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.
It’s too early to tell the impact of the new federal tax law on retail here in New Jersey, or how things might change now that we have a new governor. But one can place a sizable bet, literally, on the fact that medical marijuana dispensaries now given the go-ahead here will lead to recreational use, and that sports betting in New Jersey is going to also be a hit. Betting on Jersey’s retail sector is a great wager too. North Jersey’s top markets — Paramus, Wayne, Woodbridge, Bridgewater and Princeton — are all in great shape. Vacancy rates are low and rents are stable. Although the area was hit hard dur- ing the financial crisis and onetime retail juggernauts such as A&P and Sports Authority had to shutter their doors, much of that space was redeveloped. The space vacated by retailers due to the big impact of the Internet — Toys ‘R Us was stung badly by e-commerce, for example — has quickly been absorbed. Opportunity is at such a premium, it’s tough to find a steal at any of the area’s major regional malls or power centers, or the other desirable retail corridors for that matter. North Jersey retail is that …
DELRAN, N.J. — LBA Logistics has acquired 400 Delran Parkway, a 174,000-square-foot, industrial building in Delran. The sales price was $10.7 million. Located inside the Swedes Run Business Park, the property is situated on more than 16 acres. The building, which is currently vacant, was previously home to a Fortune 500 company. John Plower, Larry Maister, Dean Torosian and Nate Demetsky of JLL Capital Markets represented the undisclosed seller in the transaction.
PENNSAUKEN TOWNSHIP, N.J. — Colliers International has negotiated the $3.1 million sale of two industrial properties inside the 2 million-square-foot Airport Industrial Park in Pennsauken Township. The two-buildings total 55,037 square feet and are located at 7203 and 7239 Browning Road. At the time of sale, the industrial park was fully leased. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was undisclosed.
