New Jersey

Walker & Dunlop Arranges $14M Acquisition, Construction Loan for Hotel in Newark, New Jersey

by Alex Patton September 9, 2019

NEWARK, N.J. — Walker & Dunlop has arranged a $14 million loan for the acquisition and redevelopment of a 191-room Holiday Inn in Newark. The property is situated across the street from Newark Liberty International Airport, and amenities include a fitness center, self-laundry and cocktail lounge. The borrower, a hotel investor, plans to extensively renovate and reposition the property over the next few years. A regional bridge lender provided the non-recourse, fixed-rate bridge loan at 77.5 percent loan to cost. Jeff Baik of Walker & Dunlop arranged the loan, the term of which was undisclosed.

September 9, 2019

Acquisitions New Jersey Northeast Retail

NAI James E. Hanson Negotiates Sale of 6,000 SF Retail Building in Lake Hopatcong, New Jersey

by Alex Patton September 6, 2019

LAKE HOPATCONG, N.J. — NAI James Hanson has negotiated the sale of a 6,000-square-foot retail building in Lake Hopatcong, located about 40 miles northwest of New York City. The retail center comprises seven rentable units, 50 feet of lake access and close proximity to Route 80 in Upstate New York. Joe Vindigni of NAI James Hanson represented the seller, BD Newhouse LLC in the transaction. The buyer was Gardners Shed. The sales price was undisclosed.

September 6, 2019

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Arranges Sale of 170,000 SF Industrial Asset in Rockaway, N.J.

by Alex Patton September 5, 2019

ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.

September 5, 2019

Leasing Activity New Jersey Northeast Office

JLL Negotiates 35,000 SF Office Lease in Warren, New Jersey

by Alex Patton September 5, 2019

WARREN, N.J. — JLL has negotiated a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. Bohler Engineering, an Atlanta-based civil engineering company, will occupy the first two floors of 30 Independence Boulevard by March 2020. The engineering firm is relocating to the building from 35 Technology Drive in Warren. Griffin Capital was represented by Timothy Greiner, Dennis McConnell and Daniel Spero of JLL represented the landlord, Griffin Capital, in the transaction. Scott Lesh, Scott Stange Sr. and Daniel Loughlin of JLL represented Bohler.

September 5, 2019

Acquisitions Industrial New Jersey Northeast

Colliers Brokers $3.6M Sale of Industrial Property in Pennsauken, New Jersey

by Alex Patton September 5, 2019

PENNSAUKEN, N.J. — Colliers International has brokered the $3.6 million sale of 6910-6930 Central Highway, a 58,000-square-foot industrial warehouse in Pennsauken, an eastern suburb of Philadelphia. The building features three loading doors and a 24-foot ceiling height. Ian Richman and Marc Isdaner of Colliers represented the seller, 6910-30 Central Highway LLC, in the transaction. Hair care and tool manufacturer Heat Makes Sense Inc. was the buyer.

September 5, 2019

Industrial Leasing Activity New Jersey Northeast

Team Resources Negotiates 23,000 SF Industrial Lease in Moonachie, New Jersey

by Alex Patton September 4, 2019

MOONACHIE, N.J. — Team Resources, a New Jersey-based firm, has negotiated a 23,000-square-foot industrial lease for New York-based wholesale merchandiser Icon Trade Services in Moonachie, a western suburb of New York City. The single-story warehouse features two loading docks, a drive-in door and an 18-foot ceiling height. David Knapel of Team Resources represented Icon in the lease negotiations, as well as the landlord, which was undisclosed.

September 4, 2019

Acquisitions New Jersey Northeast Office

WCRE Brokers Sale of 30,000 SF Office Building in Cherry Hill, New Jersey

by Alex Patton September 3, 2019

CHERRY HILL, N.J. — Wolf Commercial Real Estate (WCRE) has brokered the sale of a 30,000-square-foot office property in Cherry Hill, an eastern suburb of Philadelphia. The property, 950 North Kings Highway, is part of Cherry Hill Office Center and was fully leased to multiple tenants at the time of sale. John Mozzillo of WCRE represented the buyer, Texas-based NKH LLC, in the transaction. The seller and sales price were undisclosed.

September 3, 2019

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of Five Industrial Buildings totaling 130,435 SF in Pennsauken, New Jersey

by Alex Patton August 30, 2019

PENNSAUKEN, N.J. — Colliers International has brokered the sale of five industrial buildings totaling 130,435 square feet in Pennsauken, an eastern suburb of Philadelphia. The buildings are located within the Pennsauken Industrial Park on Bethel Ave., including Buildings 841, 845, 851, 959 and 965. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller in the transaction. The team also represented the buyer, a private investor.

August 30, 2019

Leasing Activity New Jersey Northeast Office

DefinedLogic Signs 12,224 SF Office Lease at Mixed-Use Development in Red Bank, New Jersey

by Alex Patton August 30, 2019

RED BANK, N.J. — DefinedLogic LLC, a digital consultant agency, has signed a 12,224-square-foot office lease in Red Bank, a southern suburb of New York City. The office is part The Rail @ Red Bank Station, an upcoming 30,898-square-foot mixed-use development that will also feature 57 units of multifamily housing and 6,000 square feet of retail of space. Denholtz Properties, a New Jersey-based firm, is developing the project. Construction is slated for completion in 2020.

August 30, 2019

Industrial Leasing Activity New Jersey Northeast

Leco Plastics Signs 31,550 SF Industrial Lease in Saddle Brook, New Jersey

by Alex Patton August 29, 2019

SADDLE BROOK, N.J. — Leco Plastics Inc., a New Jersey-based manufacturer, has signed a 31,550-square-foot industrial lease in Saddle Brook, a western suburb of New York City. The building features 5,000 square feet of office space and 20-foot ceiling heights. Steven Leitner and Scott Perkins of NAI James Hanson represented the owner, Wilbur ’96 LLC, in the transaction.

August 29, 2019

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