New Jersey

CBRE Negotiates $174.5M Sale of 973,000 SF Office Complex in Newark, New Jersey

by Amy Works October 4, 2016

NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.

October 4, 2016

Healthcare Mixed-Use New Jersey Northeast Office Retail

Prism Capital Completes Acquisition of 116-Acre Former Hoffmann-La Roche Campus in New Jersey

by Amy Works October 3, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I, an affiliate of Prism Capital Partners, has completed its previously announced purchase of the 116-acre former Hoffmann-La Roche Inc. North American headquarters campus in Nutley and Clifton. The company plans to reposition the campus as a mixed-use development anchored by a medical school. In July, Hackensack Meridian Heath and Seton Hall University committed to leasing two buildings and 16 acres at the property. Seton Hall and Hackensack Meridian will immediately start improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center on the campus.

October 3, 2016

New Jersey Northeast Office

CBRE Arranges $19.7M Sale of 207,730 SF Office Building in Upper Saddle River, N.J.

by Amy Works September 29, 2016

UPPER SADDLE RIVER, N.J. — CBRE has brokered the sale of 10 Mountainview, an office building located in Upper Saddle River. Mack-Cali Realty Corp. sold the property to Moshe Gold, on behalf of a private investment group, for $19.7 million. At the time of sale, the 207,730-square-foot building was 67 percent leased to a variety of tenants, including Sherwin Williams and Stryker. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties, in collaboration with Jeffrey Babikian of CBRE’s Saddle Brook, N.J., office, represented the seller and procured the buyer in the deal.

September 29, 2016

Industrial New Jersey Northeast

Dermody Properties to Develop 152,200 SF Build-to-Suit Facility in Southern New Jersey

by Amy Works September 28, 2016

LOGAN, N.J. — Greenyard has selected Dermody Properties to develop a 152,200-square-foot build-to-suit facility in Logan. Located within LogistiCenter at Logan, the packing and cold storage facility marks the first expansion of the Fresh division of Greenyard in the United States. Greenyard is a distributor of fresh and prepared fruits, vegetables, flowers, plants and growing media. Currently operating at UNIVEG Logistics America, the company’s name will change to Greenyard Logistics USA upon completion of the new facility. LogistiCenter at Logan is a 5.5 million-square-foot industrial park owned by Dermody Properties and Great Point Investors.

September 28, 2016

New Jersey Northeast Retail

RD Management to Develop 26,016 SF Shopping Center in Marlton, N.J.

by Amy Works September 28, 2016

MARLTON, N.J. — RD Management LLC is developing Sunbird Plaza, a shopping center located at the intersection of Route 73 and Sunbird Drive in Marlton. The shopping center will feature 26,016 square feet of retail space. Additionally, RD Management has signed its first tenant to the to-be-built property. Royal Farms will occupy 5,166 square feet of space at the center, which is slated to open in spring 2017. The Maryland-based chain offers gasoline and diesel fuel, breakfast, lunch, dinner and snacks for customers’ sit-down or take-out convenience. The chain currently operates 167 stores and is expanding to the South Jersey market. The property also offers 19,200- and 1,650-square-foot retail spaces and a potential pad site is available for lease.

September 28, 2016

New Jersey Northeast Office

G3 Communications Leases 6,400 SF of Office Space in Hasbrouck Heights, N.J.

by Amy Works September 28, 2016

HASBROUCK HEIGHTS, N.J. — G3 Communications Inc. has leased office space at Heights Plaza, located at 777 Terrace Ave. in Hasbrouck Heights. The digital media company, which specializes in B2B marketing, will occupy 6,400 square feet at the six-story 200,000-square-foot office building owned by Alfred Sanzari Enterprises. Stephen Jennings provided in-house representation for the landlord, while Joe Tormen of Lee & Associates represented the tenant in the transaction.

September 28, 2016

Multifamily New Jersey Northeast

Waterton Completes $6M Renovation of 225-Unit Multifamily Property in New Jersey

by Jeff Shaw September 23, 2016

EDGEWATER, N.J. — Waterton has completed the $6 million renovation and rebranding of The St. Moritz, a 225-unit apartment tower in Edgewater, just across the Hudson River from Manhattan. Waterton operates the community, which received a new outdoor pool and spa with private cabanas, grilling stations and fire pit, as well as an updated lobby, business center and fitness facility featuring all-new exercise equipment. Additional enhancements were made to the parking garage and façade of the building, which Barings Real Estate Advisers owns on behalf of an institutional investor. The 25-story apartment tower was built in 2004 and offers a mix of one-, two-, three- and four-bedroom floor plans ranging in size from 780 to more than 4,000 square feet.

September 23, 2016

Multifamily New Jersey Northeast

Redwood Realty Brokers Two Multifamily Sales in New Jersey

by Jaime Lackey September 20, 2016

WOODBRIDGE AND UNION CITY, N.J. — Redwood Realty Advisors has arranged the sales of two apartment properties in New Jersey. Jeremy Wernick assisted in the $2.55 million sale of a 22-unit garden apartment complex in Woodbridge. The sale closed at a 6.2 percent cap rate. Wernick also located a Florida investment property for the seller to purchase to complete a 1031 exchange. In Union City, Redwood’s Steven Matovski and Saul Ramirez brokered the sale of a 19-unit garden apartment complex for $1.15 million. The names of the buyers and sellers were not disclosed.

September 20, 2016

New Jersey Northeast Office

Somerset Development Appoints Structure Tone to Oversee Construction at Bell Works

by Jaime Lackey September 19, 2016

HOLMDEL, N.J. — Somerset Development has chosen Structure Tone Inc. to oversee construction plans, renovations and subcontractor management at Bell Works, the complete revitalization of the former Bell Labs campus in Holmdel. Structure Tone will assume management of all ongoing construction projects in the 2 million-square-foot property. Immediate renovations include the implementation of a new safety infrastructure along with a skylight replacement initiative, which will implement photovoltaic panels that will convert solar energy into electricity, reducing Bell Works’ environmental footprint while maximizing the building’s energy efficiency. Earlier this year, the Bell Works team executed a lease with anchor commercial tenant iCIMS, a leading provider of Software-as-a-Service (SaaS) talent acquisition solutions.

September 19, 2016

Multifamily New Jersey Northeast Top Stories

NJPAC, Dranoff Properties Start Construction of $116M High Rise in Newark

by Nellie Day September 19, 2016

NEWARK, N.J. — The New Jersey Performing Arts Center (NJPAC) and developer Dranoff Properties have started construction of One Theater Square, a $116 million high-rise multifamily complex in Newark. One Theater Square will be the first new ground-up, upscale residential high rise in the city since 1960, according to the developers. The 22-story project will be situated on 1.2 acres across from NJPAC and Military Park. It will contain 245 units, most of which will be one- and two-bedroom apartments that will range in size from 585 to 1,700 square feet. The project includes 24 affordable housing units that will be marketed as artist residences, though they will be available to anyone who meets the financial criteria. The ground floor will include 12,000 square feet of retail space. One Theater Square will have a 24-hour concierge, rooftop community gathering space, fitness facility and multiple club rooms. Developers plan to complete the project in the summer of 2018. The public-private partnership includes contributions from the City of Newark; the State of New Jersey; Prudential Financial; Fifth Third Bank; Dranoff; and NJPAC. Philadelphia-based Dranoff Properties develops, builds, finances and/or manages multifamily developments in and around the Northeast. Carl E. Dranoff founded the …

September 19, 2016

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