWNSIDE, N.J. — Cushman & Wakefield has brokered the $31.5 million sale of Lawnside Commons, a 151,000-square-foot retail property in Lawnside, a southwestern suburb of Philadelphia. Home Depot anchors the center, which is located at 310 White Horse Pike, and the tenant roster includes PetSmart, Wendy’s, T-Mobile and Mattress Firm. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the undisclosed seller. The team also procured the buyer, a joint venture between MCB Real Estate LLC and United Hampshire US REIT.
JERSEY CITY, N.J. — Cavany Foods, an organic grocer and food delivery service, will open a 1,750-square-foot market in Jersey City. The new store will be located within the retail space at 235 Grand, a 549-unit multifamily building in Jersey City. Cavany will relocate from its industrial kitchen in the nearby Bergen-Lafayette neighborhood and will utilize the space for its inaugural retail location, with a market offering prepared meals, produce and coffee all available for delivery. KRE Group and Ironstate Development Co. are the owners of the building
From start-ups seeking flex space to major corporations that are expanding or relocating an entire office, finding a modern office space in the northern New Jersey commercial market is always a challenge. Barbara Gross, Sheldon Gross Realty Overall, it’s a very mature environment, with many older structures and corporate parks lining the highways, and with limited new development. As an example of the resultant complexities, let’s look back to the 1980s and ’90s, when the Route 280 corridor (primarily in western Essex County) was bustling. Office parks had few vacancies, and rental rates were among the highest in the state. Until relatively recently, only a few companies owned the majority of these buildings, thereby “controlling” who went where and at what rental rate. But over time, these owners have been selling the individual buildings in parks to a variety of new owners, resulting in a more competitive marketplace. It’s refreshing to see the new owners investing in renovations and adding new amenities. However, responding to a younger generation coming to or returning home to New Jersey and demanding greener, 24/7 communities, developers are demolishing some of those older office buildings and parks. Projects are before planning boards now that would …
PARSIPPANY, N.J. — JLL has arranged a $59.9 million acquisition loan for Morris Corporate Center 1 & 2, a two-building, Class A office complex totaling 550,000 square feet in Parsippany, a western suburb of New York City. Bridge Investment Group provided the four-year, floating-rate loan to the borrower, P3 Properties. The complex is located at 300 Interpace Parkway and 1 Upper Pond Road within the larger Morris Corporate Center. Amenities at the center include a 5,000-square-foot fitness center with a yoga studio, two cafes and two conference areas. At the time of sale, the buildings were 67 percent leased to tenants including Zurich Insurance and York Risk Services. Greg Nalbandian and Andrew Zilenziger arranged the loan.