New Jersey

Edgewood Properties Purchases 104,020 SF Vacant Office Property in South Plainfield, New Jersey

by Alex Patton July 24, 2019

SOUTH PLAINFIELD, N.J. — Edgewood Properties has purchased a 104,020-square-foot vacant office property in South Plainfield, just west of Staten Island. The property is located at 1001 Durham Ave. near I-287 and I-95, as well as Routes 1 and 22. The new ownership plans to either renovate the building and maintain its office use or redevelop the asset as an industrial distribution facility. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller, ConnectOne Bancorp Inc., in the transaction.

July 24, 2019

Acquisitions Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers Sale of 81,000 SF Distribution Facility in Avenel, New Jersey

by Alex Patton July 24, 2019

AVENEL, N.J. — Lee & Associates has brokered the sale of an 81,000-square-foot industrial warehouse in Avenel, just west of Staten Island. The property, located at 80 Essex Ave., includes 7,500 square feet of office space, 11 loading dock doors, (expandable to 19) and space for truck parking. The property offers direct access to the New Jersey Turnpike, Route 440, the Goethals Bridge and Garden State Parkway. Planned upgrades include new paving and a truck court. Crista Governara, Drew Maffey and Rick Marchisio of Lee & Associates represented the buyer, TA Realty, as well as the undisclosed seller, in the transaction.

July 24, 2019

Acquisitions New Jersey Northeast Office

RXR Realty, Blackstone Sell 330,000 SF Office Building in Princeton, New Jersey

by Alex Patton July 23, 2019

PRINCETON, N.J. — A partnership between New York-based RXR Realty and The Blackstone Group has sold University Square, a five-story office building totaling 330,000 square feet in Princeton. The sale also included the adjacent 33,600-square-foot building, 115 Campus Drive. The property is positioned along the Route 1 Corridor, about halfway between Philadelphia and New York City. Tenants include investment management company BlackRock and insurance company AXIS Capital. JLL represented the seller and procured the buyer, New York-based Argent Ventures, in the transaction. The price was undisclosed.

July 23, 2019

Loans Multifamily New Jersey Northeast

PMZ Arranges $37.5M Construction Loan for MC Hotel in Montclair, New Jersey

by Alex Patton July 23, 2019

MONTCLAIR, N.J. — PMZ Realty Capital LLC. has arranged a $37.5 million bridge loan to finance a new MC Hotel in Montclair, New Jersey. The 159-unit property is part of the Autograph Collection by Marriott, an independently owned portfolio of upscale hotels. The hotel is scheduled to open August 2019, and includes a rooftop bar, over 8,500 square feet of event space, a restaurant and a lobby library. A public mortgage REIT funded the loan, which carries a three-year term with a floating rate based on LIBOR.

July 23, 2019

Development New Jersey Northeast Office

Keeler Markwood to Develop Medical Office Building in White Plains, New York

by Alex Patton July 22, 2019

WHITE PLAINS, N.Y. — Locally based developer Keeler Markwood Group will build a new medical office building in downtown White Plains, about 25 miles north of Manhattan. The building will be situated in close proximity to White Plains Hospital and its future outpatient care facility. JLL will handle leasing of the property, which is expected to be complete in 2023. A groundbreaking date has not yet been established.

July 22, 2019

Acquisitions Industrial New Jersey Northeast

Colliers Arranges $19.5M Sale of Two Industrial Assets in Hamilton, New Jersey

by Alex Patton July 22, 2019

HAMILTON, N.J. — Colliers International has arranged the $19.5 million sale of 5 and 8 Commerce Way, two industrial properties in Hamilton that encompass more than 120,000 square feet. The buildings, which were 95 percent occupied at the time of sale, feature 28-foot clear heights, loading docks and drive-in options. Jacklene Chesler, Matthew Brown and Frank Summers of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.

July 22, 2019

Acquisitions New Jersey Northeast Office

AMS Acquisitions Begins Leasing 70,072 SF Office Building in Yonkers

by Alex Patton July 22, 2019

YONKERS, N.Y. — AMS Acquisitions has begun leasing 86 Main, a 70,072-square-foot, newly renovated office building in downtown Yonkers. The Class A, six-story building offers amenities such as a fitness center and a rooftop deck. Leasing starts at $24 per square foot and goes up to $40 per square foot. Space can be leased from five to 15 years. The building was originally built for Homes for America in 2005. AMS Acquisitions purchased the asset for $9.5 million in January 2018 from Madison Realty Capital.

July 22, 2019

Development Multifamily New Jersey Northeast

PCD Capital, Saber Real Estate to Develop 421-Unit Apartment Project in New Jersey

by Taylor Williams July 19, 2019

BOGOTA, N.J. — A subsidiary of New Jersey-based PCD Capital LLC and New York-based Saber Real Estate Advisors LLC will develop a 421-unit multifamily project in Bogota, located across the Hudson River from Harlem. The property will be situated on 13 acres and feature an 8,000-square-foot clubhouse with a fitness center and media room, as well as outdoor amenities such as a pool, dog park and outdoor grilling area. The building will also house 8,000 square feet of retail space. M&T Bank and BBVA USA provided a $60 million construction loan for the project. John Alascio and Sridhar Vankayala of Cushman & Wakefield arranged the financing. A construction timeline has yet to be established.

July 19, 2019

Acquisitions New Jersey Northeast Office

Colliers Brokers $3.5M Sale of New Jersey Office Building

by Taylor Williams July 19, 2019

PARSIPPANY, N.J. — Colliers International has brokered the $3.5 million sale of a multi-tenant office building located at 140 Littleton Road in Parsippany, located west of Newark. Constructed in the mid-1980s, the building spans 30,459 square feet and is leased to companies in the finance, technology and medical sectors. Jacklene Chesler, Matthew Brown, Frank Summers of Colliers represented the buyer and the seller, both of which requested anonymity, in the transaction. The property was 95 percent occupied at the time of sale.

July 19, 2019

Acquisitions Industrial New Jersey Northeast

CBRE Arranges Sale of 187,569 SF Light Industrial Portfolio in Moorestown, New Jersey

by Taylor Williams July 18, 2019

MOORESTOWN, N.J. — CBRE has arranged the sale of 550 Glen Avenue and 600 Glen Court, a 187,569-square-foot light industrial portfolio in Moorestown, located east of Philadelphia across the Delaware River. The two properties were built in the late 1970s and include warehousing and distribution capacities. The buildings’ location near I-295 and the New Jersey Turnpike puts them in close proximity to both the Philadelphia and New York City areas. Michael Hines, Brad Ruppel and Brian Fiumara of CBRE represented the seller, an affiliate of Endurance Real Estate Group LLC. The trio also procured the undisclosed buyer in the transaction.

July 18, 2019

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