New Jersey

NAI Hanson Brokers Sale of 18,140 SF Medical Office Building in New Jersey

by Amy Works April 7, 2016

SADDLE BROOK, N.J. — NAI James E. Hanson has arranged the sale of a medical office building located at 190 Midland Ave. in Saddle Brook. Brook Development LLC sold the 18,140-square-foot property to a private buyer for an undisclosed price. The two-story building houses three operating rooms and a Joint Commission on Accreditation of Healthcare Organizations outpatient surgical center. Additionally, the facility is outfitted with fiber optic cables, integrated services digital network Internet access and ample covered parking. Darren Lizzack, Randy Horning and Hal Messer of NAI Hanson represented the seller and buyer in the transaction.

April 7, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires 150,000 SF Industrial Building in New Jersey for $9.8M

by Amy Works April 5, 2016

LINCOLN PARK, N.J. — The Stro Companies has acquired an industrial building located at 510 Ryerson Road in Lincoln Park. A New Jersey-based developer sold the 150,000-square-foot property for $9.8 million. The multi-tenant building features 25-foot clear height ceilings and was 66 percent occupied at the time of acquisition.

April 5, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Arranges $165M in Financing for Jersey City Multifamily Property

by Amy Works April 1, 2016

JERSEY CITY, N.J. — Meridian Capital Group has arranged $165 million in permanent financing for The One, a multifamily property located at 110 First St. in Jersey City. The borrowers are BLDG and Ares Management LP. The seven-year loan, provided by a life insurance company, features a 3.5 percent rate and two years of interest-only payments followed by a 30-year amortization schedule. Constructed in 2015, the 35-story features 439 apartments, a landscaped rooftop with swimming pool, lounge, barbecue and fire pits. Aaron Birnbaum, Carol Shelby and Dani Sabesan of Meridian Capital negotiated the financing for the borrowers.

April 1, 2016

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $7.2M Sale of Apartment Building in New Jersey

by Amy Works March 31, 2016

CHATHAM, N.J. — Redwood Realty Advisors has arranged the sale of Chatham Arms, an apartment building located at 49 S. Passaic Ave. in Chatham. A joint venture between Solar Capital and Vertical Realty Capital acquired the 31-unit property from Quad Realty LLC for $7.2 million, or $232,000 per unit. Thomas McConnell, Kevin McCrann, Matthew Sandelands and Jeremy Wernick of Redwood Realty Advisors brokered the transaction.

March 31, 2016

New Jersey Northeast Office

Rubenstein Partners, Vision Real Estate Partners Acquire Warren Corporate Center in New Jersey for $136M

by Amy Works March 30, 2016

WARREN, N.J. — Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center, an office development in Warren. Northwestern Mutual Real Estate sold the 820,000-square-foot office property for $136 million. Situated on 176 acres, the five-building property is 81 percent occupied by Citibank. The property was originally developed in 1996 as the headquarters of Lucent Technologies. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the transaction. In addition to arranging the acquisition, Jim Gunning and Donna Falzarano of CBRE arranged a $123 million term loan, a portion of which is available for future capital and tenant improvements and leasing commissions.

March 30, 2016

Industrial New Jersey Northeast

Prestige Acquires 175,438 SF Industrial Building in New Jersey for $16M

by Amy Works March 29, 2016

RAMSEY, N.J. — Prestige Management Services has acquired an industrial facility located at 133 Williams Drive in Ramsey. Kislevitz Family LLC sold the 175,438-square-foot property for $16 million. Prestige will occupy the entire building starting in spring 2018. Constructed in 1980 and renovated in 2012, the building features 21,000 square feet of office space, 27-foot clear ceiling heights, 32-foot column spacing and parking for 245 vehicles. Chris Max and Daniel Foley of Savills Studley brokered the transaction.

March 29, 2016

11-Court-House-South-Dennis-Road-Cape-May-NJ

New Jersey Northeast Retail

Polimeni International Sells 163,629 SF Retail Center in New Jersey for $32.1M

by Amy Works March 28, 2016

CAPE MAY COURT HOUSE, N.J. — Polimeni International LLC has completed the disposition of The Plaza at Cape May Court House, a retail center located at 11 Court House South Dennis Road in Cape May Court House. An affiliate of RW Capital Partners acquired the 163,629-square-foot property for $32.1 million. At the time of sale, the property was 97.6 percent leased to a variety of national and regional tenants, including ACME Markets, Marshalls, Staples, CVS/pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource. Chris Munley, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.

March 28, 2016

New Jersey Northeast Retail

Marcus & Millichap Arranges $9.7M Acquisition of Retail Property in New Jersey

by Amy Works March 28, 2016

VERNON, N.J. — Marcus & Millichap has arranged the acquisition of a net-leased retail property in Vernon. The 13,225-square-foot property sold for $9.7 million. The property is occupied by CVS/pharmacy. Michael Lombardi of Marcus & Millichap represented the buyer, a private investor, in the transaction.

March 28, 2016

Multifamily New Jersey Northeast

Castle Lanterra Properties Buys 224-Unit Multifamily Property in New Jersey for $56M

by Amy Works March 24, 2016

RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.

March 24, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires 35,000 SF Industrial Property in New Jersey for $3M

by Amy Works March 23, 2016

FAIRFIELD, N.J. — The Stro Companies has acquired an industrial property, located at 161 Dwight Place in Fairfield, from an international owner/user for $3 million. The 35,000-square-foot facility features a 13,000-square-foot unit, a 22,000-square-foot unit, cross loading, abundant parking and 23-foot ceiling heights. The facility was vacant at the time of acquisition.

March 23, 2016

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