New Jersey

Imperial Dade Signs 28,756 SF Office Lease in North Bergen, New Jersey

by Alex Patton April 2, 2020

NORTH BERGEN, N.J. — Imperial Dade, a Jersey City-based distributor of maintenance supplies and foodservice packaging, has signed a 28,756-square-foot office lease in North Bergen, just north of Jersey City. The space is located on the seventh floor of West Side Center, a 300,000-square-foot, Class A office property located at 5901 West Side Ave. Beginning in the fall, the office will house Imperial Dade’s executive team, as well as its finance, human resources and customer service departments. The firm’s current Jersey City facility will serve as its largest distribution center. Palestina Scrivo Properties Inc. represented Imperial Dade in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Real Capital Solutions.

April 2, 2020

Massachusetts New Jersey New York Northeast

Wegmans to Hire 900 Grocery Workers Across Massachusetts, New Jersey, as COVID-19 Prompts Heavier Shopping

by Alex Patton April 1, 2020

ROCHESTER, N.Y. — Rochester-based regional grocer Wegmans Food Markets will hire approximately 900 full- and part-time workers across its stores in Massachusetts (400 jobs) and New Jersey (500 jobs) in response to increased grocery shopping amid the novel coronavirus outbreak. Positions will be filled across the grocer’s six stores in Massachusetts and nine stores in New Jersey, as well as its warehouses and inventory replenishment centers in both states. As of March 31, the New Jersey Department of Health tracked 18,696 cases in the state. The Massachusetts Department of Public Health tracked 6,620 cases in the state.

April 1, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $12M Sale of Multifamily Property in Plainfield, New Jersey

by Alex Patton April 1, 2020

PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.

April 1, 2020

Industrial Leasing Activity New Jersey Northeast

MetroMultimedia Signs 18,000 SF Industrial Lease in Hackensack, New Jersey

by Alex Patton April 1, 2020

HACKENSACK, N.J. — Audiovisual technology company MetroMultimedia has signed an 18,000-square-foot industrial lease at 211 S. Newman St. in Hackensack, a northwestern suburb of New York City. The landlord, The Stro Companies, acquired the property in June 2019 and implemented a capital improvement plan that included upgrades to the roof, parking area, truck court, windows and façade, and also expanded the building’s loading capabilities. Andrew Somple, Scott Perkins and Justin Allessio of NAI James Hanson represented the landlord in the lease negotiations. MetroMultimedia was represented internally.

April 1, 2020

Leasing Activity New Jersey Northeast Office

Wolf Commercial Negotiates 3,400 SF Office Lease in Burlington, New Jersey

by Alex Patton March 30, 2020

BURLINGTON, N.J. — Wolf Commercial Real Estate (WCRE) has negotiated a 3,400-square-foot office lease for Innovative Life of New Jersey LLC in Burlington, a northeastern suburb of Philadelphia. The space is situated within Burlington Professional Campus, which is located at 1900 Mount Holly Road. The tenant is a regional division of Innovative Life Solutions Inc., a disability services organization based in the Washington, D.C., metro area. Ryan Barikian of WCRE represented the tenant in the lease negotiations. Barikian also represented the landlord and developer of the property, Zaman International Development LLC.

March 30, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

by Alex Patton March 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a fitness center. The property is positioned at 116-118 Chestnut Street, adjacent to the Red Bank Train Station. Construction is slated for completion later this year. Jon Mikula, Michael Klein and Andrew Zilenziger arranged the loan.

March 27, 2020

Acquisitions New Jersey Northeast Retail

Vantage Real Estate Brokers Sale of 3,150 SF Retail Property in Magnolia, New Jersey

by Alex Patton March 27, 2020

MAGNOLIA, N.J. — Vantage Real Estate Services has brokered the sale of a 3,150-square-foot retail property in Magnolia, a southeastern suburb of Philadelphia. The property is located at 130 S. White Horse Pike near a Walmart store and several other retail and restaurant businesses. Monica Walsh, Aran Ploshansky and Bruce Goldstein of Vantage represented the seller, East Coast Enterprises LLC. The buyer was Makellos Cabinetry, a Philadelphia-based kitchen renovation company.

March 27, 2020

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 16,000 SF Industrial Building in Elmwood Park, New Jersey

by Alex Patton March 26, 2020

ELMWOOD PARK, N.J. — NAI James Hanson has negotiated the sale of a 16,000-square-foot industrial building in Elmwood Park, a northwestern suburb of New York City. Located at 55-57 Bushes Lane, the single-story building features 15-foot clear heights and approximately 3,500 square feet of office space. Josh Levering and Nick DePaolera of NAI James Hanson represented the seller, RN Foster Associates LLC, in the transaction. Mission Realty represented the buyer, Bushes Lane Realty Corp. The sales price was undisclosed.

March 26, 2020

Hospitality Massachusetts New Jersey New York Northeast Pennsylvania

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

by Alex Patton March 24, 2020

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).

March 24, 2020

Acquisitions Multifamily New Jersey Northeast Retail

JLL Arranges $29.6M Sale of Residential, Retail Property in Metuchen, New Jersey

by Alex Patton March 24, 2020

METUCHEN, N.J. — JLL has arranged the $29.6 million sale of The Hub at Metuchen, a Class A residential and retail property located southwest of New York City. Located at 656-660 Middlesex Ave., the property includes 79 apartment units and 11,203 square feet of retail space. Residential amenities include a fitness center and a resident lounge. Jose Cruz, Steve Simonelli and Michael Oliver led a JLL team that represented the seller, Renaissance Properties. A private buyer purchased the asset.

March 24, 2020

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