New Jersey

NAI Mertz Arranges Sale of 33-Acre Industrial Development Parcel in New Jersey

by Amy Works May 18, 2016

FLORENCE, N.J. — NAI Mertz has arranged the sale of an industrial development parcel located at 400 Cedar Lane in Florence. First Industrial Realty Trust acquired the 33-acre site for an undisclosed price. Scott Mertz of NAI Mertz was the sole broker in the transaction. First Industrial Realty Trust has started construction of First Florence Logistics Center, a 577,200-square-foot, cross-docked distribution facility on the site. Slated for completion in the fourth quarter of 2016, the property will feature 36-foot clear ceilings and more than 100 loading docks.

May 18, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Group Arranges $218.2M in Acquisition Financing for Two Multifamily Properties in New Jersey

by Amy Works May 16, 2016

PISCATAWAY AND WAYNE, N.J. — Meridian Capital Group has arranged $218.2 million in acquisition financing for the purchase of Pleasant View Gardens and Wayne Village, two multifamily properties located in Piscataway and Wayne. Cammeby’s International LTD acquired the properties, which total 1,414 units. The 10-year Fannie Mae loans, provided by Capital One Multifamily Finance, feature 3.89 percent fixed rates and seven years of interest-only payments. Abe Hirsch, Zev Karpel of Meridian Capital arranged the financing for the borrower. Located at 258 1/2 Carlton Ave. in Piscataway, Pleasant View Gardens offers 1,142 apartments, a swimming pool, fitness center, business center and clubhouse. Located at 1353 Valley Road in Wayne, the 275-unit Wayne Village features a swimming pool, fitness center and dog park.

May 16, 2016

Multifamily New Jersey Northeast

KRE Group, Mark Built Homes Break Ground on 135-Unit Multifamily Property in New Jersey

by Amy Works May 12, 2016

MADISON, N.J. — The KRE Group and Mark Built Homes have broken ground on a multifamily development on Green Village Road in Madison. The development will feature Rose Hall, a collection of 100 rental residences, and Madison Place, a boutique collection of 35 condominiums. Additionally, Rose Hall will include ground-floor retail and restaurant space, a 3,000-square-foot community center and landscaped outdoor gathering spaces. The project is slated for completion in second quarter 2017. KRE and Mark Built Homes jointly acquired the five-acre property, which is the former site of Green Village Road School, in January from the Madison Board of Education.

May 12, 2016

Market Reports New Jersey Northeast Northeast Market Reports Retail

How New Jersey Retail Gains After Losing A&P

by Jaime Lackey May 12, 2016

The dissolution of The Great Atlantic & Pacific Tea Company, better known as A&P, after 156 years in business was not a complete shock — they had, after all, applied for bankruptcy protection once before already this decade. However, the company and its many legacy brands occupied 296 stores in the United States and Canada at the time of liquidation, which meant a seismic shift was bound to occur in those real estate markets. In Northern and Central New Jersey, the resulting repositioning of A&P’s highly-coveted retail properties is proving to be an unexpected positive for a variety of reasons. For one, A&P occupied space in many of their shopping centers for decades, meaning they were paying less than market rent. Landlords are now able to negotiate new deals at higher rents, resulting in an important market correction. This is also an opportunity to reassess the makeup of centers and figure out not only what categories are missing but also what use groups will best drive traffic and stabilize the centers. Owners are able to repurpose the anchor spaces to accommodate smaller users. For example, on Route 35 in Middletown, the former Pathmark has been subdivided into a TJ Maxx …

May 12, 2016

Industrial New Jersey Northeast

Elberon Development Group Breaks Ground on 90,000 SF Warehouse Facility in New Jersey

by Amy Works May 11, 2016

ELIZABETH, N.J. — Elberon Development Group, along with joint venture partner The Avidan Group, has broken ground on a warehouse/distribution facility within Elizabeth Logistics Center in Elizabeth. Located at 925 Julia St., the 90,000-square-foot building will be divisible to two units of 45,000 square feet and feature 36-foot clear ceiling heights, up to 24 docks, T5 lightning and parking for up to 80 trailers. The facility is slated for completion in September.

May 11, 2016

New Jersey Northeast Office

American Equity Partners Acquires 104,854 SF Office Building in New Jersey

by Amy Works May 10, 2016

MONTVALE, N.J. — American Equity Partners has acquired an office building located at 50 Chestnut Ridge Road in Montvale for an undisclosed price. Based upon a pending deed-in-lieu of foreclosure in July 2014, NAI James E. Hanson took over the leasing and property management of the 104,854-square-foot building. Situated on 11.1 acres, the property was renovated in 2005 and features 465 parking spaces. Andrew Somple and Greg James of NAI Hanson represented the undisclosed seller in the transaction.

May 10, 2016

New Jersey Northeast Retail

Margules Properties Acquires 9,500 SF Retail Building in Jersey City for $1.5M

by Amy Works May 10, 2016

JERSEY CITY, N.J. — Margules Properties has acquired a retail building located at 2800 John F. Kennedy Blvd. in Jersey City. The 9,500-square-foot asset sold for $1.5 million. Situated in the Journal Square neighborhood, the two-story building was owned by The Empire Education Group and operated as a cosmetology school. Gardner Rivera, an independent real estate broker in New Jersey, represented the buyer and seller in the deal.

May 10, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges Three Multifamily Sales in New Jersey Totaling $15.1M

by Amy Works May 9, 2016

BRICK, LONG BEACH AND ASBURY PARK, N.J. — Gebroe-Hammer Associates has arranged the sales of three multifamily properties totaling $15.1 million. In the first transaction, Yannon 41 LLC sold Riviera Lakefront Estates, a 104-unit rental property in Brick, to a private investment group for $8.7 million. The townhome community features a mix of one- and two-bedroom rental units with diverse floor plans, as well as two-story townhomes with lake views. In the second and third transactions, an undisclosed buyer acquired 30 units at Elmwood Gardens in Long Beach for $3.7 million and an out-of-state private family trust sold 24 residential units at Minot Gardens in Asbury Park for $2.6 million. Adam Zweibel of Gebroe-Hammer Associates represented the sellers and procured the buyers in the three transactions.

May 9, 2016

New Jersey Northeast Office Retail

Stonegate Realty Acquires 27,000 SF Office, Retail Building in New Jersey

by Amy Works May 9, 2016

TEANECK, N.J. — Stonegate Realty has acquired an office and retail building located at 545 Cedar Lane in Teaneck. 545 Cedar Lane Associates LLC sold the 27,000-square-foot property for an undisclosed price. The property features dedicated loading dock and freight facilities, as well as 8,300 square feet of retail space. James Postell, Rick Rizzuto and Dan Ligoner of Transwestern Realty represented the seller in the transaction.

May 9, 2016

Multifamily New Jersey Northeast Seniors Housing

IPA Negotiates Sale of Assisted Living, Memory Care Facility in New Jersey

by Amy Works May 6, 2016

TINTON FALLS, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Kensington Court, an assisted living and memory care facility located at 864 Shrewsbury Ave. in Tinton Falls. An affiliate of the Carlyle Group acquired the 118-unit, 121-bed facility from Clark, N.J.-based TAK Group for an undisclosed price. Built in 2001, the 91,000-square-foot facility features 42 studio units and 49 one-bedroom apartments in the assisted living portion, and 26 studio apartments and two one-bedroom units in the memory care portion. Mark Myers, Joshua Jandris and Charles Loccisano of IPA and J.D. Parker of Marcus & Millichap represented the seller in the deal.

May 6, 2016

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