New Jersey

Gebroe-Hammer Associates Arranges $50M Sale of 452-Unit Apartment Complex in Newark

by David Cohen March 27, 2018

NEWARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Forrest Hill Terrace Apartments, a 452-unit apartment complex in Newark, for $50 million. The 1940s-era property is located at 325 Grafton Ave. in the Forest Hill neighborhood of Newark’s North Ward. The complex includes 94 studios, 297 one-bedroom and 60 two-bedroom units. Also included in the sale is a four-bedroom home that is on the property. Gebroe-Hammer represented the seller in the transaction, Kamson Corp., and procured the buyer, a private family-office entity. Allen Popowitz of Brach Eichler served as legal counsel for the seller.

March 27, 2018

Acquisitions Industrial New Jersey Northeast

Duke Realty Acquires Six Industrial Buildings, Two Land Sites in Central New Jersey

by David Cohen March 27, 2018

EAST RUTHERFORD, N.J. — Duke Realty has acquired six industrial buildings and two land sites for future development along the I-95 corridor in central New Jersey. Three of the six buildings are located in Cranbury, South Brunswick, and Carteret and three buildings are located in Perth Amboy. Together, the six properties total 3.1 million square feet of industrial space and increase Duke Realty’s New Jersey industrial portfolio to 5.6 million square feet. Development has already begun on a 661,000-square-foot warehouse on one of the acquired land sites at 429 Delancy St. in Newark and a 194,000-square-foot warehouse is also proposed at the second land site, 5 Ethel Blvd. in Wood-Ridge. Duke Realty’s New Jersey office is located in East Rutherford.

March 27, 2018

Development Mixed-Use New Jersey Northeast

Angelo, Gordon & Co., Prism Capital to Redevelop Former Wonder Bread Facility in Hoboken to Mixed-Use Property for $120M

by David Cohen March 26, 2018

HOBOKEN, N.J. — Angelo, Gordon & Co. and Prism Capital Partners have unveiled plans to recapitalize and develop a former industrial facility in Hoboken as an 89-unit apartment property with 10,000 square feet of indoor and outdoor amenity space as well as a street-level retail space for $120 million. Parkwood Development Corp. started the project in 2012 and will retain an ownership stake in the development. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will be made up of five separate buildings and retain a significant amount of the property’s existing architectural detail. The project has received necessary approvals and nearly all demolition and construction preparation has been completed.

March 26, 2018

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Wins Leasing Assignment for 113,000 SF Office Property in Northern New Jersey

by David Cohen March 19, 2018

TOTOWA, N.J. — Cushman & Wakefield has been appointed as leasing agent for a 113,000-square-foot, Class A office property in Totowa. The property is a former call center located at 515 Union Blvd. and is currently undergoing a multi-million dollar redevelopment by the owner, Totowa Investment Group. Slated for delivery later this year, the building sits on 6.6 acres and offers close proximity to major retailers and hospitality providers along the route 46 corridor. Frank Truesdell, Christian Politan and Adam Matloff of Cushman & Wakefield are heading the assignment.

March 19, 2018

New Jersey Northeast Office

Vision Real Estate Closes Two Office Leases in Trenton Totaling 103,000 SF

by David Cohen March 16, 2018

LAWRENCEVILLE, N.J. — Vision Real Estate Partners has negotiated an 89,000-square-foot office lease at 1009 Lenox Drive in Lawrenceville, New Jersey, for software company Billtrust and 14,000 square feet for law firm Pelletieri at 989 Lenox Drive. The two properties are part of the 817,000-square-foot Class A Princeton Pike Corporate Center. Billtrust, a payment cycle management software company founded in 2001, has established its new headquarters at the campus.

March 16, 2018

Company News New Jersey Northeast Retail Top Stories

Toys ‘R’ Us to Close or Sell All 735 U.S. Stores

by John Nelson March 15, 2018

WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said David Brandon, chairman and CEO of Toys ‘R’ Us, in an official statement. In January, the toy chain announced plans to shutter up to 182 underperforming stores, including those under the Babies ‘R’ Us banner, as part of its restructuring efforts to revive business. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September. Toys ‘R’ Us was facing $5 billion in debt, largely stemming from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Continued debt, combined with poor holiday sales, forced the retailer’s latest move. For …

March 15, 2018

Leasing Activity New Jersey Northeast

Bergen Logistics Closes 404,000 SF Lease in Meadowlands

by David Cohen March 14, 2018

RUTHERFORD, N.J. — Cushman & Wakefield has closed a lease on behalf of Bergen Logistics for a 404,000-square-foot fully automated distribution center at 299 Thomas E. Dunn Memorial Highway in Rutherford. It is the largest Meadowlands industrial deal since mid-2016, according to Cushman & Wakefield. The long-term lease of the recently renovated Murray Metro Distribution Center closed in December and was handled by Bonni Heller of Cushman & Wakefield. The landlord, Murray Construction Co. Inc., was represented in house by Michael Nachtome and Thomas Monahan of CBRE. Located off exit 16W of the New Jersey Turnpike, the 25.5-acre property offers easy access to commuter rail lines and is about 15 minutes from Newark Liberty International Airport. The transaction will result in the creation of around 200 new jobs, according to Ron Roman, CEO of Bergen Logistics.

March 14, 2018

New Jersey Northeast

Cronheim Mortgage Arranges $6M in Financing for 106,290 SF Retail Property in Central New Jersey

by David Cohen March 14, 2018

TOMS RIVER, N.J. — Cronheim Mortgage has arranged $6 million in financing for a 106,290-square-foot retail property in Toms River. The State Life Insurance Co. provided the 17.5-year, self-liquidating loan. The interest rate was locked six months prior to closing at 3.93 percent. The property, built in 1994, is situated on an 11.3-acre site just off the Garden State Parkway in Ocean County. Currently, the property is fully leased to Home Depot, which shadow anchors a 130,000-square-foot retail development. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim arranged the loan.

March 14, 2018

Multifamily New Jersey Northeast

Goldstein Group Facilitates Sale of Redevelopment Site Near New York City

by Kristin Harlow March 12, 2018

BOGOTA, N.J. — The Goldstein Group has completed the sale of a redevelopment site located at 250 and 300 West Fort Lee Road in Bogota, New Jersey. The site will become a multifamily mixed-use development. Lew Finkelstein and CJ Huter of the Goldstein Group represented both the seller, BR Colony Holdings, and the buyer, River Club Development, in the transaction. The site is slated for 421 residential apartments across five buildings, along with 8,000 square feet of ground-floor retail space. Amenities planned for the site include a pool, clubhouse, dog park and walkway promenade along the Hackensack River. Once completed, the development could increase Bogota’s population of 8,200 people by around 10 percent, according to Goldstein. Bogota is 12 miles northwest of Manhattan and 14 miles north of Jersey City.

March 12, 2018

Industrial New Jersey Northeast

Sitex Group Sells Two-Building Industrial Property in Avenel, New Jersey, for $65M

by Amy Works March 9, 2018

AVENEL, N.J. – Sitex Group has completed the disposition of a two-building industrial asset located at 191 and 215 Blair Road in Avenel. Barings Real Estate, on behalf of an institutional investor, acquired the assets for a combined total of $65 million. Located off Exit 12 of the New Jersey Turnpike/Interstate 95, the properties consist of a fully-renovated 175,182-square-foot building and a newly constructed 198,854-square-foot building. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer.

March 9, 2018

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