New Jersey

HFF Closes Sale, Arranges $33.2M Loan for 142-Unit Seniors Housing Property

by Amy Works August 18, 2015

TEANECK, N.J. — HFF has closed the sale of, and secured financing for, Heritage Pointe of Teaneck, a 142-unit independent living facility located at 600 Frank W. Burr Blvd. in Teaneck. The firm marketed the property on behalf of the seller, Lowe Enterprises Investors, to an undisclosed buyer. Additionally, HFF secured a $33.2 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Co. FSB. Completed in 2004, the four-story property features 45 one-bedroom, 94 two-bedroom and three three-bedroom units, averaging 1,045 square feet. On-site amenities include a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon, and tennis courts. The property was 97.2 percent occupied at the time of sale. Ryan Maconachy, Chad Lavendar, Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF brokered the transaction, while Steven Klein, also of HFF, arranged the financing.

August 18, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges Sales of Two New Jersey Shopping Centers

by Amy Works August 18, 2015

PARAMUS, N.J. — Marcus & Millichap has arranged the sales of two shopping centers in Paramus. In the first transaction, Sprout Brook Shopping Center traded for approximately $14.8 million, or $680 per square foot. The multi-tenant property offers 21,875 square feet of retail space. In the second transaction, Franklin Commons, a 43,327-square-foot shopping center and medical office building, sold for $14.8 million, or $342 per square foot. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the undisclosed sellers in the two separate transactions and procured the undisclosed buyer for Sprout Shopping Center. John Abuja, also of Marcus & Millichap, secured the undisclosed buyer of Franklin Commons. Both assets were acquired as part of a 1031 exchange transaction.

August 18, 2015

New Jersey Northeast Office

Segal LaBate Commercial Real Estate Closes Sale of New Jersey Office Building

by Amy Works August 17, 2015

TRENTON, N.J. — Segal LaBate Commercial Real Estate has finalized the sale of the former Trenton Times building, located at 500 Perry St. in Trenton. Murray, Utah-based HighMark School Development, in collaboration with the International Academy of Trenton Charter School, acquired the 80,000-square-foot building for an undisclosed price. Situated on six acres, the building will be transformed into a K-12 school and feature outdoor playing fields and recreational areas. Segal LaBate Commercial Real Estate represented the buyer, while Richardson Commercial Real Estate represented the seller, PerTrent LLC, in the transaction.

August 17, 2015

New Jersey Northeast Retail

Jeffrey Realty Completes Multiple Deals Across New Jersey

by Amy Works August 14, 2015

TOTOWA, LINDEN AND HILLSBOROUGH, N.J. — North Plainfield, N.J.-based Jeffery Realty Retail Specialist has completed multiple retail leases across New Jersey. In Totowa, Bill Farkas of Jeffery Realty negotiated the relocation of Scrubs & Beyond to 3,035 square feet at Albill Plaza from Willowbrook Mall. In Linden, Shane Wierks and Augie Caruso of Jeffrey Realty arranged an 1,800-square-foot lease for Menchie’s at a 700,000-square-foot power center at 601-901 W. Edgar Road. In Hillsborough, Wierks and Joe Hydro of Jeffrey Realty completed three leases at New Center Village on Triangle Road. Honor Yoga rented 1,500 square feet, Max Fitness signed for 1,500 square feet and DaVita inked a deal for 7,500 square feet.

August 14, 2015

Loans Multifamily New Jersey Northeast

FM Capital Closes $1M Loan for Multifamily Property in New Jersey

by Amy Works August 14, 2015

IRVINGTON, N.J. — FM Capital has acquired a non-performing loan with a current unpaid principal balance of $1 million. The loan is secured by Irvington Apartments, a multifamily property in Irvington. Built in 1965, the 18-unit apartment building includes one parking space per unit and is located seven miles from Newark International Airport. FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.

