New Jersey

CBRE Secures $24M in Refinancing for 154,776 SF Office Building in Hanover, New Jersey

by Amy Works January 13, 2017

HANOVER, N.J. — CBRE Capital Markets has arranged a $24 million bridge loan for the refinancing of 10 Park Avenue, a vacant office building located in Hanover. The borrower was Ravine Development Co. Built in 2001, the 154,776-square-foot Class A office building features a 376-person full-service cafeteria, fitness center and multi-media room. The property housed Metropolitan Life’s international fixed-income investment division for 13.5 years until the tenant move to MetLife’s new global headquarters at the end of October 2016. James Gunning, Donna Falzarano and Stephen Joseph of CBRE secured the loan, which was provided by The Provident Bank of New Jersey.

January 13, 2017

Industrial Loans New Jersey Northeast

Hartz Mountain Industries Receives $162M in Financing for Industrial Portfolio in North New Jersey

by Amy Works January 12, 2017

NORTH NEW JERSEY — Hartz Mountain Industries has received $162 million in financing for a 13-building industrial portfolio in North New Jersey totaling 2.67 million square feet. Thomas Didio and Connor Milanaik of HFF arranged the 10-year, fixed-rate loan through Hartford Investment Management Co. for the borrower. The 98 percent-leased buildings are located in Secaucus, Whippany, East Hanover, Bayonne, Harsbrouck Heights, Harrison and North Bergen. Additionally, the portfolio includes one speculative industrial building that is currently under construction in Linden. The portfolio includes 6 percent office space.

January 12, 2017

Industrial Loans Mixed-Use New Jersey Northeast Retail

NGKF Capital Markets Sells $24M Loan Portfolio for OceanFirst Bank

by Amy Works January 12, 2017

TOMS RIVER, N.J. — NGKF Capital Markets has arranged the sale of a $24 million loan pool from the OceanFirst Bank loan portfolio. Castlelake/Midwest Capital acquired the loans, which had an average size of $500,000. The loan pool was collateralized by a variety of industrial, retail and mixed-use assets located in nine southern New Jersey countries, including Atlantic and Ocean counties. Steven Schultz, Josh Malka and Tony Georgiev of NGKF Capital Markets represented the seller.

January 12, 2017

Industrial New Jersey Northeast

Cushman & Wakefield Arranges $12M Sale of Industrial Land Site in New Jersey

by Amy Works January 12, 2017

LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of a 415-acre land site located at 2858 U.S. Route 322 in Logan Township. F. Greek Development purchased the property from Bridgeport Disposal, a corporate affiliate of Clean Harbors Corp., for $12 million. Matthew Marshall, Jeffrey Williams, Timothy Cahill and Rory Murray of Cushman & Wakefield represented the seller. The buyer has in-house representation. The buyer intends to develop a 3 million-square-foot master-planned industrial park on the site. The property is midway between New York City and Washington, D.C., and offers direct access to Interstate 295, U.S. Route 322 and the New Jersey Turnpike.

January 12, 2017

New Jersey Northeast Office

HFF Brokers Sale of 161,217 SF Office Building in Somerset, New Jersey

by Amy Works January 11, 2017

SOMERSET, N.J. — HFF has arranged the sale of an office building located at 220 Davidson Ave. in Somerset. A private buyer acquired the four-story, 161,217-square-foot property from an affiliate of NextBridge Group and Two Kings Real Estate Co. for an undisclosed price. Situated on 9.2. acres, the property was 85 percent occupied at the time of sale by a variety of tenants, including McKesson, Berkshire Hathaway and the American Arbitration Association. Renovated in 2007, the property features an atrium lobby with marble finishes, full-service café and fitness center with showers and lockers. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the transaction.

January 11, 2017

Industrial Loans New Jersey Northeast Office Pennsylvania

G.S. Wilcox & Co. Arranges $13.8M in Financing for Two Properties in New Jersey, Pennsylvania

by Amy Works January 11, 2017

TOTOWA, N.J., AND BETHLEHEM, PA. — G.S. Wilcox & Co. has arranged $13.8 million in financing for two separate properties in New Jersey and Pennsylvania. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing in both transactions. In the first transaction, the firm secured a $7 million loan for a 252,000-square-foot former manufacturing facility in Totowa. The borrower, The Hampshire Cos., will be convert the property into a 383,000-square-foot single-tenant warehouse distribution facility. Provident Bank provided the financing for the borrower. In the second loan, the company arranged $5.8 million in financing for an office call center in Bethlehem. Thrivent Financing provided the financing for the borrower, J.G. Petrucci Co.

January 11, 2017

Industrial New Jersey Northeast

Seagis Property Group Acquires 504,000 SF Industrial Asset in Linden, New Jersey

by Amy Works January 10, 2017

LINDEN, N.J. — Seagis Property Group has purchased a 504,000-square-foot industrial asset, located at 340 Stiles St. in Linden. 500 West Edgar LLC sold the property for an undisclosed price. The buyer has commenced a multi-million-dollar renovation program at the property. Planned improvements include roofing, new entrances, new building façades and windows, modernization of the building’s 98 loading doors and five drive-in dock doors, as well as the installation of T-5 lighting. Additionally, Seagis will upgrade and pave nearly 13 acres of parking, creating new trailer and automobile parking spaces, and the company will also upgrade the landscaping and fencing throughout the site. The renovations are slated for completion in spring 2017. Chuck Fern of Cushman & Wakefield represented the seller and procured the buyer in the deal.

January 10, 2017

New Jersey Northeast Office

HFF Arranges $44M Sale of 125,735 SF Office Property in Parsippany, New Jersey

by Amy Works January 10, 2017

PARSIPPANY, N.J. — HFF has brokered the sale of an office building located at 10 Sylvan Way in Parsippany. Griffin Capital Essential Asset REIT II acquired the property from Normandy Real Estate Partners and funds managed by Partners Groups for $44 million. Situated on 23.1 acres within the Mack-Cali Business Campus, the three-story, 125,735-square-foot property is fully leased to a pharmaceutical company. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller the transaction.

January 10, 2017

New Jersey Northeast Office

Alexander Property Holdings Acquires 135,000 SF Office Building in New Jersey for $20M

by Amy Works January 6, 2017

LYNDHURST, N.J. — Alexander Property Holdings has acquired CityView Corporate Center, an office building located at 160 Chubb Ave. in Lyndhurst. Rugby Realty Co. sold the 135,000-square-foot property for $20 million. Situated on 8 acres, the property was constructed in 1979 and renovated in 2006 and 2012. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Ryan Larkin and Curtis Foster of Cushman & Wakefield brokered the transaction.

January 6, 2017

New Jersey Northeast Retail

The Blau & Berg Co. Arranges Sale of 54,126 SF Retail Property in Newark, New Jersey

by Amy Works January 6, 2017

NEWARK, N.J. — The Blau & Berg Co. has brokered the sale of a retail property located at 237-249 S. Orange Ave. in Newark. JJ Operating Inc., a family-owned real estate investment and management company, acquired the 54,126-square-foot property for an undisclosed price. The free-standing building is currently occupied by a 2,100-square-foot Dunkin’ Donuts. The buyer plans to redevelop the property. Alex Conte, Jason Crimmins and Peter Murano of The Blau & Berg Co. represented the seller and buyer in the deal.

January 6, 2017

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