New Jersey

Cushman & Wakefield Negotiates 102,839 SF Industrial Sublease in Mount Olive, New Jersey

by Taylor Williams June 12, 2020

MOUNT OLIVE, N.J. — Cushman & Wakefield has negotiated a 102,839-square-foot industrial sublease for game publisher and manufacturer Breaking Games LLC in Mount Olive, located 50 miles west of New York City. The space is located within 200 International Drive, an approximately 217,500-square-foot industrial property that was constructed in 1984. The building features 24-foot clear heights, nine loading docks and approximately 6,000 square feet of office space. The property also offers convenient access to Interstate 80 and State Route 46. Stephen Sander of Cushman & Wakefield represented the sublandlord, Bosal USA, in the negotiations

June 12, 2020

Acquisitions New Jersey Northeast Office

NKF Arranges Sale of 95,111 SF Office Building in Warren, New Jersey

by Taylor Williams June 12, 2020

WARREN, N.J. — Newmark Knight Frank has arranged the sale of a 95,111-square-foot office building in Warren, a southwestern suburb of New York City. The Class B property was constructed in 1987 and is located at 30 Technology Drive S. At the time of sale, the property was 92 percent leased to tenants in the medical, engineering and technology sectors. Kevin Welsh, Brian Schulz and Jason Emrani of NKF represented the seller, a joint venture partnership between Ivy Realty and Waterfall Asset Management. The team also procured the buyer, Mountain Development Corp. The sales price was undisclosed.

June 12, 2020

Acquisitions New Jersey Northeast Office

CBRE Arranges $26.2M Sale of Office Campus in East Windsor, New Jersey

by Alex Patton June 11, 2020

EAST WINDSOR, N.J. — CBRE has arranged the $26.2 million sale of Windsor Corporate Center, a 291,5550-square-foot office campus in East Windsor, a northeastern suburb of Trenton. Located at 50 Millstone Road, the four-building campus is situated on 39 acres and was approximately 65 percent leased at the time of sale. The property offers convenient access to the New Jersey Turnpike, Interstate 295 and the Princeton Junction train station. Amenities include a full-service cafeteria, auditorium and a fitness center. Jeffrey Dunne, Jeremy Neuer and Steven Bardsley of CBRE represented the seller, Raith Capital Partners, in the transaction. The team also procured the buyer, Strategic Funding Alternatives LLC.

June 11, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $4.3M Sale of Office Building in New Brunswick, New Jersey

by Alex Patton June 10, 2020

NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.

June 10, 2020

Development Multifamily New Jersey Northeast

Russo Development, Hampshire Cos., Fourth Edition to Develop 271-Unit Apartment Building in Hackensack, New Jersey

by Alex Patton June 9, 2020

HACKENSACK, N.J. — A joint venture between Russo Development, Hampshire Cos. and Fourth Edition will develop Print House by Vermella, a 271-unit apartment building in Hackensack, a northwestern suburb of New York City. Located at 150 River St., Print House by Vermella will feature a mix of studio, one- and two-bedroom floor plans. The property will be located near downtown Hackensack and the Bergen County Courthouse, offering quick access to the New Jersey Transit Hackensack Bus terminal, Interstate 80 and two other public transit stations. Amenities will include a resident lounge, fitness center and access to a riverwalk along the Hackensack River. Future construction phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space. An undisclosed national bank provided a $48.7 million construction loan that carried a 60-month term and a floating interest rate to the joint venture. Thomas Didio, Jon Mikula and Michael Klein of JLL arranged the loan. The construction schedule was undisclosed.

June 9, 2020

Market Reports New Jersey Northeast Northeast Market Reports Office

Will Social Distancing Lower Demand for Office Space in Northeast?

by Alex Patton June 9, 2020

The outbreak of the COVID-19 virus has led to an economic crisis that is forcing office users across the region to make tough choices to continue their operations. While New York has been the epicenter of the virus, reporting nearly a third of the more than 1 million confirmed cases in the entire country, companies across the region have been forced to furlough employees and reassess their short-term needs for space. The nature of traditional office work was already changing before the virus, as mobile technology has allowed more flexible collaboration from home and co-working offices. Lessons learned from the virus, including the need for social distancing, will carry into whatever market conditions follow. Some companies may desire larger office spaces to allow wider distances between employees, while other may forgo physical space in favor of the mobile model. As a result of the health crisis, office brokers are working to help their landlord and tenant clients find common ground as they tentatively move forward with leasing agreements. Northeast Real Estate Business recently caught up with three veteran brokers to gain their insights into how the virus has impacted their office markets. Below are edited responses from Joshua Levering, senior …

June 9, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $9M Sale of Office Property in Parsippany, New Jersey

by Alex Patton June 8, 2020

PARSIPPANY, N.J. — CBRE has brokered the $9 million sale of a 75,049-square-foot, Class B office property in Parsippany, approximately 30 miles west of New York City. Located at 10 Lanidex Plaza West, the three-story building was constructed in 1987 and offers convenient access to Interstates 80 and 287. Business management consultant Solix Inc. leased 31,442 square feet at the building earlier this year. Charles Berger, Elli Klapper and Mark Silverman of CBRE, along with A&T Services’ Thomas Mallaney, represented seller Lincoln Property Co. in the transaction. MSM Equities was the buyer.

June 8, 2020

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $2.1M Sale of Retail Property in Aberdeen, New Jersey

by Alex Patton June 8, 2020

ABERDEEN, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 3,378-square-foot retail property net-leased to Amboy Bank in Aberdeen, a southern suburb of New York City. Located at 1147 State Route 34, the property sits as an outparcel to a retail center anchored by grocer Stop & Shop. Jason Petrick of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The buyer was an out-of-state1031 exchange buyer that acquired the asset in an all-cash deal.

June 8, 2020

New Jersey Northeast

New Jersey Gov. Murphy Extends State of Emergency, Says State Will Begin Stage II of Reopening on June 15

by Alex Patton June 5, 2020

TRENTON, N.J. — New Jersey Gov. Phil Murphy has extended the state of emergency declaration amid the COVID-19 outbreak, according to a statement released by his office on Thursday, June 4. The move extends all executive orders related to the temporary closing of businesses and enforcement of social distancing — originally ordered on March 9 — for at least another 30 days. The state of emergency allows the state government to receive financial assistance from the federal government and also to employ federal disaster services including the National Guard. In addition, Murphy said that the state will begin Stage II of its reopening plan, which will allow outdoor dining at restaurants and reopening of nonessential retail stores, on June 15. Hair salons and barbershops will follow on June 22, and other businesses including nail salons, tattoo parlors, gyms and libraries will then be considered for reopening at a later date. As of June 3, the Centers for Disease Control and Prevention reported more than 162,000 cases of COVID-19 in New Jersey and nearly 11,900 deaths.

June 5, 2020

Industrial Loans New Jersey Northeast

JLL Arranges $10.1M Acquisition Loan for Industrial Property in West Deptford, New Jersey

by Alex Patton June 5, 2020

WEST DEPTFORD, N.J. — JLL has arranged a $10.1 million acquisition loan for a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Wells Fargo Bank provided the five-year, floating-rate loan to the borrower, New York-based developer Clarion Partners. Located at 100 Friars Blvd., the industrial warehouse and distribution facility is located within the Mid-Atlantic Corporate Center and features a clear height of 24 feet, 19 loading doors and one drive-in door. The property is the headquarters of ICS Corp. and offers convenient access to the New Jersey Turnpike and Interstate 295. Jim Cadranell and Max Custer of JLL originated the loan.

June 5, 2020

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