New Jersey

NKF Negotiates 35,000 SF Office Headquarters Lease in Cranford, New Jersey

by Alex Patton May 29, 2020

CRANFORD, N.J. — Newmark Knight Frank (NKF) has negotiated a 35,000-square-foot office lease for the new headquarters of law firm Lerner David in Cranford, a western suburb of New York City. Located at 20 Commerce Drive, the building features a cafeteria, conference centers and direct access to the Garden State Parkway. Lerner David moved its operations from Westfield, New Jersey, where it had operated for nearly all of its 50-year history. Architecture firm Kimmerle Group designed the office build-out for Lerner David. David Simpson of Newmark Knight Frank represented the firm in the lease negotiations. Signature Acquisitions is the owner of 20 Commerce Drive.

May 29, 2020

Loans Multifamily New Jersey Northeast

Greystone Provides $20M Freddie Mac Loan to Refinance Multifamily Property in Springfield, New Jersey

by Alex Patton May 28, 2020

SPRINGFIELD, N.J. — Greystone has provided a $20 million Freddie Mac loan to refinance The Cove at Springfield Apartments, a multifamily property in Springfield, a western suburb of New York City. The loan carries a seven-year term with a 30-year amortization schedule and interest-only payments for the first two years. Located at 118 Victory Rd., The Cove at Springfield Apartments is a garden-style community that features 91 units with one-, two-, and three-bedroom floor plans and amenities such as a clubhouse and a fitness center. Dan Sacks of Greystone originated the loan.

May 28, 2020

Acquisitions New Jersey Northeast Office Retail

NAI DiLeo-Bram Brokers Sale of 7,690 SF Retail, Office Property in Roselle, New Jersey

by Alex Patton May 27, 2020

ROSELLE, N.J. — NAI DiLeo-Bram & Co., has brokered the sale of a 7,690-square-foot retail and office property in Roselle, a southwestern suburb of New York City. Located at 111-117 West Second Ave., the property offers convenient access to the Garden State Parkway and the Roselle Park transit station. The building was leased to three retail tenants and one office tenant at the time of sale, and the new buyer plans to reposition the building for residential use. Marc Shein and Matthew DiLeo of NAI DiLeo-Bram represented the seller and procured the buyer in the transaction. Both parties were undisclosed.

May 27, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 3,000 SF Office Lease in Rutherford, New Jersey

by Alex Patton May 27, 2020

RUTHERFORD, N.J. — NAI James Hanson has negotiated a 3,000-square-foot office lease for janitorial service provider Adamas Building Services LLC in Rutherford, a northwestern suburb of New York City. The space is located at 75 Orient Way, a 23,501-square-foot office building, and offers convenient access to the Garden State Parkway and the New Jersey Turnpike. The tenant is relocating from its previous office in Newark. Darren Lizzack and Randy Horning of NAI James Hanson represented the landlord, 75 Orient Way LLC, in the lease negotiations.

May 27, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Co. Brokers Sale of 62-Unit Multifamily Complex in Chambersburg, Pennsylvania

by Alex Patton May 26, 2020

CHAMBERSBURG, PA. — Kislak Co. Inc. has brokered the $5 million sale of Coldbrook Meadows Apartments, a 62-unit multifamily complex in Woodbridge, approximately 50 miles southwest of Harrisburg. Located at 740-780 Cumberland Ave., the 79,000-square-foot property includes three buildings with 10 one-bedroom, 44 two-bedroom and eight three-bedroom units. The property was constructed in 1970. Matt Wolf of Kislak Co. represented the undisclosed seller in the transaction. Wolf also procured the buyer, a private investor.

May 26, 2020

Acquisitions Industrial New Jersey Northeast

Venture One Acquires 31,222 SF Industrial Building in Little Ferry, New Jersey

by Alex Patton May 22, 2020

LITTLE FERRY, N.J. — Venture One Real Estate has acquired a 31,222-square-foot industrial building in Little Ferry, a northwestern suburb of New York City. Located at 3 Alsan Way, the single-tenant building was constructed in 1970 and features four exterior docks and parking for 35 vehicles. Venture One will implement a capital improvement plan that will feature office renovations, fresh paint jobs and the installation of LED lights. Jeff Chaus and Brian Scheuer of Chaus Realty LLC represented Venture One in the transaction. Justin Kang of Good Neighbor Realty represented the undisclosed seller.

May 22, 2020

Healthcare Leasing Activity New Jersey Northeast Office

JLL Negotiates 2,300 SF Medical Office Lease in Gillette, New Jersey

by Alex Patton May 21, 2020

GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.

May 21, 2020

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $66M Sale of Multifamily Community in Tinton Falls, New Jersey

by Alex Patton May 20, 2020

TINTON FALLS, N.J. — JLL has brokered the $66 million sale of Avalon Tinton Falls, a 216-unit multifamily property in Tinton Falls, approximately 45 miles east of Trenton. Located at 100 Autumn Drive, the garden-style community features one-, two- and three-bedroom floor plans averaging 1,101 square feet. Amenities include a fitness center, swimming pool and outdoor lounge. The community was constructed in 2008. Jose Cruz and Michael Oliver led a JLL team that represented the seller, AvalonBay Communities Inc., in the transaction. A private investor purchased the property.

May 20, 2020

Development Multifamily New Jersey Northeast

Larken Associates Breaks Ground on 191-Unit Luxury Apartment, Retail Project in Hillsborough, New Jersey

by Alex Patton May 20, 2020

HILLSBOROUGH, N.J. — New Jersey-based developer Larken Associates has broken ground on Hillsborough Village Center, a 191-unit luxury apartment building in Hillsborough, approximately 25 miles north of Trenton. Located at 650 U.S. Highway 206, the nine-building community will feature one-, two- and three-bedroom floor plans and approximately 28,000 square feet of ground-level retail space. Amenities will include a fitness center and a standalone clubhouse with a business center, game room, theater and pool. Larken Associates expects te first units to be available for occupancy in mid-2021.

May 20, 2020

Industrial Leasing Activity New Jersey Northeast

NAI Mertz Negotiates 26,740 SF Industrial Lease in Mount Laurel, New Jersey

by Alex Patton May 20, 2020

MOUNT LAUREL, N.J. — NAI Mertz has negotiated a 26,740-square-foot industrial lease in Mount Laurel, an eastern suburb of Philadelphia. The tenant is an undisclosed, locally based food packaging company. The space is part of a 112,000-square-foot industrial building that is located at 103 Central Ave. The property features 17-foot clear heights and offers convenient access to Interstate 295 and the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the tenant in the lease negotiations. Core One Real Estate LLC represented the landlord, Burton Real Estate.

May 20, 2020

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