LOGAN TOWNSHIP, N.J. — HFF has arranged $7.6 million in acquisition financing for a three-building industrial portfolio in the suburban Philadelphia community of Logan Township. The borrower is a joint venture between Novaya and Foxfield Ventures. The lender for the first mortgage financing was not disclosed. Totaling 193,379 square feet, the portfolio comprises the 103,241-square-foot 1 Killdeer Court, the 46,888-square-foot 614 Heron Drive and the 43,251-square-foot 603 Heron Drive. All three of the light industrial facilities were built between 1975 and 1977 and are located in Gloucester County off I-295.
OAKLYN, N.J. — Marcus & Millichap has brokered the $1.8 million sale of a 7,480-square-foot retail property net-leased to Dollar General in Oaklyn. Located at 301 White Horse Pike, the property is situated on a busy retail corridor nine miles east of Philadelphia. Nearby retailers include CVS, 7-Eleven, Dunkin’ Donuts and Wawa. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented both the buyer and seller, both developers, in the transaction.
EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.
ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.
MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.
PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
CRANBURY, N.J. — Duke Realty has signed RAB Lighting to a 264,085-square-foot industrial lease in Cranbury. RAB Lighting will relocate and expand its distribution center operations in the Northeast at the newly developed building, which was acquired by Duke Realty in October. RAB Lighting is a manufacturer of indoor and outdoor LED lighting and controls. The facility, located at 10 Broadway Road, features a 36-foot clear height, 42 dock doors and two drive-in doors. The property also includes a 130-foot trailer court and parking for 89 automobiles and 11 trailers. Chuck Fern of Cushman & Wakefield represented both parties in the transaction.
WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, according to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings.
RED BANK, N.J. — Marcus & Millichap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square-foot mixed-use property in Red Bank, four miles south of Middletown. Michael Lombardi and Charles Loccisano of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street.
ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.