JERSEY CITY, N.J. — CenterPoint Properties has acquired 101 Linden Avenue East, a 74,304-square-foot industrial building in Jersey City, a western suburb of New York City. The site offers 50 automobile spaces and comes with an extra 1.5 acres of land that can accommodate parking spaces for 55 delivery vehicles and includes a 3,000-square-foot vehicle maintenance facility. Additionally, the property possesses approximately 30,000 square feet of temperature-controlled warehouse. Stan Danzig, Steve Elman, Jules Nissim and Michael Terranova of Cushman & Wakefield represented the undisclosed seller in the transaction.
CEDAR GROVE, N.J. — Cushman & Wakefield has arranged the sale of Zephyr Ridge, a 24-unit apartment community in Cedar Grove, located approximately 20 miles west of New York City. Completed in 2018, Zephyr Ridge comprises two three-story residential buildings and offers two-bedroom units. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips of Cushman & Wakefield represented the buyer, Garrubbo Properties, in the transaction. The team also represented the buyer, Alfred Sanzari Enterprises, which acquired the asset via a 1031 exchange.
NEW PROVIDENCE, N.J. — Erickson Living has completed construction of Bell Pavilion, a residential building on the campus of its Lantern Hill continuing care retirement community in New Providence, approximately 25 miles west of New York City. Bell Pavilion adds 168 units of independent living to the 26-acre nonprofit community. In addition to the new units, the expansion project also added an underground parking garage, a new dining venue and a variety of outdoor amenities. The building is connected via enclosed walkway to the community’s main clubhouse. Erickson manages the community, which it also developed.
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.
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.
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.
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.
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.
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.
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 …