New Jersey

Gebroe-Hammer Arranges $12M Sale of Multifamily Property in Plainfield, New Jersey

by Alex Patton April 1, 2020

PLAINFIELD, N.J. — Gebroe-Hammer Associates has arranged the $12 million sale of Stoney Brooke Gardens, a 70-unit multifamily property in Plainfield, a western suburb of New York City. Located at 643-715 E. Front St., the garden-style apartment complex was built in 1961 and features two-bedroom floor plans exclusively. The property is located within walking distance of multiple retail and dining destinations as well as two rail service stations. Stephen Tragash of Gebroe-Hammer represented the seller, Stoney Brook Associates LLC, in the transaction. Tragash also procured the buyer, a private investor.

April 1, 2020

Industrial Leasing Activity New Jersey Northeast

MetroMultimedia Signs 18,000 SF Industrial Lease in Hackensack, New Jersey

by Alex Patton April 1, 2020

HACKENSACK, N.J. — Audiovisual technology company MetroMultimedia has signed an 18,000-square-foot industrial lease at 211 S. Newman St. in Hackensack, a northwestern suburb of New York City. The landlord, The Stro Companies, acquired the property in June 2019 and implemented a capital improvement plan that included upgrades to the roof, parking area, truck court, windows and façade, and also expanded the building’s loading capabilities. Andrew Somple, Scott Perkins and Justin Allessio of NAI James Hanson represented the landlord in the lease negotiations. MetroMultimedia was represented internally.

April 1, 2020

Leasing Activity New Jersey Northeast Office

Wolf Commercial Negotiates 3,400 SF Office Lease in Burlington, New Jersey

by Alex Patton March 30, 2020

BURLINGTON, N.J. — Wolf Commercial Real Estate (WCRE) has negotiated a 3,400-square-foot office lease for Innovative Life of New Jersey LLC in Burlington, a northeastern suburb of Philadelphia. The space is situated within Burlington Professional Campus, which is located at 1900 Mount Holly Road. The tenant is a regional division of Innovative Life Solutions Inc., a disability services organization based in the Washington, D.C., metro area. Ryan Barikian of WCRE represented the tenant in the lease negotiations. Barikian also represented the landlord and developer of the property, Zaman International Development LLC.

March 30, 2020

Loans Multifamily New Jersey Northeast

JLL Arranges $17.5M Construction Loan for Apartment Project in New Jersey

by Alex Patton March 27, 2020

MORRISTOWN, N.J. — JLL has arranged a $17.5 million construction loan for the development of The Rail at Red Bank, a 57-unit, Class A apartment development in Red Bank, located approximately 45 miles southeast of New York City. Provident Bank provided the 30-month, floating-rate construction loan, as well as a 10-year permanent loan. The borrower, Denholtz Properties, is currently developing the property, which will include 6,500 square feet of retail space, a 147-space parking garage and a fitness center. The property is positioned at 116-118 Chestnut Street, adjacent to the Red Bank Train Station. Construction is slated for completion later this year. Jon Mikula, Michael Klein and Andrew Zilenziger arranged the loan.

March 27, 2020

Acquisitions New Jersey Northeast Retail

Vantage Real Estate Brokers Sale of 3,150 SF Retail Property in Magnolia, New Jersey

by Alex Patton March 27, 2020

MAGNOLIA, N.J. — Vantage Real Estate Services has brokered the sale of a 3,150-square-foot retail property in Magnolia, a southeastern suburb of Philadelphia. The property is located at 130 S. White Horse Pike near a Walmart store and several other retail and restaurant businesses. Monica Walsh, Aran Ploshansky and Bruce Goldstein of Vantage represented the seller, East Coast Enterprises LLC. The buyer was Makellos Cabinetry, a Philadelphia-based kitchen renovation company.

March 27, 2020

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 16,000 SF Industrial Building in Elmwood Park, New Jersey

by Alex Patton March 26, 2020

ELMWOOD PARK, N.J. — NAI James Hanson has negotiated the sale of a 16,000-square-foot industrial building in Elmwood Park, a northwestern suburb of New York City. Located at 55-57 Bushes Lane, the single-story building features 15-foot clear heights and approximately 3,500 square feet of office space. Josh Levering and Nick DePaolera of NAI James Hanson represented the seller, RN Foster Associates LLC, in the transaction. Mission Realty represented the buyer, Bushes Lane Realty Corp. The sales price was undisclosed.

March 26, 2020

Hospitality Massachusetts New Jersey New York Northeast Pennsylvania

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

by Alex Patton March 24, 2020

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).

March 24, 2020

Acquisitions Multifamily New Jersey Northeast Retail

JLL Arranges $29.6M Sale of Residential, Retail Property in Metuchen, New Jersey

by Alex Patton March 24, 2020

METUCHEN, N.J. — JLL has arranged the $29.6 million sale of The Hub at Metuchen, a Class A residential and retail property located southwest of New York City. Located at 656-660 Middlesex Ave., the property includes 79 apartment units and 11,203 square feet of retail space. Residential amenities include a fitness center and a resident lounge. Jose Cruz, Steve Simonelli and Michael Oliver led a JLL team that represented the seller, Renaissance Properties. A private buyer purchased the asset.

March 24, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Toms River, New Jersey

by Alex Patton March 23, 2020

TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.

March 23, 2020

Acquisitions Multifamily New Jersey Northeast Retail

Federal Realty Acquires Multifamily, Retail Portfolio in Hoboken for $203M

by Alex Patton March 20, 2020

HOBOKEN, N.J. — Federal Realty Investment Trust, a Maryland-based REIT, has acquired a 39-property multifamily and retail portfolio in Hoboken, an eastern suburb of New York City, for $203 million. Concentrated primarily along the Washington Street retail corridor, the portfolio includes 129 residential units and 171,959 square feet of retail space. The portfolio totals 278,879 square feet. Retail tenants include French beauty chain Sephora, CVS and several restaurants. Kevin Welsh, Brian Schulz and Dean Tselepis of Newmark Knight Frank represented the seller, a private owner. The team also procured Federal Realty as the buyer.

March 20, 2020

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