BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.
PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.
NEWARK, N.J. — Progress Capital has arranged $6.3 million in permanent mortgage financing for the acquisition of a 2.2-acre paved parking lot located at 296-305|308-320 Mulberry St. and 12-14 Cottage St. in Newark. The property also includes a double-sided billboard currently subject to an annual lease. The undisclosed borrower purchased the property for $9 million and is entering into a lease with L.A. Parking Corp. The borrower’s property management firm will maintain the leasing and management of the billboard. Brad Domenico of Progress Capital arranged the financing. The loan is non-recourse and accompanied by a fixed rate of 4.5 percent and a seven-year term amortized over 25 years.
UNION CITY, N.J. — Marcus & Millichap has brokered the $1.7 million sale of a 7,125-square-foot mixed-use building in Union City. Located at 2000 Bergenline Ave., the building includes a long time Dunkin’ Donuts location as well as eight apartments. The property is one mile from the Lincoln Tunnell and four miles from New York City. Michael Lombardi and Alexander Pildes of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed.
RIVER EDGE, N.J. — NAI James E. Hanson has negotiated the sale of a 3,112-square-foot office condo in River Edge. The condo is located at 63 Grand Ave., a three-story, 10,000-square-foot office building. Darren Lizzack, Randy Horning, and Michael Guerra of NAI Hanson represented the buyer, Dr. Dan S. Landmann, in the transaction. Joe Tormen of Lee & Associates represented the seller, 63 Grand Ave LLC. The buyer was searching for an opportunity to purchase space as a long-term home for his surgery practice currently based in Maywood.
PARAMUS, N.J. — NIA National Realty has arranged five lease transactions totaling 20,000 square feet at a retail and office building in Paramus. Located at 66 Route 17 North, the two-story, 40,000-square-foot building recently underwent a $1 million renovation that included a new façade and windows. A high-end rug company signed a new 10-year lease for 5,000 square feet on the ground floor; Lois Law Firm has signed a 12,500-square-foot lease and Primerica has signed a 1,500-square-foot lease. Educational consultant Shift New Jersey and the Forman Holt law firm both extended their current leases. NIA is also headquartered at the property.
EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.
PISCATAWAY, N.J. — Bussel Realty Corp. has negotiated the $4.1 million sale of 150 Ethel Road West, a 33,000-square-foot industrial buildingin Piscataway. The property features 20-foot ceiling heights, 3,000 square feet of offices and one oversized drive-in door for loading. Steve Bussel and Anthony Mircovich of Bussel Realty represented the seller, Preferred Management, in the transaction. Resource Realty of North Jersey represented the buyer, East Coast International Tire Group.
ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 45,000-square-foot industrial and flex building at 475 Mola Blvd. in Elmwood Park. The sales price was undisclosed. NAI James E. Hanson represented the seller, 475 Boulevard LLC, in the transaction. The buyer was Millstein Acquisitions. The property includes 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the building’s remaining vacant space into two 5,000 square feet units and one 23,000-square-foot unit.
NUTLEY, N.J. —HFF has arranged $10.2 million in financing for the development of a 925-unit, CubeSmart-branded self-storage facility at 10 Kingsland St. in Nutley. The three-story, 125,000-square-foot facility will contain 765 climate-controlled and 160 non-climate-controlled units in a variety of sizes. HFF represented the developer, Tulfra Real Estate, in securing the construction loan with Bank of New Jersey. Loan proceeds will be used for acquisition costs, site improvements, construction and facility lease up.