SOUTH PLAINFIELD, N.J. — Cronheim Mortgage has secured an $11.5 million loan to refinance a four-building office portfolio within the Middlesex Business Center in South Plainfield. The fully leased portfolio totals 150,192 square feet. Cronheim secured the 10-year, fixed-rate loan on behalf of borrower National Realty and Development Corp. The lender was Farm Bureau Life Insurance Co. Middlesex Business Center is a 420,000-square-foot office and industrial complex in South Plainfield.
PISCATAWAY, N.J. — Snack food manufacturer CLIO LLC has signed a 20,300-square-foot industrial lease in the Piscataway Corporate Center in Piscataway. CLIO will utilize the space at 141 Ethel Road West to manufacture and distribute their chocolate-dipped Greek yogurt bars. The property features 22-foot ceilings and energy-efficient HVAC systems. Jaime Zimmel of Zimmel Associates represented the owner, Denholtz Associates, in the transaction. Terms of the lease were not disclosed.
Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth. The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate. The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot. The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand. The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail …
NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.
SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.
ROBBINSVILLE, N.J. — LBA Logistics has acquired a single-tenant warehouse and manufacturing facility in Robbinsville for $13.5 million. Located at 8 Applegate Drive, the 30-acre property was built in 2001 and includes six loading docks and a drive-in door. The facility is currently fully occupied by adhesive manufacturing company Nordson. John Plower of JLL Capital Markets represented the seller, HB4 LLC, in the transaction.
PARAMUS, N.J. — Deka Immobilien GmBH has acquired Paramus Junction, a fully leased, grocery-anchored shopping center in Paramus. The sales price was not disclosed. Located at 60 N. Route 17, the 75,000-square-foot property is occupied by a tenant roster that includes Asian grocer H Mart, DSW, PetSmart and BJ’s Wholesale Club. Deka Immobilien was represented by Madison Marquette in the transaction. The seller, a joint venture between Invesco Real Estate and Advance Realty was represented by Cushman & Wakefield’s New Jersey capital markets team.
BLAIRSTOWN, N.J. — NAI James Hanson has negotiated the sale of a 15,070-square-foot industrial building in Blairstown. The sales price was undisclosed. Located at 126 Route 94, the property features four 14-foot drive-in doors and parking for 30 cars, as well as 2,000 square feet of office space. Joseph Vindigni of NAI James E. Hanson represented the seller, L&W Supply Corp., in the transaction. The buyer was refrigeration assembly and distribution company Khalil Alijla LLC.
CARTERET, N.J. — Seagis Property Group has acquired a 93,000-square-foot warehouse in Carteret. The sales price was undisclosed. The property is located at 1001 Roosevelt Ave., which is approximately 10 miles from Newark Liberty International Airport. With the acquisition, Seagis now owns 28 buildings totaling 4.4 million square feet throughout Northern New Jersey. The seller was undisclosed.
WOOD-RIDGE, N.J. — Procida Funding has provided a $7 million loan to refinance the Fiesta Banquet Hall, a two-story event venue in Wood-Ridge. Located at 255 Route 17, the property has been hosting events for more than 60 years and consists of four banquet rooms, two bridal suites and two commercial kitchens. Brian Foley of Procida arranged the financing on behalf of the 100 Mile Fund. The loan was used to consolidate existing debt and complete minor property improvements. Terms of the financing were not disclosed.