New Jersey

Commercial Realty Group Acquires 446,076 SF Industrial, Office Complex in New Jersey

by Amy Works May 24, 2016

MOUNT OLIVE, N.J. — Commercial Realty Group has acquired a 446,076-square-foot industrial and office complex located at 350 Clark Drive in Mount Olive. North Jersey Development Group sold the property for an undisclosed price. Situated on 40.5 acres, the asset features a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, 75,000-square-foot Class A office building, which was built in 1995. The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics, while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Co., Hundley Burns and FC Architects. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction.

May 24, 2016

New Jersey Northeast Office

NAI Hanson Arranges Sale of 30,459 SF Office Property in New Jersey

by Amy Works May 24, 2016

PARSIPPANY, N.J. —NAI James E. Hanson has brokered the sale of an office building located at 140 Littleton Road in Parsippany. Choice Properties acquired the 30,459-square-foot building from Gisella Haidar for an undisclosed price. The three-story office building was 80 percent leased at the time of sale. Josh Levering and Andrew Kirshenbaum of NAI James E. Hanson represented the seller in the transaction.

May 24, 2016

Industrial New Jersey Northeast

Tulfra Sells 115,000 SF Industrial Building in New Jersey to Penwood Real Estate

by Amy Works May 23, 2016

LINDEN, N.J. — Tulfra Real Estate has completed the disposition of an industrial building located at 1501 W. Blancke St. in Linden. Penwood Real Estate Management acquired the 115,000-square-foot property for an undisclosed price. Jordan Metz of Bussel Realty arranged the transaction. Originally built in 1973 and situated on 4.6 acres, the building features 15,000 square feet of office space, 16-foot to 24-foot clear ceiling heights and 100 on-site parking spaces. The building is currently occupied by Vantage Specialty Chemicals and Hello Fresh.

May 23, 2016

Industrial New Jersey Northeast

Denholtz Associates Acquires, Redevelops 74,325 SF Manufacturing Facility in New Jersey

by Amy Works May 23, 2016

FRANKLIN, N.J. — Denholtz Associates has acquired the former manufacturing home of Acme Tube, located 655 Howard Ave. in Franklin. The 74,325-square-foot building had been foreclosed upon and has been vacant for a number of years. Denholtz plans to remediate the site and will invest $1.5 million into a complete rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. The industrial property, which will be available for occupancy in August, is already being marketed for sale or lease by Zimmel Associates.

May 23, 2016

New Jersey Northeast Office

Torseillo Organization Acquires 40,000 SF Office Building in New Jersey

by Amy Works May 20, 2016

MANALAPAN, N.J. — Torseillo Organization has acquired Justin Corporate Center I, a two-story office building located at 198 Route 9 N. in Manalapan. KABR Group sold the 40,000-square-foot property for an undisclosed price. Constructed in 1985, the property recently underwent a renovation to improve its lobby, public areas, parking lot and HVAC system, and add a conference room. At the time of sale, the property was 94 percent occupied by 12 professional tenants in the financial services, healthcare and publishing fields. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer.

May 20, 2016

Industrial New Jersey Northeast

Federal Business Centers Acquires Two Industrial Assets in New Jersey for $25M

by Amy Works May 19, 2016

EDISON, N.J. — Federal Business Centers has acquired two industrial assets at 300 Columbus Circle and 400 Raritan Center Parkway in Edison. High Street Realty sold the properties, which total 204,440 square feet, for $25 million. At the time of sale, the adjacent, multi-tenanted properties were 90 percent occupied by tenants. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew Siemsen of Cushman & Wakefield brokered the deal.

May 19, 2016

Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of New Jersey Retirement Community

by Amy Works May 18, 2016

DENVILLE, N.J. — Cushman & Wakefield has arranged the sale of Franciscan Oaks, a continuing care retirement community located at 19 Pocono Road in Denville. Springpoint Senior Living acquired the entrance-fee property for an undisclosed sum. Situated on 14 acres, the property features 285 independent living apartments, 33 assisted living units and an 84-bed skilled nursing facility. Allen McMurtry, Megan Fetter and David Kliewer of Cushman & Wakefield represented the seller, Catholic Health Initiatives, in the transaction.

May 18, 2016

Industrial New Jersey Northeast

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

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