New Jersey

Hall’s Warehouse Corp. Renews 135,000 SF Industrial Lease in Piscataway, New Jersey

by Alex Patton February 12, 2020

PISCATAWAY, N.J. — Third party logistics provider Hall’s Warehouse Corp. has renewed its 135,000-square-foot industrial lease in Piscataway, a southwestern suburb of New York City. The property is situated within Rutgers Industrial Center, a five-building, 535,000-square-foot complex located at 120 Circle Drive N. The tenant has leased space at the property since 2003. Brian Dudzinski of Atlantic Real Estate Services represented Hall’s in the lease negotiations. Levin Management Corp. is the asset manager of the complex.

February 12, 2020

Acquisitions New Jersey Northeast

Cushman & Wakefield Brokers Sale of 42,653 SF Fox Hollow Industrial Science Center in Branchburg, New Jersey

by Alex Patton February 12, 2020

BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $6.4 million sale of Fox Hollow Industrial Science Center, a 42,653-square-foot industrial property in Branchburg, a southwestern suburb of New York City. Situated at 3434 Route 22, the property features 22-foot ceiling heights and convenient access to Interstates 28 and 78. Andrew Schwartz, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, DLP Real Estate Capital, in the transaction. The team also procured the buyer, a private investor.

February 12, 2020

Development New Jersey Northeast Office

Avison Young Completes 45,000 SF Medical Office Building in Glen Ridge, New Jersey

by Alex Patton February 11, 2020

GLEN RIDGE, N.J. — The Avison Young New Jersey project management group has completed the ground-up construction of a 45,000-square-foot, Class A medical office building in Glen Ridge, an eastern suburb of New York City. The facility features adaptable medical office units for physicians and specialists and is situated adjacent to Mountainside Medical Center. Existing buildings on the site were demolished as part of the project. NK Architects designed the facility. One Bay Urban Renewal LLC, an affiliate of The Hampshire Cos. LLC., owns the property.

February 11, 2020

Loans New Jersey Northeast

Ready Capital Closes $15.8M Acquisition Loan for Industrial Property in Rahway, New Jersey

by Alex Patton February 11, 2020

RAHWAY, N.J. — Ready Capital has closed a $15.8 million loan for the acquisition, renovation and stabilization of an approximately 270,000-square-foot, Class C, industrial warehouse property in Rahway, a southwestern suburb of New York City. The property is situated in the Linden submarket. Upon acquisition, the sponsor intends to implement capital expenditures for roof repairs, façade work and deferred maintenance. The, nonrecourse loan carries a hybrid interest rate, or part-fixed- and part-floating rate. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs.

February 11, 2020

Loans New Jersey Northeast Office

JLL Arranges $31.1M Acquisition Loan for Office Building in Parsippany, New Jersey

by Alex Patton February 10, 2020

PARSIPPANY, N.J. — JLL has arranged a $31.1 million bridge loan for the acquisition of 5 Wood Hollow Road, a 330,631-square-foot office building in Parsippany, an eastern suburb of New York City. Prime Finance provided the three-year, floating-rate loan, which has two one-year extension options. The borrower, PAG Investments, will use a portion of the proceeds to fund future capital expenditures and leasing advances. Michael Klein and Andrew Zilenziger of JLL secured the loan.

February 10, 2020

Acquisitions New Jersey Northeast Retail

JLL Brokers $25M Sale of Grocery-Anchored Retail Center in Lumberton, New Jersey

by Alex Patton February 6, 2020

LUMBERTON, N.J. — JLL has brokered the $25 million sale of Cross Roads Plaza, a 99,650-square-foot retail center in Lumberton, an eastern suburb of Philadelphia. A 70,818-square-foot ShopRite grocery store anchors the property, along with a Wawa convenience store and a Wells Fargo bank. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Ltd. purchased the asset.

February 6, 2020

Leasing Activity New Jersey Northeast Retail

Katz & Associates Secures 3,699 SF Retail Lease for First Watch in Montvale, New Jersey

by Alex Patton February 6, 2020

MONTVALE, N.J. — Katz & Associates has secured a 3,699-square-foot retail lease for breakfast restaurant First Watch at The Shoppes at DePiero Farm, a 231,000-square-foot retail center in Montvale, a northwestern suburb of New York City. A 128,000-square-foot Wegmans grocery store anchors the property, along with a Starbucks, Wind Wellness and other tenants. Hugh Scullin and Amy Staats of Katz & Associates represented First Watch in the lease negotiations. Brian Silbert of Silbert Management represented the landlord, The S.Hekemian Group.

February 6, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 37,856 SF Industrial Property in Pennsauken, New Jersey

by Alex Patton February 4, 2020

PENNSAUKEN, N.J. — Colliers International has brokered the sale of a 37,856-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. Situated at 2301 Haddonfield Road, the property features 16-foot clear heights and convenient access to the Cherry Hill Commuter Rail. Maple Direct Printing was the anchor tenant of the building at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. Velocity Ventures was the buyer.

February 4, 2020

Industrial Leasing Activity New Jersey Northeast

Axis Global Signs 53,361 SF Industrial Lease in East Rutherford, New Jersey

by Alex Patton January 31, 2020

EAST RUTHERFORD, N.J. — Axis Global has signed a 53,361-square-foot industrial lease in East Rutherford, a western suburb of New York City. The company will occupy the entirety of 343 Murray Hill Parkway, an office building located next door to the Meadowlands Sports Complex. The building features 21-foot ceiling heights and convenient access to the Garden State Parkway and New Jersey Turnpike. Steve Elman of Cushman & Wakefield represented Axis Global in the lease negotiations. Patrick Lennon, Lorenzo Lambiase and Steve Pastor of NAI James Hanson represented the landlord, 343 Murray Hill Parkway Inc.

January 31, 2020

Industrial Leasing Activity New Jersey Northeast

BioReference Laboratories Renews 50,429 SF Industrial Lease in Elmwood Park, New Jersey

by Alex Patton January 30, 2020

ELMWOOD PARK, N.J. — Healthcare testing and diagnostic company BioReferece Laboratories Inc. has renewed its 50,429-square-foot industrial lease in Elmwood Park, a northwestern suburb of New York. The space is located at 491 Edward H. Ross Drive, a single-tenant building with 22-foot ceiling heights. Alfred Sanzari Enterprises is the owner and developer of the building.

January 30, 2020

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