New Jersey

Vonage Renews 350,000 SF Office Lease in New Jersey

by Amy Works February 24, 2016

HOLMDEL, N.J. — Vonage, a provider of cloud communications services, has renewed its lease through 2023 for 23 Main St. in Holmdel. The 350,000-square-foot building has been the company’s corporate headquarters and home to more than 700 Vonage employees since 2005. Owned by Mack-Cali Realty Corp., the property offers abundant parking, direct access to Route 34 and convenience to the Garden State Parkway. Christopher DeLorenzo of Mack-Cali handled the renewal for the owner, while Vonage was represented by Cushman & Wakefield.

February 24, 2016

Florida Industrial New Jersey Northeast Pennsylvania Retail

Prologis Acquires 5.4M SF Industrial/Retail Portfolio in New Jersey, Pennsylvania and Florida

by Amy Works February 23, 2016

NEW JERSEY, PENNSYLVANIA AND FLORIDA — Prologis has acquired a 5.4 million-square-foot portfolio consisting of 3.2 million square feet of industrial properties and 2.2 million square feet of retail properties in multiple states. Morris Realty Associates sold the portfolio for an undisclosed sum. Included in the portfolio are ten industrial properties, eight of which are in Northern New Jersey, as well as 13 retail properties in New Jersey, Pennsylvania and Florida. After the initial acquisition, Prologis sold the retail portion of the portfolio to Blackstone Real Estate Advisors for an undisclosed price. The company plans to retain the industrial properties for long-term investment purposes. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Gerard Monahan of CBRE’s Saddle Brook, New Jersey, office represented Prologis in the acquisition. Bill Kent, also of CBRE, spearheaded the multi-state team that brokered the disposition of the retail properties.

February 23, 2016

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Closes $55M Loan for Four New Jersey Multifamily Properties

by Amy Works February 19, 2016

NORTHERN AND CENTRAL NEW JERSEY — Cronheim Mortgage has arranged $55 million in refinancing for four multifamily properties in Northern and Central New Jersey. The garden-style properties feature a total of 748 units. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the non-recourse loan, which features a 3.4 percent fixed rate, for the undisclosed borrower.

February 19, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $47M Sale of Murray Hill Apartments in New Jersey

by Amy Works February 19, 2016

MURRAY HILL, N.J. — Gebroe-Hammer Associates has arranged the sale of Murray Hill Apartments, a garden-style apartment complex located at 48 Southgate Road in Murray Hill, which is an unincorporated community in New Providence and Berkeley Heights, N.J. A private investor acquired the 171-unit property for $47 million. The complex features 12 two-story, walk-up buildings with 72 one-bedroom units and 100 two-bedroom units. On-site amenities include parking and laundry facilities. Greg Pine, David Jarvis and Stephen Tragash of Gebroe-Hammer represented the seller, a private investor, and identified the buyer in the deal.

February 19, 2016

Market Reports New Jersey Northeast Northeast Market Reports Retail

New Jersey Retail Market Sees Continued Strength

by Jaime Lackey February 17, 2016

Despite a bump in big-box inventory in the wake of the A&P bankruptcy, the New Jersey retail real estate market continues to gain strength. Leasing activity remains robust, with strong suburban markets augmented by heightened urban activity. The inventory of properties for sale remains tight, while new development is highlighted by large-scale projects. This year’s major headline has been A&P’s bankruptcy. The sell-off of the grocer’s stores is ongoing, with Stop & Shop and Acme key bidders. Still, the stores remaining unsold are forcing landlords to think outside the box and/or redevelop their shopping centers, providing the opportunity to improve tenant mix and increase lease rates. Meanwhile, these immediate opportunities could slow down nearby projects in the works, including developments that could have come out of the ground in 2016 or 2017. Hot markets include Paramus, a perennial favorite. Also in the north, the redevelopment of Wayne Town Center has attracted Costco, Nordstrom Rack, Saks Off 5th, Dick’s Sporting Goods, and ULTA. In Bridgewater, Whole Foods signed a lease at Bridgewater Crossing, and negotiations are progressing with several major off-price and full-price specialty retailers. In Union County, Clark Commons opened with Whole Foods, LA Fitness, Home Goods, Michaels, Petco, ULTA, …

