New Jersey

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

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.

April 10, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $9.8M Loan for Refinancing of Three Flex Buildings in New Jersey

by David Cohen April 10, 2018

WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.

April 10, 2018

Acquisitions Hospitality New Jersey Northeast

HREC Arranges Sale of 276-Room Sheraton Hotel in New Jersey

by David Cohen April 9, 2018

EDISON, N.J. — HREC has arranged the sale of the Sheraton Edison Raritan Center in Edison, about 33 miles south of Manhattan. The sales price for the 276-room hotel was not disclosed. The hotel is located in the Raritan Center business park, which is home to local cable television station News 12 New Jersey and the regional operations for both UPS and FedEx. Kevin Hanley, Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the undisclosed seller in the transaction. The buyer was also not disclosed. Edison has recently attracted a large amount of commercial business to the area, according to HREC.

April 9, 2018

Loans New Jersey Northeast Office

Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen April 6, 2018

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

April 6, 2018

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Three-Building Office Park in Basking Ridge, New Jersey

by David Cohen April 6, 2018

BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.

April 6, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Arranges Sale of 360-Unit Apartment Community in Hackensack

by David Cohen April 5, 2018

HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.

April 5, 2018

Loans New Jersey Northeast

Progress Capital Arranges $5.2M in Financing for Apartment Community in Newark

by David Cohen April 5, 2018

NEWARK, N.J. — Progress Capital has arranged $5.2 million in permanent financing on behalf of West of Hudson Properties for the acquisition of a two-building apartment community in Newark. The lender was Sabal Financial. The terms of the loan include a $5.2 million non-recorse permanent mortgage with five years of interest-only payments at a fixed rate of 3.86 percent. The loan represents a 65 percent loan-to-purchase price accompanied by a 20-year term and 30-year amortization. After the five-year interest-only period expires, the rate will reset. Located at 10-36 Osbornse Terrace and 9 Hedden Terrace, the 70-unit community was fully renovated in 2007. Brad Domenico of Progress Capital arranged the loan on behalf of West of Hudson Properties.

April 5, 2018

Industrial New Jersey Northeast Property Type

Colliers Negotiates Sale of Three Industrial Buildings in South Jersey for Combined $7.5M

by David Cohen April 2, 2018

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of three industrial buildings in Southern New Jersey for a combined $7.5 million. The three properties located in Pennsauken include: 9240 Commerce Highway, a 67,600-square-foot warehouse acquired by a private investor for $3.2 million; 6995 Airport Highway Lane, a 60,800-square-foot manufacturing facility purchased by Heat Makers Sense for $2.7 million; and 9265 Commerce Highway, a 33,500-square-foot warehouse acquired by Draco Broadcast for $1.6 million. The seller was the Bloom Organization. Ian Richman and Marc Isdaner of Colliers arranged the sale of the three properties.

April 2, 2018

Leasing Activity New Jersey Northeast

Levin Management Corp. Signs R&J Warehouse to 103,350 SF Industrial Lease in Piscataway

by David Cohen March 30, 2018

PISCATAWAY, N.J. — Levin Management Corp. has signed shoe wholesaler R&J Warehouse to a 103,350-square-foot, full building lease at the Rutgers Industrial Center in Piscataway. Located at 140 Circle Drive North, R&J Warehouse’s new space offers close proximity to I-287 and is five miles from exit 10 of the New Jersey Turnpike. This transaction is the third new lease signing at the five-building, 535,000-square-foot industrial complex in the past 18 months. Levin Management is the asset manager for the property.

March 30, 2018

Multifamily New Jersey Northeast

Strategic Capital Tops Out Waterfront Condominium Development in Jersey City

by David Cohen March 29, 2018

JERSEY CITY, N.J. — Developer Strategic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The waterfront condominium project consists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 stories and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 boutique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings feature views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The general contractor for the project is Plaza Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pricing for one-bedroom homes starting at $640,000. Both buildings are slated to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construction America.

March 29, 2018

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