New Jersey

Advance Realty, Invesco Real Estate Acquire 244,000 SF Retail Portfolio in New Jersey

by Amy Works December 23, 2015

PARAMUS, N.J. — A partnership between Advance Realty and Invesco Real Estate has acquired a four-property, 244,000-square-foot retail portfolio located on Route 17 in Paramus for an undisclosed price. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two standalone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot office building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot power center featuring a variety of tenants, including DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bellapianta of Advance Realty led the joint venture partnership in the acquisition. The name of the seller was not released.

December 23, 2015

New Jersey Northeast Office

VREP, Rubenstein Partners Ahead of Schedule on MetLife Headquarters in New Jersey

by Amy Works December 23, 2015

HANOVER, N.J. — Vision Real Estate Partners (VREP) and Rubenstein Partners are ahead of schedule and on budget for the construction of the MetLife Investments Global Headquarters at 67 Whippany Road in Hanover. The 185,000-square-foot, build-to-suit facility is situated adjacent to Bayer Healthcare’s East Coast headquarters. Designed to achieve LEED certification, the facility features an open floor plan with collaborative workspaces, breakout rooms, conference facilities, food court with indoor and outdoor seating, café, fitness center and ample parking. VREP and Rubenstein purchased the site, a former Alcatel-Lucent Campus, in 2010. The MetLife building anchors the redevelopment’s 100-acre South Campus component, with remaining 94 acres housing the 675,000-square-foot Bayer Healthcare facility.

December 23, 2015

Multifamily New Jersey Northeast

Greentree Development Group Breaks Ground for 156-Unit Apartment Complex in New Jersey

by Amy Works December 22, 2015

PATERSON, N.J. — Greentree Development Group has broken ground for Vistas at Great Falls, an apartment complex located at on Jasper Drive in the Great Falls section of Paterson. Slated to open summer 2016, Vistas at Great Falls will feature 156 one-, two- and three-bedroom market-rate apartments spread across 13 buildings. The gated community will also feature a clubhouse with flex space and a fitness center. The property will be situated within the Great Falls Redevelopment Area which includes the revitalization of Hinchcliffe Stadium, a park, restaurants, an outdoor amphitheater and riverside walking paths.

December 22, 2015

New Jersey Northeast Office

Colliers Brokers Sale of 25,000 SF Office Building in New Jersey

by Amy Works December 22, 2015

LAWRENCE, N.J. — Colliers International has arranged the sale of an office building located at 134 Franklin Corner Road in Lawrence. David Lerner Associates purchased the 25,000-square-foot property for an undisclosed price. The buyer, a privately held securities broker/dealer, plans to relocate its current offices in Princeton to 8,600 square feet on the second story of the the newly acquired two-story building, which was the former Trenton Savings Bank headquarters. Vinny Di Meglio of Colliers represented the buyer, while Thomas Romano and Tim Norris of Colliers represented the seller in the transaction. Colliers is actively marketing the remaining 12,000 square feet of the available space at the building.

December 22, 2015

New Jersey Northeast Retail

HFF Negotiates $30.5M Sale of 115,500 SF Retail Center in New Jersey

by Amy Works December 18, 2015

LINDEN, N.J. — HFF has brokered the sale of Linden Commons, a 115,500-square-foot retail center situated on 10.7 acres at 1701 W. Edgar Road in Linden. Prestige Properties & Development acquired the asset from Lamar Cos. for $30.5 million. Built in 1955 and reconfigured in 2014, the property is fully leased to eight tenants, including Burlington Coat Factory, Blink Fitness, TJ Maxx, Buffalo Wild Wings and Sprint. Jose Cruz, Kevin O’Hearn, Chris Munley, Michael Oliver and Steve Simonelli of HFF represented the seller in the transaction.

