New Jersey

Bellwether Enterprise Closes $68.9M Acquisition Loan for Office Building in Hanover Township, New Jersey

by Amy Works October 12, 2016

HANOVER, N.J. — Bellwether Enterprise Real Estate Capital has closed a $68.9 million loan for the acquisition of One MetLife Way, the global headquarters for MetLife Investments located in Hanover Township. C. Cooper Willis of Bellwether arranged the loan, which was provided by Morgan Stanley, to the borrower, Salus Government Properties. The Class A building features 185,000 square feet of office space and an extensive park-like exterior with seating and lounge area, amphitheater, waterfall and fire pit.

October 12, 2016

Multifamily New Jersey Northeast

HFF Brokers Sale of 104-Unit Apartment Building in Harrison, New Jersey

by Amy Works October 12, 2016

HARRISON, N.J. — HFF has arranged the sale of 221 Bergen, an apartment building located at 221 Bergen St. in Harrison. The TAK Group acquired the 104-unit property from a joint venture between The Hampshire Companies and CrownPoint Development Group for an undisclosed price. Constructed in 2015, the property features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. On-site amenities include a 24-hour fitness center, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the deal.

October 12, 2016

New Jersey Northeast Retail

Marcus & Millichap Arranges $3.5M Sale of Retail Property in Martinsville, New Jersey

by Amy Works October 12, 2016

MARTINSVILLE, N.J. — Marcus & Millichap has brokered the sale of a retail property located on Washington Valley Road in Martinsville. A private investor acquired the property for $3.5 million. The strip center features 15,103 square feet of retail space. Michael Lombardi and Joseph Cunder of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

October 12, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $7M in Financing for Industrial Park in Blackwood, New Jersey

by Amy Works October 11, 2016

BLACKWOOD, N.J. — G.S. Wilcox & Co. has arranged a $7 million loan for a six-building industrial-flex park in Blackwood. The loan is fixed for a seven-year term with a 25-year amortization. The 240,000-square-foot property is nearly 95 percent leased to more than 30 tenants. The financing was provided by Southern Farm Bureau Life Insurance Co. for the undisclosed borrower.

October 11, 2016

New Jersey Northeast Office

Colliers Arranges $11M Sale of 245,106 SF Office Plaza in Piscataway, New Jersey

by Amy Works October 10, 2016

PISCATAWAY, N.J. — Colliers International has brokered the sale of One Centennial Plaza, a two-building office plaza located off Route 287 South in Piscataway. An Atlanta-based private equity group acquired the property from JPMCC 2005-LDP2 Piscataway Office for $11 million. Connected by a 4,000-square-foot atrium, the 245,106-square-foot plaza is 72 percent occupied by Johnson & Johnson, Paychex and Ingersoll Rand. Jacklene Chesler, Richard Madison, Jonathan Schlussel and Jack Callahan of Colliers represented the seller and sourced the buyer in the deal.

October 10, 2016

Multifamily New Jersey Northeast

Woodmont Metro at Metuchen Station Opens for Leasing in New Jersey

by Amy Works October 10, 2016

METUCHEN, N.J. — Woodmont Properties has opened Woodmont Metro at Metuchen Station, a transit-oriented development located at the New Jersey Transit Metuchen Train Station in Metuchen. Situated at the corner of Pearl and New streets, the property features 273 residential apartments, an indoor pet spa, a swimming pool, outdoor fireplace and barbecue grilling areas. The community was developed by Woodmont Properties and Nexus Parking Systems, which built and operates the parking deck for the Metuchen Municipal Authority.

October 10, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Cushman & Wakefield Brokers Three Mixed-Use Building Sales in Bayonne, New Jersey

by Amy Works October 7, 2016

BAYONNE, N.J. — Cushman & Wakefield has arranged three sales of mixed-use properties in Bayonne. In the first transaction, an undisclosed buyer purchased a three-building mixed-use property located at 462 Broadway, 464 Broadway and 15-17 Liberty Court for $1.1 million, or $90.38 per square foot. The 13,000-square-foot portfolio features four residential units and four commercial units. Fahri Ozturk and Lev Kimyagarov of Cushman & Wakefield arranged the transaction. In the second deal, Ozturk brokered the $1.6 million sale of a 16,500-square-foot mixed-use building located at 813-819 Broadway. The building features 9,000 square feet of ground-level retail and medical office space and 7,500 square feet of second-floor office space. Current tenants are Children’s Specialized Hospital and La Guardiola Pizzeria. In the third transaction, an undisclosed buyer acquired a 17,700-square-foot mixed-use asset located at 544-556 Broadway for $1.3 million. Vacant at the time of sale, the building features a ground-floor retail component and second-floor office space. Ozturk arranged the transaction. The names of the sellers were not released.

October 7, 2016

Multifamily New Jersey Northeast

HFF Arranges $54M Sale of 316-Unit Multifamily Building in Franklin Township, New Jersey

by Amy Works October 5, 2016

FRANKLIN TOWNSHIP, N.J. — HFF has brokered the sale of The Harrison, a 20-story apartment building located at 575 Easton Ave. in Franklin Township. An undisclosed buyer acquired the 316-unit property for $54 million. Originally built in 1974 and renovated in 2015, the property features 38 studio units, 178 one-bedroom units and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, spacious layouts and balconies. On-site amenities include 24/7 concierge service, a clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and two-in-one basketball/tennis court. At the time of sale, the property was 95 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver, and Marc Duval of HFF represented the undisclosed seller in the deal.

October 5, 2016

New Jersey Northeast Office

Markeim Chalmers Negotiates $1.6M Sale of 12,000 SF Office Building in Cherry Hill, New Jersey

by Amy Works October 5, 2016

CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of an office building located at 499 Cooper Landing Road in Cherry Hill. The Guidance Center of Camden County Inc. sold the property to 409 ROPA Realty LLC for $1.6 million. The buyer plans to convert the 12,000-square-foot property into a state-of-the-art medical office building. Kevin Burns of Markeim Chalmers represented the seller in the deal.

October 5, 2016

New Jersey Northeast Office

CBRE Negotiates $174.5M Sale of 973,000 SF Office Complex in Newark, New Jersey

by Amy Works October 4, 2016

NEWARK, N.J. — CBRE has brokered the sale of 80 Park Plaza, a 973,000-square-foot office park located in Newark. Columbia Property Trust sold the complex to a joint venture between New York-based Nightingale Properties and Simon Glick, a private real estate investor, for $174.5 million. The complex features a 26-story office tower and a three-story plaza building. Serving as the headquarters for Public Service Enterprise Group (PSEG) since 1979, the property is currently 85 percent net leased to PSEG, with 14 years remaining on the lease term. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Dudley Ryan of CBRE represented the seller and procured the buyer in the transaction.

October 4, 2016

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