February 17, 2016

New Jersey Northeast Retail

Walters Group Breaks Ground for Five Below at Stafford Park Shopping Center in New Jersey

by Amy Works February 16, 2016

STAFFORD TOWNSHIP, N.J. — Walters Group is constructing a Five Below store at Stafford Park Shopping Center in Stafford Township. Slated for completion by mid-2016, the 8,176-square-foot retail space will be leased to Five Below under a 10-year contract. The 400,000-square-foot Stafford Park Shopping Center is occupied by Costco, Target, PetSmart, Dick’s Sporting Goods, Best Buy, Olive Garden, AT&T, The Vitamin Shoppe and Ulta Beauty, among others. Walters Group developed the center in 2008.

February 16, 2016

Loans New Jersey Northeast Office

Deerwood Closes $9M Bridge Loan for New Jersey Office Property

by Amy Works February 12, 2016

MONTVALE, N.J. — Englewood Cliffs, N.J.-based Deerwood Real Estate Capital has closed a $9 million non-recourse bridge loan on a multi-tenant office building, located at 50 Chestnut Ridge Road in Montvale. The 100,000-square-foot office building was acquired by the borrower, a private investor group, from C-III, on behalf of US Bank, as a foreclosure. Yaakov Leiser of Deerwood negotiated the financing, which was provided by a regional bridge lender.

February 12, 2016

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $28M Loan for 294,141 SF Shopping Center in New Jersey

by Amy Works February 11, 2016

MANVILLE, N.J. — Cronheim Mortgage has arranged $28 million in financing for Marketplace at Manville, a shopping center located in Manville. The 15-year loan has a 30-year amortization schedule and a 3.8 percent interest rate. The 294,141-square-foot retail center is occupied by Walmart Supercenter, Reading Cinemas, Dollar Zone, Retro Fitness, GNC, McDonalds, Sleepy’s and Great Clips. Constructed in 1999, the property is managed by Purchase, N.Y.-based National Realty & Development Corp. Andrew Stewart and Dev Morris of Cronheim Mortgage secured the financing, which was placed with AG Life.

February 11, 2016

New Jersey Northeast Office

JLL Brokers 70,863 SF Office Lease in New Jersey for FC USA

by Amy Works February 11, 2016

MONTVALE, N.J. — JLL has arranged a 15-year lease for FC USA at an office building located at 5 Paragon Drive in Montvale. The company will occupy 70,863 square feet of space at the 119,254-square-foot, Class A office building. FC USA is relocating from 69 Spring St. in Ramsey, N.J., and will occupy a portion of the first floor and the entire second floor at the two-story commercial office building. Phillip Lipper, Thomas Reilly and Scott Lesh of JLL represented the tenant, while Gregory Barkan of CBRE Inc. represented the landlord, Lone Star Funds, in the transaction.

February 11, 2016

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Northern New Jersey Multifamily Continues Momentum, Driven by Employment Growth

by Jaime Lackey February 10, 2016

New Jersey and New York City employers have been expanding their ranks this year, allowing New Jersey residents to recognize new opportunities as economic growth in both areas continues to pick up steam. In Northern New Jersey, employment growth continues to follow a positive course as companies in New York City are attracted to the region’s lower operating costs and highly educated workforce. This year, companies are on track to add 29,000 employees, representing a year-over-year expansion of 1.4 percent. This will be the largest gain in jobs created since 2000. Job creation has been highest in the leisure and hospitality industry, as well as education and health services sectors, where 12,200 new jobs were created in the first half of the year. Newly employed professionals in search of affordable housing are opting for rentals in Northern New Jersey, where average rents can be half the cost of the greater New York City area. As a result of this growing demand for Northern New Jersey rentals, developers have expanded the pipeline of multifamily projects to more than 12,000 apartments with completions scheduled through 2017. Developers are on track to deliver over 7,900 apartments this year, representing the widest pipeline and …

February 10, 2016

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