New Jersey

HFF Negotiates Sale of 178,000 SF Office Building in New Jersey

by David Cohen February 25, 2019

EAST HANOVER, N.J. — HFF has negotiated the sale of Eagle Rock Executive Office IV, a 178,000-square-foot office building in East Hanover. The sales price was undisclosed. Located at 120 Eagle Rock Ave., the property is situated within a three-building office park. The three-story property is currently 79 percent leased to a tenant roster that includes Prudential Insurance Company of America, Kessler Foundation and GFK. Kevin O’Hearn, Jose Cruz, Stephen Simonelli and Michael Oliver of HFF represented the seller, Boxer Property, in the transaction. The buyer was Northeast Capital Group.

February 25, 2019

Loans Multifamily New Jersey Northeast Uncategorized

Valley National Bank Provides $6.8M Acquisition Loan for Apartment Building in New Jersey

by David Cohen February 25, 2019

ELIZABETH, N.J. — Valley National Bank has provided a $6.8 million acquisition loan for a 22,000-square-foot apartment building in Elizabeth. Located at 737-745 N. Broad St., the property was built in 2017 and consists of a mix of one- and two-bedroom units. Nate Lowy of Juniper Capital Group represented both the undisclosed borrower and Valley National Bank in the transaction. Terms of the financing included a five-year loan at a 4.25 percent interest rate.

February 25, 2019

Acquisitions Georgia Industrial New Jersey Northeast Pennsylvania Southeast Texas Top Stories

Colony Industrial Sells Four-State, 2.3 MSF Industrial Portfolio for $136M

by Kristin Harlow February 25, 2019

DALLAS — Colony Industrial has sold a light industrial portfolio spanning 2.3 million square feet across four states for $136 million. Nuveen Real Estate, a subsidiary of TIAA, purchased the properties. The sale includes 18 buildings in Atlanta, five in Dallas, five in Houston and six buildings spread across Pennsylvania and New Jersey. CBRE National Partners represented Dallas-based Colony Industrial in the sale. Colony Industrial is the industrial platform of Colony Capital Inc. (NYSE: CLNY), a real estate investment firm with $44 billion of assets under management. “We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” says Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We reevaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with our long-term strategic plans.” Nuveen is an investment manager that maintains its international headquarters in New York. — Kristin Hiller

February 25, 2019

Loans New Jersey Northeast

Tulfra Secures $11.7M Construction Financing for Self-Storage Facility in New Jersey

by David Cohen February 22, 2019

WEST CALDWELL, N.J. — Tulfra Real Estate has secured $11.7 million in construction financing for a 760-unit self-storage facility in West Caldwell. Located at 670 Passaic Ave., the 41,000-square-foot facility is situated near several major highways in the area. Iselin, N.J.-based Provident Bank provided the loan.Terms included a $6.1 million permanent loan and a $5.6 million construction loan. Tulfra plans to complete the construction of the facility by this summer.

February 22, 2019

Development Multifamily New Jersey Northeast Uncategorized

LMC Tops Out 18-Story Apartment Community in Jersey City

by David Cohen February 22, 2019

JERSEY CITY, N.J. — Developer LMC has topped out The Lively, an 18-story mixed-use apartment community in Jersey City. Located at 321 Warren St., the property will include 180 apartment units, 1,343 square feet of ground-floor retail space and a 14,200-square-foot theater. Amenities will include a 24-hour concierge, fitness center and roof deck lounge with pool as well as views of the Manhattan skyline. The community will consist of studio, one-, two- and three-bedroom units. Fogarty Finger is serving as architect and interior designer on the project. The Lively is expected to open this summer.

February 22, 2019

Acquisitions Alabama Connecticut Indiana Industrial Iowa Massachusetts Midwest New Jersey Northeast Pennsylvania Southeast Top Stories

Rubenstein Properties Sells 28 Industrial Properties for $197M

by Alex Tostado February 21, 2019

LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …

February 21, 2019

Acquisitions Hospitality New Jersey Northeast Uncategorized

Marcus & Millichap Negotiates $13.5M Sale of Crowne Plaza Hotel in Englewood, New Jersey

by David Cohen February 20, 2019

ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 20, 2019

Industrial Leasing Activity New Jersey Northeast

CBRE Secures 300,000 SF Industrial Lease in North Brunswick, New Jersey

by David Cohen February 19, 2019

NORTH BRUNSWICK, N.J. — CBRE has secured a 300,000-square-foot lease for logistics and fulfillment solutions company Capacity LLC at 1601 Livingston Ave. in North Brunswick. The built-to-suit facility is currently under construction and is slated for occupancy in February 2020. The property will include 40-foot clear heights as well as 10,000 square feet of office space, which will serve as the new headquarters for Capacity LLC. John Maloney of CBRE represented Capacity LLC in the transaction. The property owner, 1600 Building C LLC, was represented in-house during negotiations.

February 19, 2019

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Brokers Sale of 30,000 SF Warehouse in Old Bridge, New Jersey

by David Cohen February 19, 2019

OLD BRIDGE, N.J. — Sheldon Gross Realty has brokered the sale of a 30,000-square-foot warehouse in Old Bridge. The sales price was undisclosed. Located at 395 Route 34, the property was formerly a site for the production of steel building materials. Glen Jaffe, Matthew Leonelli Jr. and Jonathan Glick of Sheldon Gross Realty represented the seller, OEG Building Materials, in the transaction. The buyer was V&S Brothers Inc., which will utilize the facility to transition its auction and dealer purchases for shipment overseas.

February 19, 2019

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $75M Sale of Multifamily Portfolio in New Jersey

by David Cohen February 18, 2019

HUDSON AND BERGEN COUNTY, N.J. — Gebroe-Hammer Associates has arranged the $75 million sale of a 487-unit multifamily portfolio in Union City, Bergenfield and Lodi. The 18-building portfolio includes a mix of one-, two-, three- and four-bedroom units as well as three ground-floor retail units. Nicholas Nicolaou and Greg Pine of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. The buyer was a private investor.

February 18, 2019

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