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New Jersey

AcquisitionsDevelopmentNew Jersey

NAI James E. Hanson Negotiates Sale of 244-Acre Land Parcel in Lebanon Township

by David Cohen

LEBANON TOWNSHIP, N.J. — NAI James E. Hanson has arranged the sale of a 244-acre parcel of land in Lebanon Township. The sales price was undisclosed. The property features open and wooded land and is currently occupied by Pelio Farms. John J. Schilp and Sigmund Schorr of NAI James E. Hanson represented the buyers, New Jersey Conservation Foundation, New Jersey Green Acres Program, Lebanon Township, Hunterdon Land Trust, The Nature Conservancy, Victoria Foundation, 1772 Foundation, Leavens Foundation and the New Jersey Water Supply Authority. The seller was Earl Pelio of Pelio Farms. The buyers created a public-private partnership to acquire the land to preserve it from future development and link existing preserved lands to create a greenway of nearly 2,600 acres in northern Hunterdon County.

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AcquisitionsNew JerseyRetail

Marcus & Millichap Brokers $2.3M Sale of Retail Property in New Jersey

by David Cohen

SOMERVILLE, N.J. — Marcus & Millichap has brokered the $2.3 million sale of a 13,000-square-foot retail property in Somerville. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. The two-story building is located at 130 W Main St. in downtown Somerville and is currently occupied by Stickley Furniture Company.

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AcquisitionsHealthcareNew JerseyNortheastOffice

Marcus & Millichap Negotiates $3.2M Sale of Medical Office Building in New Jersey

by David Cohen

FLEMINGTON, N.J. — Marcus & Millichap has negotiated the sale of 31 North Office Center, a 33,000-square-foot medical office property in Flemington for $3.2 million. Ben Sgambati, Alan Cafiero, Anthony Asencio and Victor W. Nolletti of Marcus & Millichap represented the seller, a bank/financial institution. Anthony Asencio of Marcus & Millichap represented the buyer, a limited liability company. The class B building is located at 121 State Route 31.

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IndustrialLeasing ActivityNew Jersey

Cushman & Wakefield Facilitates 86,000 SF Industrial Lease Near Edison, New Jersey

by David Cohen

SOMERSET, N.J. — Cushman & Wakefield has arranged an 86,000-square-foot, full-building industrial lease in Somerset. Andrew Stypa and Daniel Badenhausen of Cushman & Wakefield represented the landlord, Terreno Realty Corp., in securing a long-term lease for tenant Integrated Supply Network. The class A building is located at 70 Schoolhouse Road, within New Jersey’s Lower I-287 submarket.

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AcquisitionsNew JerseyOffice

Colliers Negotiates Sale of 138,629 SF Office Building in Piscataway

by David Cohen

PISCATAWAY, N.J. — Colliers International has negotiated the sale of a 138,629-square-foot office building in Piscataway. The sales price was undisclosed. The property, which is located at 371 Hoes Lane, was built in 1989 and renovated in 1997. Colliers represented the undisclosed seller in the transaction. The buyer was Brandon Rolnick, a private investor. Rolnick has hired Marner Architecture and Haas Construction to fully renovate the building. Colliers will maintain leasing at the property.

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AcquisitionsIndustrialNew Jersey

Sitex Group Acquires 83,000 SF Warehouse in Moonachie, New Jersey

by David Cohen

MOONACHIE, N.J. — Sitex Group has acquired an 83,000-square-foot warehouse located at 131 W. Commercial Ave. in Moonachie. Sitex purchased the property from a private seller. The sales price was not disclosed. The property, which is located approximately ten miles from New York City, can accommodate one or two occupants and features ceiling heights of up to 20 feet. The building is currently 50 percent occupied by a logistics company. Sitex plans to renovate the interior and exterior of the property in order to appeal to corporate tenants.

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LoansMultifamilyNew Jersey

NYLREI Provides $131M Loan for Multifamily Tower in Jersey City

by David Cohen

JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.  

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AcquisitionsMultifamilyNew JerseyNortheast

Capital Realty Brokers $130M Sale of Apartment Portfolio in New Jersey

by David Cohen

UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.

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AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers Sale of 233,000 SF Office Property in New Jersey

by David Cohen

BEDMINSTER, N.J. — Cushman & Wakefield has brokered the sale of the Somerset Financial Center, a 233,000-square-foot office property in Bedminster. Kevin Donner, David Bernhaut, Gary Gabriel, and Ryan Larkin of Cushman & Wakefield represented the seller, Related Cos., in the transaction. P3 Properties purchased the asset for an undisclosed amount. The property currently serves as the New Jersey headquarters of pharmaceutical company Mallinckrodt, which houses 480 employees at Somerset.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers $50.5M Sale of Industrial Park in Northern New Jersey

by David Cohen

ALLENDALE, N.J.— Cushman & Wakefield has brokered the $50.5 million sale of the Allendale Industrial Park, a seven-building, 368,863-square-foot industrial property in Allendale. The 35-acre industrial park, which includes 985 parking spaces, is currently occupied by a tenant roster that includes Volkswagen Group of America and Stryker Spine, a global medical company. Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the property.

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