HAMPTON, N.J. — CBRE has secured a 22,000-square-foot office lease in Hampton, a western suburb of New York City, for nonprofit organization The Arc of Hunterdon County. The space is located within a 277,000-square-foot office building at 53 Frontage Road. The organization plans to occupy the new space in April 2020. John Goodwin of CBRE represented The Arc of Hunterdon County in the lease negotiations. Shelbourne Global Solutions is the owner of the building.
NEWARK, N.J. — JLL has secured a 10,823-square-foot office lease extension for law firm Greenberg Dauber Epstein & Tucker in Newark. The space is situated within One Gateway, a 543,494-square-foot, Class A office building located at 7-45 Raymond Blvd. The firm signed a five-year lease extension and will continue to occupy the entire sixth floor of the building. Timothy Greiner, Blake Goodman and Colleen Maguire of JLL represented the building owner, Onyx Equities LLC.
FLORHAM PARK, N.J. — California-based investment firm KBS has sold Park Avenue at Morris County, a trophy office park in Florham Park for $311 million. The deal marks the highest price for a multi-tenant office building in suburban New Jersey since 2008, according to CBRE, which brokered the deal. The buyer was a New York City-based private investor. Situated on 135 acres, Park Avenue at Morris County consists of six Class A office buildings totaling just under 1.2 million square feet. The campus, located in Northern New Jersey approximately 20 miles west of Manhattan, was developed in phases between 1989 and 1999. The property also features a 7,000 square-foot private daycare and preschool facility. During its ownership period, KBS introduced new amenities such as a fitness center with personal training spaces, basketball courts, volleyball courts and a soccer field, as well we service-based amenities like a car wash and a dry cleaner. KBS also upgraded the buildings’ roofs, HVAC systems, elevators and conference centers while adding transportation amenities such as electric car charging stations and shuttle service to nearby public transit lines. The property was 89 percent occupied at the time of sale. “Though we purchased this property during the economic …
Across the Hudson River, retailers and residents in Northern New Jersey benefit from lower rents and lower sales prices relative to Manhattan. In addition, mass transit lines that cross the river enable mixed-use destinations that offer dining and entertainment experiences, including the new American Dream project, to function as day-trip destinations for residents and tourists. “Northern New Jersey is still a strong tenant’s market,” says John Azarian, co-founder and CEO of New Jersey-based brokerage firm The Azarian Group. “Tenants are commanding and receiving substantial build-out and tenant improvement accommodations, with the strongest retail tenants being in the service, fitness and dining industries.” The retail vacancy rate in Northern New Jersey in the third quarter stood at 4.2 percent, unchanged from a year ago. During the same period, the asking rent rose 2.1 percent to $26.47 per square foot, according to Marcus & Millichap. The firm projects that 3.1 million square feet of new retail space will be delivered in Northern New Jersey by the end of 2019. Most of that new product will be housed at the American Dream entertainment and retail development in East Rutherford. In late October, Triple Five Group opened the first phase of its approximately $5 …
ELMWOOD PARK, N.J. — NAI James Hanson has negotiated a 3,005-square-foot lease expansion for roofing contractor Peck Brothers LLC in Elmwood Park, a western suburb of New York City. The company originally leased 4,970-square-feet at Elmwood Park Plaza beginning in 2018, and its headquarters now occupies a total 7,973 square feet. Located at 475 Mark Street, the total square footage of the building is 68,000 square feet. Randy Horning and Darren Lizzack represented Peck Brothers in the lease negotiations. Alfred Sanzari Enterprises is the landlord.
MOUNT LAUREL, N.J. — JLL has negotiated the $18.2 million sale of Larchmont Commons, a 128,172-square-foot retail center in Mount Laurel, a suburb of Philadelphia. Anchored by ALDI, Planet Fitness and Dollar Tree, the property was 88 percent leased at the time of sale. Other tenants include Hair Cuttery, The UPS Store and Kumon Learning Center. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the sellers, RPC Real Estate and Merion Realty Partners. Ryan Ade of JLL placed a $12.9 million, fixed-rate acquisition loan through an institutional lender on behalf of the buyer, Wisconsin-based Gorman & Co. LLC.
PLAINSBORO, N.J. — Berkadia has arranged a $43 million loan for the refinancing of Deer Creek, a 288-unit apartment community in Plainsboro, a northern suburb of Trenton. The property is situated on 34 acres, features one- and two-bedroom units, and offers amenities such as a pool, tennis courts and a fitness center. Robert Falese of Berkadia arranged the loan on behalf of the borrower, a joint venture between Verde Capital Corp., Kushner Real Estate Group and Oxford Realty Group, which acquired the asset in 2016 and implemented a value-add program.
PATERSON, N.J. — CBRE has brokered the $15.2 million sale of 100 Hamilton Plaza, a 181,995-square-foot office building in Paterson, a city in Northern New Jersey. The 14-story, transit-served building was 90 percent leased at the time of sale. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Zach McHale of CBRE represented the seller, Mountain Development Corp., in the transaction. The team also procured the buyer, a private investor based in New York City.
ISELIN, N.J. — Global banking organization BNP Paribas has signed a 53,186-square-foot office lease extension at Woodbridge Corporate Plaza, a 630,000-square-foot office complex in the central New Jersey city of Iselin. Owner KBS recently renovated Woodbridge Corporate Plaza, a six-building development that offers a 6,000-square-foot fitness center, full-service café and shuttle service to nearby public transit lines. Jamie Drummond and Andrew Perotti of Newmark Knight Frank represented KBS in the lease negotiations.
MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community located on the eastern outskirts of Philadelphia. The 75,000-square-foot community offers assisted living and memory care services and amenities such as a bistro, theater room, art studio, technology lounge and fitness center. Meyer Senior Living Studio designed the community.