New Jersey

Gebroe-Hammer Negotiates $3.4M Sale of Multifamily Community in Cranford, New Jersey

by Amy Works March 9, 2018

CRANFORD, N.J. – Gebroe-Hammer has arranged the sale of The Hamlet at Cranford, a multifamily community located at 2-20 McKinley St. in Cranford. An undisclosed buyer purchased the property for $3.4 million. The property features 10 two-bedroom, two-and-a-half bath townhome-style units with hardwood and tile flooring, separate dining rooms, central air conditioning, granite countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers. Adam Zweibel and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller and procured the buyer in the deal.

March 9, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $9M Acquisition Loan for Development Site in Long Branch, New Jersey

by David Cohen March 7, 2018

LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be completed by the end of 2019. Brad Domenico of Progress Capital secured the construction-to-permanent mortgage loan with 24 months of interest-only at a floating rate of LIBOR plus 3.5 percent. The borrower has the option to convert the loan to a permanent mortgage upon stabilization of the project.

March 7, 2018

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $4M Sale of Two Multifamily Properties in New Jersey

by David Cohen March 7, 2018

HIGHLAND PARK AND EDISON, N.J. — Redwood Realty Advisors has arranged the sales of two multifamily properties located in Highland Park and Edison. A Bergen County, N.J.-based multifamily investment firm acquired the two properties for $4 million, or $130,000 per door. The Volto Group sold the property in Highland Park, and Bay Harbor sold the property in Edison. Combined, the properties offer a total of 31 apartment units. Jeremy Wernick of Redwood Realty Advisors represented the sellers and buyer in the deal.

March 7, 2018

Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of Industrial Building in Hackensack, New Jersey

by David Cohen March 7, 2018

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a freestanding industrial/flex building and 0.28 acres of land located at 62 Voorhis Lane in Hackensack. T&M Realty Associates acquired the 2,800-square-foot building and land from Voorhis Associates for an undisclosed price. The buyer plans to utilize the property to relocate its Greenland Landscaping business from Wayne, N.J. The property features 1,600 square feet of warehouse space and 1,200 square feet of office space. Anthony Cassano of NAI Hanson represented the seller and buyer in the deal.

March 7, 2018

Industrial Loans New Jersey Northeast

HFF Secures $16.2M in Financing for Spec Industrial Development in Newark

by Amy Works March 6, 2018

NEWARK, N.J. — HFF has arranged $16.2 million in financing for the development of a speculative industrial project at 256 Vanderpool St. in Newark. The borrower is a joint venture between Penford Group and Penwood Real Estate Investment Management, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV. Situated on 14.8 acres, the 290,063-square-foot building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space. Michael Klein and Matthew Pizzolato of HFF worked on behalf of the borrower to place the construction loan with Principal Real Estate Investors.

March 6, 2018

New Jersey Northeast Office

Joint Venture Acquires 340,000 SF Office Property in Parsippany, New Jersey

by Amy Works March 1, 2018

PARSIPPANY, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has purchased Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties for an undisclosed price. Situated on 14 acres at 389 and 399 Interpace Parkway in Parsippany, the property consists of two interconnected four-story buildings totaling 340,000 square feet of Class A office space. At the time of sale, the property was 71 percent occupied by four tenants, including Reckitt Benckiser and Skanska USA Building Inc. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Bill Brown of Cushman & Wakefield represented the seller in the deal.

March 1, 2018

New Jersey Northeast Office

Delaney Real Estate Sells 20,000 SF Office Building in Mountainside, New Jersey

by Amy Works March 1, 2018

MOUNTAINSIDE, N.J. — Delaney Real Estate Holdings has completed the disposition of an office building located at 1139 Spruce Drive in Mountainside. Jiljo Real Estate Holdings acquired the 20,000-square-foot two-story property for an undisclosed price. Eric Demmers and Russ Verducci of NAI James E. Hanson represented the seller in the deal.

March 1, 2018

New Jersey Northeast Retail

Marcus & Millichap Brokers $1.2M Sale of Retail Property in Edison, New Jersey

by Amy Works February 28, 2018

EDISON, N.J. — Marcus & Millichap has arranged the sale of a retail property located in Edison. A private investor acquired the property for $1.2 million. Chase Bank occupies the 3,910-square-foot property on a net-leased basis. Alexander Pildes and Michael Lombardi of Marcus & Millichap represent the seller, a private investor, while Pildes, Lombardi and Greg Babaian, also of Marcus & Millichap, represented the buyer in the deal.

February 28, 2018

New Jersey Northeast Office

Segal LaBate Commercial Negotiates Sale of Office Building in Lawrenceville, New Jersey

by Amy Works February 27, 2018

LAWRENCEVILLE, N.J. — Segal LaBate Commercial Real Estate has arranged the sale of an office building located at 133 Franklin Corner Road in Lawrenceville. Atrium at Lawrenceville, an affiliate of Howco Management, purchased the 33,000-square-foot property, known as The Atrium, for an undisclosed price. Constructed in 1984, the property had been family owned and operated until the sale. Anne LaBate of Segal LaBate Commercial brokered the transaction.

February 27, 2018

Industrial New Jersey Northeast

Global Transport Logistics Leases 253,575 SF of Industrial Space in Piscataway, New Jersey

by Amy Works February 26, 2018

PISCATAWAY, N.J. — Global Transport Logistics has leased 253,575 square feet of newly constructed warehouse and distribution space at 276 Old New Brunswick Road in Piscataway. The licensed air, ground and ocean freight forwarding company is relocating from Fair Lawn, New Jersey. The move will nearly double the third-party logistics company’s regional warehouse footprint. Noah Balanoff, Chuck Littell and Gregory Healy of Colliers International represented Global Transport, while JLL represented the landlord, Industrial Property Trust, in the transaction.

February 26, 2018

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