August 14, 2015

Industrial New Jersey Northeast

J.G. Petrucci Co. to Build 200,000 SF of Build-to-Suit Industrial Space

by Amy Works August 13, 2015

SOUTH BRUNSWICK TOWNSHIP AND MONROE TOWNSHIP, N.J. — J.G. Petrucci Co. Inc. is constructing two build-to-suit industrial properties in Middlesex County, N.J. Located at 15 Stults Road in South Brunswick Township, the first building will feature 63,506 square feet of industrial space. Slated for delivery in October, the property will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system. The second facility, located at 30 Engelhard Drive in Monroe Township, will feature 130,102 square feet of industrial space. Scheduled for delivery in second quarter of 2016, the single- or multi-tenant building will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system.

August 13, 2015

Industrial Loans New Jersey Northeast Pennsylvania

HFF Secures $81.3M Refinance Loan for 15-Property Industrial Portfolio

by Amy Works August 11, 2015

FLORHAM PARK, N.J. — Holliday Fenoglio Fowler’s Florham Park office has arranged $81.3 million in refinancing for a 15-property industrial portfolio. HFF secured the 10-year, fixed-rate loan through Principal Commercial Capital for the borrower, Heritage Capital Group. The 2.58 million-square-foot portfolio includes a mix of warehouse, distribution and cold storage facilities in New York, Pennsylvania and Ohio. The properties feature clear heights ranging from 20 to 40 feet and include office space. Additionally, eight buildings have rail service access. At the time of closing, the portfolio was 92 percent leased to 31 tenants, including Staples Inc., Storage Mobility, McLane Food Service Inc., Victory Packaging LP, McGrann Paper, Scholastic Book Fairs Inc., Packaging Corporation of America and Global Foundries. Four properties are located near Syracuse, N.Y.; three near Rochester and Albany, N.Y.; three near Harrisburg, Pa.; and two near Columbus, Ohio. Jon Mikula of HFF led the team that represented the borrower in the transaction.

August 11, 2015

Industrial New Jersey Northeast

Colliers Arranges 147,000 SF of Industrial Leasing in New Jersey

by Amy Works August 11, 2015

SOMERSET, N.J. — Colliers International has arranged 147,000 square feet of new long-term leases at two warehouses in Somerset. Owned by Cabot Properties, the single-tenant properties are located at 95 Clyde Road and 645 Howard Ave. Iberia Foods Corp. leased 82,000 square feet at 95 Clyde Road. The food and beverage supplier relocated its Brooklyn Bottling Group to the property from Carteret, N.J. The facility features eight tailgate loading doors and 24-foor ceiling heights. Additionally, Event Solutions International leased 65,000 square feet of space at 645 Howard Ave. The vehicle management services company is relocating and expanding its New York/New Jersey regional warehouse to the property, which features 8,000 square feet of office space and four tailgate loading doors. Both warehouses also include one drive-in door, new roofs, motion sensor lights, 100-care parking lots and access to Route 287 and the New Jersey Turnpike. Michael Markey and Jonathan Tesser of Colliers represented Cabot Properties in both transactions.

August 11, 2015

Loans New Jersey Northeast Office

HFF Secures $10M Refinancing Loan for New Jersey Office Campus

by Amy Works August 10, 2015

EATONTOWN, N.J. — Holliday Fenoglio Fowler (HFF) has secured $10 million in refinancing for West Ridge Corporate Center in Eatontown. HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital for the borrower, Bollerman Real Estate Services Inc. Located at One Industrial Way West, the five-building, 113,715-square-foot office/flex complex is currently 96 percent leased. Michael Klein led the HFF team representing Bollerman in the financing.

August 10, 2015

Loans New Jersey Northeast Office

Rubenstein Partners Receives $28.5M Refinancing for Office Property in New Jersey

by Amy Works August 7, 2015

BASKING RIDGE, N.J. — Rubenstein Partners has received $28.5 million in refinancing for 211 Mount Airy Road, a 305,000-square-foot office property in Basking Ridge. Rubenstein Partners along with its partner, Onyx Equities, recently completed a redevelopment plan to improve and modernize the property. The partnership additionally signed a 61,676 square feet lease with Avaya Inc. The property features a full cafeteria, state-of-the-art fitness facilities and a 127-seat auditorium and conference center. Wells Fargo is providing the five-year loan facility.

August 7, 2015

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