New Jersey

Endurance Real Estate Acquires Two-Building Warehouse Portfolio in New Jersey for $5.7M

by Amy Works July 18, 2016

MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.

July 18, 2016

New Jersey Northeast Office

Prism Capital Partners Signs Purchase, Sale Agreement for 116-Acre Campus in New Jersey

by Amy Works July 15, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, 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 at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.

July 15, 2016

Industrial New Jersey Northeast

Simon Holdings Acquires 45,100 SF Industrial Building in New Jersey for $2.1M

by Amy Works July 14, 2016

CINNAMINSON, N.J. — Simon Holdings Inc. has acquired an industrial building located at 2303 Garry Road in Cinnaminson. Lynn Bradeen sold the 45,100-square-foot property for $2.1 million. The multi-tenant warehouse facility features 20- to 22-foot ceiling heights, 14 tailgate doors and five drive-in ramps. All American Fasteners and Dade Paper currently occupy the facility. Marc Isdaner of Colliers Southern New Jersey represented the seller, while Scott Mertz of NAI Mertz represented the buyer in the transaction.

July 14, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Closes Two Loans Totaling $19.5M for Industrial Properties in New Jersey

by Amy Works July 13, 2016

SECAUCUS AND WHIPPANY, N.J. — G.S. Wilcox & Co. has secured two loans totaling $19.5 million for two industrial properties located in Secaucus and Whippany. The company arranged a five-year, fixed-rate loan for $13.5 million that includes a 30-year amortization schedule. The loan was secured by a 202,148-square-foot warehouse building in Secaucus. Additionally, G.S. Wilcox also arranged a $6 million, fixed-rate loan for seven years. The loan, which features a 30-year amortization schedule, was placed on a 100,626-square-foot industrial building in Whippany. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing through Kansas City Life Insurance Co. The names of the borrowers were not released.

July 13, 2016

Multifamily New Jersey Northeast Pennsylvania Seniors Housing

Formation-Shelbourne Senior Living Services Sells Two Communities in New Jersey, Pennsylvania for $98.2M

by Amy Works July 12, 2016

ROSELAND, N.J., AND WILLISTOWN, PA. — Formation-Shelbourne Senior Living Services has completed the disposition of two Class A seniors housing communities — The Solana Roseland in Roseland and The Solana Willistown in Willistown. An undisclosed buyer acquired The Solana portfolio for $98.2 million. The portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Ave. in Roseland, and The Solana Willistown is located at 1713 W. Chester Pike in the Philadelphia suburb of Willistown. Completed in 2013, the properties are 94 percent leased and total 74,222 rentable square feet. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction. Additionally, Sarah Baccich of HFF secured a $63.9 million acquisition loan, provided by Cornerstone Real Estate Advisors, for the buyer.

July 12, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $12M Sale of 264-Unit Multifamily Portfolio in New Jersey

by Amy Works July 12, 2016

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sale of a four-building multifamily portfolio located at 24 S. Grove, 25 N. Harrison, 235 S. Harrison and 107 New streets in East Orange. An undisclosed buyer purchased the 264-unit portfolio for $12 million. The five-story property at 24 S. Grove St. features 43 units, the building at 25 N. Harrison St. offers 73 units, the property at 235 S. Harrison St. is comprised of 84 units, and the five-story building at 107 New St. contains 64 units. David Oropeza of Gebroe-Hammer represented the buyer and undisclosed seller in the deal.

July 12, 2016

New Jersey Northeast Office

American Realty Advisors Acquires Office Building in Jersey City for $101M

by Amy Works July 11, 2016

JERSEY CITY, N.J. — American Realty Advisors has acquired 30 Montgomery Street, a 16-story boutique office tower located in the Hudson Waterfront submarket of Jersey City. Rubenstein Partners and Onyx Equities sold the 315,385-square-foot building for $101 million. At the time of sale, the building was 71.6 percent leased to 46 tenants. David Bernhaut, Andrew Merin and Gary Gabriel of Cushman & Wakefield represented the seller.

July 11, 2016

Loans Multifamily New Jersey Northeast

Jonathan Rose Cos. Receives $20M in Refinancing for Apartment Building in New Jersey

by Amy Works July 8, 2016

NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.

July 8, 2016

Industrial New Jersey Northeast

Woodmont Industrial Partners Acquires 104,000 SF Warehouse in New Jersey

by Amy Works July 8, 2016

MOONACHIE, N.J. — Woodmont Industrial Partners has acquired an industrial building located at 77 Moonachie Ave. in Moonachie. The 104,000-square-foot property was acquired for an undisclosed price. The building features seven loading dock doors, a new roof, heavy power, ample parking and 14,000 square feet of mezzanine space. Thomas E. Tucci and Thomas Tucci of Cushman & Wakefield represented the undisclosed seller in the deal.

July 8, 2016

New Jersey Northeast Retail

CBRE Brokers Sale of Retail Plaza in New Jersey for $26.2M

by Amy Works July 1, 2016

HAZLET, N.J. — CBRE has arranged the sale of Kmart Plaza, a retail center located in Hazlet. Goodrich Hazlet LLC, an affiliate of Goodrich Management, sold the property to Onyx Equities for $26.2 million. The 203,912-square-foot retail property is occupied by Kmart, Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. At the time of sale, the property was 71 percent occupied. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer.

July 1, 2016

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