December 18, 2015

Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

First Phase of Journal Squared Tops Out in Jersey City

by Amy Works December 18, 2015

JERSEY CITY, N.J. — Construction for the first phase of Journal Squared in Jersey City has topped out at 563 feet. The 53-story building, which will feature 538 residential units, is part of the three-tower, mixed-use project that is revitalizing Jersey City’s historic Journal Square neighborhood. Scheduled for completion in late 2016, the first phase will feature a mix of studio, one-, two- and three-bedroom rental unit and more than 10,000 square feet of amenities, including a fitness center, golf simulator, children’s playroom, outdoor pool and entertaining space on the 53rd floor. Situated adjacent to the Journal Square PATH station, the three-phase project will also include a 60-story tower and a 70-story building. Upon completion, the project will bring 1,838 rental residences, 36,000 square feet of retail and restaurant space, and a pedestrian-friendly public plaza to the neighborhood. Designed by HWKN and Handel Architects, the project is being developed by KRE Group and National Real Estate Advisors.

December 18, 2015

Industrial Loans New Jersey Northeast

HFF Arranges $24.6M Refinancing for Two-Property Industrial Portfolio in Northern New Jersey

by Amy Works December 15, 2015

FRANKLIN AND MONROE, N.J. — HFF has arranged $24.6 million in refinancing for a two-property industrial portfolio totaling 470,866 square feet in Franklin and Monroe. The borrowers are Matrix Development Group and a fund advised by Morgan Stanley Real Estate Investing. HFF secured a $17.3 million loan for 1 Heller Park Lane in Franklin and a $7.3 million loan for 20 S. Middlesex Ave. in Monroe through Cornerstone Real Estate Advisers LLC. The 324,337-square-foot 1 Heller Park Lane property features a 296,337-square-foot warehouse building and a 28,000-square-foot truck terminal building. Renovated in 2015, the property is fully leased to Promotion in Motion Inc., a candy and fruit snack manufacturer. Completed in 1992, the 146,529-square-foot warehouse property at 20 S. Middlesex Ave. features 19,069 square feet of office space and is leased to three tenants. Thomas Didio and Jim Cadranell of HFF represented the borrower in the financing transaction.

December 15, 2015

New Jersey Northeast Office

MedAssets Inc. Leases 105,959 SF Office Building at Saddle River Executive Center in New Jersey

by Amy Works December 14, 2015

SADDLE RIVER, N.J. — Alpharetta, Ga.-based MedAssets Inc. has signed a 105,959-square-foot full-building lease at Saddle River Executive Center. The Class A office space is located at 1 Route 17 in Saddle River. William McCaffery, Marc Krieger and Steven Getzeiler of Avison Young represented the landlord, Madison Core Property Fund, while John Flack and James Scancarella of Cresa represented the tenant in the transaction.

December 14, 2015

New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.6M Sale of Self-Storage Facility in New Jersey

by Amy Works December 11, 2015

ASBURY, N.J. — Marcus & Millichap has arranged the sale of ABM Self Storage, a 59,562-square-foot self-storage facility located at 190 New Jersey Highway 173 in Asbury. A limited liability company acquired the asset for $4.6 million. Situated on 5.8 acres, the four-building property features 400 storage units. Anthony Asencio, Michael Mele, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer in the transaction.

December 11, 2015

Multifamily New Jersey Northeast

Ironstate Development, The Pegasus Group Open Harrison Station 330 in New Jersey

by Amy Works December 9, 2015

HARRISON, N.J. — Ironstate Development Co. and The Pegasus Group have opened Harrison Station 330, a collection of 329 rental apartments in Harrison. Situated one block from the Harrison PATH station, the property features studio, one- and two-bedroom residences, a lobby/lounge, a courtyard with a swimming pool, a fitness center, and 9,600 square feet of street-level retail space. Revitalizing the former industrial area, the residential community is the third phase of a multi-phase development that the companies are constructing adjacent to the PATH station. The project’s first two phases include 275 apartments, more than 20,000 square feet of street-level retail space and a 138-key Element hotel. Once completed, the overall development will feature 2,250 residences and 80,000 square feet retail, in addition to the hotel. Residences at Harrison 330 currently offer monthly rents starting at $1,555.

December 9, 2015

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