New Jersey

JLL Brokers $20.2M Sale-Leaseback of Industrial Property in West Deptford, New Jersey

by Alex Patton April 10, 2020

WEST DEPTFORD, N.J. — JLL has brokered the $20.2 million sale-leaseback of a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Located at 100 Friars Blvd., the warehouse and distribution property was 100 percent leased at the time of sale. The property houses the headquarters of the seller, ICS Corp. Inc. The building features 22- to 24-foot clear heights, 19 loading doors and convenient access to the New Jersey Turnpike. John Plower and Jim Cadranell led a JLL team that represented ICS Corp. Inc. in the transaction. Clarion Partners Real Estate Income Fund Inc. was the buyer.

April 10, 2020

New Jersey Northeast Retail

Party City Extends Temporary Store Closures Indefinitely in Response to COVID-19

by Alex Patton April 10, 2020

ROCKAWAY, N.J. — Party City Holdco Inc., a party supplies retailer headquartered in Rockaway, has temporarily closed all of its brick-and-mortar stores nationwide in response to the COVID-19 pandemic. The move represents an indefinite extension of the previous closure of its 850 stores, which originally began March 27. The company also furloughed approximately 90 percent of store employees and 70 percent of wholesale, manufacturing and corporate employees. Party City’s e-commerce site remains fully operational, and a number of stores are offering curbside pickup services.

April 10, 2020

Acquisitions Industrial New Jersey Northeast

NAI Mertz Arranges Sale of 22,920 SF Industrial Property in Vineland, New Jersey

by Alex Patton April 10, 2020

VINELAND, N.J. — NAI Mertz has arranged the $1.2 million sale of a 22,920-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Located at 2732 S. West Blvd., the warehouse was constructed 1967 and features 17-foot clear heights and convenient access to State Routes 55 and 40. Andrew Johnson and Jonathan Klear led an NAI Mertz team that represented the seller, South Jersey Glass & Door, in the transaction. The buyer was undisclosed.

April 10, 2020

Industrial Leasing Activity New Jersey Northeast

Sheldon Gross Realty Negotiates 57,722 SF Industrial Lease in Edison, New Jersey

by Alex Patton April 9, 2020

EDISON, N.J — Sheldon Gross Realty has negotiated a 57,722-square-foot industrial lease at 125 Jackson Ave. in Edison, a southwestern suburb of New York City. The tenant, Izzy Trucking & Rigging, is headquartered in Edison and leased the space at the property for additional warehousing use. The 106,476-square-foot building was constructed in 1957 and renovated in 1997. Jonathan Glick and Matthew Leonelli of Sheldon Gross represented the landlord, Ross Industries, in the lease negotiations. Greg Irving of Bussel Realty Corp. represented the tenant.

April 9, 2020

Loans New Jersey Northeast

Columbia Pacific Provides $48.2M Acquisition, Construction Loan for Film Production Studio in Jersey City

by Alex Patton April 8, 2020

JERSEY CITY, N.J. — Columbia Pacific Advisors Bridge Lending, a division of Columbia Pacific Advisors, has provided a $48.2 million loan for the acquisition and redevelopment of a warehouse property in Jersey City into a film production studio. Industry Go, a partnership of Criterion Group and Ones Stop Properties, will use the funds to acquire two warehouse buildings at 14-16 Burma Road and 150 Theodore Conrad Drive and convert them into a 180,777-square-foot film production studio. Planned renovations include full structural reinforcement, raising the roof heights to at least 50 feet, repowering and adding new HVAC systems.

April 8, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Arranges Sale of 29,418 SF Industrial Property in Pennsauken, New Jersey

by Alex Patton April 8, 2020

PENNSAUKEN, N.J. — Colliers International has arranged the $1.3 million sale of 8000 National Highway, a 29,418-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. The building features 14-foot clear heights and convenient access to Interstate 95 and U.S. Route 130. Patrick J. Kelly Drums, a provider of sustainable storage products, acquired the property. Ian Richman and Marc Isdaner of Colliers represented the seller, Puratos Corp.

April 8, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 12,015 SF Office Lease Renewal in Park Ridge, New Jersey

by Alex Patton April 8, 2020

PARK RIDGE, N.J. — NAI James Hanson has negotiated a 12,015-square-foot office lease renewal for Amica Mutual Insurance Co. in Park Ridge, a northwestern suburb of New York City. The space is located at One Maynard Drive, a three-story, 139,000-square-foot office building. Amica Mutual has been a tenant at the Class A building for nearly 20 years. The property is located near a fitness center and several retail centers, including the Wegmans-anchored Shoppes at Depiero Farm shopping center. Andrew Somple, Justin Allessio and Judy Troiano of NAI James Hanson represented the landlord, Sartak Holdings Inc., in the lease negotiations

April 8, 2020

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $22.6M Sale of Grocery-Anchored Shopping Center in Denville, New Jersey

by Alex Patton April 7, 2020

DENVILLE, N.J. — Cushman & Wakefield has brokered the $22.6 million sale of Denville Commons, a 73,000-square-foot, grocery-anchored shopping center in Denville, a northwestern suburb of New York City. Located at 3130 Route 10, the property is anchored by Corrado’s Market and was 90 percent leased at the time of the sale to 16 tenants including Goldfish Swim School and Orangetheory Fitness. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the seller, Denville Commons Associates LP. The team also procured the buyer, Longpoint Realty Partners.

April 7, 2020

Acquisitions Healthcare New Jersey Northeast

Atkins Cos. Sells 38,500 SF Medical Office Building in West Orange, New Jersey

by Alex Patton April 7, 2020

WEST ORANGE, N.J. — Atkins Cos. has sold Atkins Medical Plaza, a 38,500-square-foot medical office building in West Orange, a western suburb of New York City. Located at 1500 Pleasant Valley Way, the Class A medical property was 90 percent leased at the time of sale. Atkins Cos. constructed the property, which is located near Saint Barnabas Medical Center and Garden State Parkway, in 2001. Jim McGuckin and Brian Hosey of Marcus & Millichap represented Atkins Cos. in the transaction. Alan Cafiero and Ben Sgambati led a Marcus & Millichap team that represented the buyer, a private investor. The sales price was undisclosed.

April 7, 2020

Leasing Activity New Jersey Northeast Office

PTC Therapeutics Signs 101,500 SF Office Lease in Bridgewater, New Jersey

by Alex Patton April 6, 2020

BRIDGEWATER, N.J. — Pharmaceutical company PTC Therapeutics has signed a 101,500-square-foot office lease in Bridgewater, located approximately 50 miles west of New York City. The company signed a long-term lease to occupy three floors at The New Jersey Center of Excellence, an 800,000-square-foot life sciences and laboratory office complex. Amenities at the center include a cafeteria, fitness center and conference center. Other tenants include Kashiv Pharma LLC, Nestlé Health Science and Ashland Global. Dan Loughlin led a JLL team that represented the landlord, Thor Equities, in the lease negotiations.

April 6, 2020

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