New Jersey

JLL Brokers $15M Sale of Industrial Property in Carlstadt, New Jersey

by Alex Patton October 7, 2019

CARLSTADT, N.J. — JLL has brokered the $15 million sale of an industrial property in Carlstadt, a western suburb of New York City. The 102,611-square-foot production and warehouse building features 24-foot ceiling heights, three drive-in doors and office space. At the time of sale, the building was 100 percent leased to tenants including visual marketing company Coloredge and health supplement manufacturer Amazing Vitamins. Jose Cruz, Marc Duval, Jordan Avanzato and J.B. Bruno of JLL represented the seller, SPI 190 Jony LLC, in the transaction. Boston-based Cabot Properties was the buyer.

October 7, 2019

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 115,000 SF Office Sublease in Bridgewater, New Jersey

by Alex Patton October 4, 2019

BRIDGEWATER, N.J. — CBRE has negotiated a 115,000-square-foot sublease for health information and research company IQVIA in Bridgewater, 35 miles west of New York City. The property, located at 77 Corporate Drive, is a four-story office building with a café, conference center and walking trails. The transaction follows the 2017 merger between IMS Health and Quintiles, which resulted in the creation of IQVIA, and allows the company to consolidate multiple regional facilities. Remy deVarenne and Sean Morley of CBRE negotiated the sublease on behalf of the sublandlord, Legacy Investors.

October 4, 2019

Leasing Activity New Jersey Northeast Retail

Goldstein Negotiates 7,372 SF Retail Lease in New Brunswick, New Jersey

by Alex Patton October 3, 2019

NEW BRUNSWICK, N.J. — The Goldstein Group has negotiated a 7,372-square-foot retail lease for Redd’s Biergarten Restaurant in New Brunswick, approximately 30 miles southwest of New York City. Located at 5 Easton Ave., the restaurant offers German cuisine and beer in a casual setting with long communal tables and an outdoor biergarten. Lew Finkelstein and C.J. Huter of Goldstein represented Redd’s in the lease negotiations. Greg Medvin of Pierson Commercial Real Estate represented the landlord, Parking Authority City of New Brunswick.

October 3, 2019

Leasing Activity New Jersey Northeast Office

Proserve-Consulting Signs 2,342 SF Office Lease in Hackensack, New Jersey

by Alex Patton October 3, 2019

HACKENSACK, N.J. — Proserve-Consulting Inc. has signed a 2,342-square-foot office lease in Hackensack, a northwestern suburb of New York City. The space is located within the 160,000-square-foot Court Plaza North, one of three office buildings that comprise the 335,000-square-foot Court Plaza Complex. The deal brings Court Plaza North to full occupancy. Steven Muller of Equity Real Estate Brokerage LLC represented Proserve-Consulting in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

October 3, 2019

Development Industrial New Jersey Northeast Self-Storage

Hampshire, Harrison Street Break Ground on 903-Unit Self-Storage Facility in Hillsborough, N.J.

by Alex Patton October 2, 2019

HILLSBOROUGH, N.J. — A joint venture between The Hampshire Companies and Harrison Street Real Estate Capital has broken ground on a 903-unit self-storage facility in Hillsborough, located approximately 20 miles north of Trenton. The 120,524-square-foot property is located at 141 US Highway 206. Extra Space Storage will manage the facility upon completion of construction, which is slated for early 2020.

October 2, 2019

Acquisitions Industrial New Jersey Northeast

Marcus & Millichap Arranges $4.6M Sale of Industrial Property in Hackensack, New Jersey

by Alex Patton October 2, 2019

HACKENSACK, N.J. — Marcus & Millichap has arranged the $4.6 million sale of a 37,465-square-foot industrial property in Hackensack, a northwestern suburb of New York City. Zaentz Hardware occupies the property, which is divided into storefront, warehouse and office space. Elsa Papanicolaou of Marcus & Millichap represented the seller, a limited liability company. Steve Lim of Marcus & Millichap represented the buyer, a private investor.

October 2, 2019

Industrial Market Reports New Jersey New York Northeast Northeast Market Reports

Industrial Development Shifts Westward From Port

by Taylor Williams October 2, 2019

Demand for industrial space is roaring throughout the submarkets surrounding the Port of New York and New Jersey, propelled by the port’s handling of a record amount of cargo thus far in 2019. As a result of the healthy demand, as well as more product coming in and out of the port, landlords are enjoying positive rent growth accentuated by a limited supply of quality industrial space. The port experienced record growth in cargo volume handled during the first six months of 2019, according to internal data from the organization. The number of 20-foot equivalent units (TEUs) handled by the port has already exceeded 3 million for the year and surpassed 611,000 in June alone. This figure represents an all-time record for the port during the first half of the year, enabling it to surpass the Port of Long Beach for the first time in 20 years. Increasing amounts of inventory coming in and out of the port translates to greater demand for industrial space to store, process and ship product. But the port submarket has but a meager supply of real estate to meet the demand. Due to a limited space available for lease, the industrial submarket experienced negative …

October 2, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 115,000 SF Office Building in Parsippany, New Jersey

by Alex Patton September 30, 2019

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of 1 Gatehall Drive, a 115,000-square-foot office building in Parsippany, located approximately 25 miles west of New York City. At the time of sale, the building was 86 percent leased to more than 20 tenants. Gary Gabriel, David Bernhaut, Andy Merin, Frank DiTommaso, Andy Schwartz, William O’Keefe and Kelsey Nakamura of Cushman & Wakefield represented the seller, a joint venture between Lincoln Property Co, and Development Ventures Group. An affiliate of Lakewood Equities purchased the asset for an undisclosed price.

September 30, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $75.3M Sale of Two Multifamily Properties Near New York City

by Alex Patton September 27, 2019

HASBROUCK HEIGHTS AND LODI, N.J. — CBRE has arranged the $75.3 million sale of Skyline Apartments and Boulevard Apartments, two multifamily properties totaling 338 units in Hasbrouck Heights and Lodi, two adjacent western suburbs of New York City. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments comprises 214 apartments located across both Hasbrouck Heights and Lodi. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel and Nat Gambuzza of CBRE represented the seller, an investment consortium between Griffen Ltd. and Kushner Cos. The CBRE team also represented the buyer, a New York-based private investment firm.

September 27, 2019

Development Industrial New Jersey Northeast

J.G. Petrucci Nears Completion 57,000 SF Industrial Project in Hillsborough, New Jersey

by Alex Patton September 27, 2019

HILLSBOROUGH, N.J. — J.G. Petrucci Co. Inc. is nearing completion of a 57,000-square-foot industrial building in Hillsborough, located approximately 40 miles southwest of New York City. The project is build-to-suit for Permadur Industries, a manufacturer of construction equipment. The building will feature 37-foot ceiling heights and 17,000 square feet of office space, as well as 36,000 square feet of space designed for future expansion. Construction is currently underway and slated for completion by the end of 2019. The site also has the capacity to house an additional 36,000 square feet of new development.

September 27, 2019

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