PLAINFIELD, N.J. — Saadia Group LLC, a New York-based investor, has acquired a 135,668-square-foot industrial facility in Plainfield, a southwestern suburb of New York City. Located at 1700-1722 S. 2nd St., the property features convenient access to the Garden State Parkway as well as State Routes 287 and 78. The building was constructed in 1945. Jonathan Glick of Sheldon Gross Realty represented Saadia Group in the transaction. Second Street Associates sold the asset for an undisclosed price.
GARFIELD, N.J. — StorageBlue has opened a 650-unit self-storage facility in Garfield, a northwestern suburb of New York City. Located at 170 River Drive, the gross 60,000-square-foot facility is a redevelopment of a former macaroni factory. Piermont Bank financed the $6 million repositioning project. The company now operates five self-storage facilities, all of which are located in New Jersey and New York.
WEST CALDWELL, N.J. — Marcus & Millichap has arranged the $19.2 million sale of an industrial and self-storage facility in West Caldwell, western suburb of New York City. Located at 670 Passaic Ave., the property features 67,000 square feet of industrial space and 41,000 square feet of self-storage space across 760 units. Alan Cafiero, Ben Sgambati and Nicholas Bocchi of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, a local private investor. Both parties requested anonymity.
HADDONFIELD, N.J. — Markeim Chalmers Inc. has negotiated the sale of a 6,400-square-foot office building in Haddonfield, a southeastern suburb of Philadelphia. Located at 116 N. Haddon Ave., the two-story property offers multiple spaces for small office tenants as well as ground-floor retail space. Kevin Burns of Markeim Chalmers represented the seller, Hutchinson Engineering LLC, in the transaction. Haddon Equities LLC was the buyer.
HADDON HEIGHTS, N.J. — Premier Dermatology has signed a 5,214-square-foot medical office lease in Haddon Heights, a southeastern suburb of Philadelphia. Located at 500 Grove St., the 31,800-square-foot building was completed in 1975 and offers quick access to Interstate 295. Other tenants include clinical diagnostic company LabCorp, nonprofit healthcare company Virtua and American Water Co. Mike Scanzano of Wolf Commercial Real Estate (WCRE) represented Premier Dermatology in the lease negotiations. Ryan Barikian, also with WCRE, represented the landlord, 500 Grove Associates LLC.
An abundance of capital continues to flow into Northern New Jersey’s multifamily market, with most investors completing 2019 as net buyers and major institutions looking to remain active in 2020. Over the past decade, domestic and foreign investors alike have diversified into the multifamily space in Northern New Jersey and nationwide. The result has been a highly competitive playing field with limited opportunities. And with more capital in the market than opportunities to place it, many larger funds are now looking to make portfolio acquisitions in order to divest large amounts of capital at once. Brian Whitmer, Cushman & Wakefield Excluding portfolio deals, transaction volume for multifamily investment in Northern New Jersey reached $1.6 billion in 2019, marking a 38 percent year-over-year increase, with 4,846 units sold across 27 transactions. This rise in deal volume can be attributed largely to the “Mack-Cali Effect.” The locally based REIT made two major 2019 purchases in Jersey City — SoHo Lofts ($264 million) and Liberty Towers ($409 million) — that accounted for 41 percent of the year’s individual transaction volume. Buyer Patterns While larger institutions and REITs like Mack-Cali are active in Northern New Jersey, private investors still dominate the regional market. This …
WEST DEPTFORD, N.J. — JLL has brokered the $20.2 million sale-leaseback of a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Located at 100 Friars Blvd., the warehouse and distribution property was 100 percent leased at the time of sale. The property houses the headquarters of the seller, ICS Corp. Inc. The building features 22- to 24-foot clear heights, 19 loading doors and convenient access to the New Jersey Turnpike. John Plower and Jim Cadranell led a JLL team that represented ICS Corp. Inc. in the transaction. Clarion Partners Real Estate Income Fund Inc. was the buyer.
ROCKAWAY, N.J. — Party City Holdco Inc., a party supplies retailer headquartered in Rockaway, has temporarily closed all of its brick-and-mortar stores nationwide in response to the COVID-19 pandemic. The move represents an indefinite extension of the previous closure of its 850 stores, which originally began March 27. The company also furloughed approximately 90 percent of store employees and 70 percent of wholesale, manufacturing and corporate employees. Party City’s e-commerce site remains fully operational, and a number of stores are offering curbside pickup services.
VINELAND, N.J. — NAI Mertz has arranged the $1.2 million sale of a 22,920-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Located at 2732 S. West Blvd., the warehouse was constructed 1967 and features 17-foot clear heights and convenient access to State Routes 55 and 40. Andrew Johnson and Jonathan Klear led an NAI Mertz team that represented the seller, South Jersey Glass & Door, in the transaction. The buyer was undisclosed.
EDISON, N.J — Sheldon Gross Realty has negotiated a 57,722-square-foot industrial lease at 125 Jackson Ave. in Edison, a southwestern suburb of New York City. The tenant, Izzy Trucking & Rigging, is headquartered in Edison and leased the space at the property for additional warehousing use. The 106,476-square-foot building was constructed in 1957 and renovated in 1997. Jonathan Glick and Matthew Leonelli of Sheldon Gross represented the landlord, Ross Industries, in the lease negotiations. Greg Irving of Bussel Realty Corp. represented the tenant.