New Jersey

Kushner Cos. Acquires 308-Unit Apartment Community in Chatham Township, N.J.

by Jaime Lackey October 20, 2015

Chatham Township, N.J. — Kushner Cos. has acquired the Chatham Hill Apartments, a 308-unit rental apartment community in Chatham Township. Joseph Brecher of Gebroe-Hammer represented the seller, Home Properties/Lone Star. Meridian Capital Group arranged acquisition financing through New York Community Bank (NYCB). The property is located on 23 acres and offers a mix of one-, two-, and three-bedroom apartments featuring fully equipped kitchens with separate dining rooms. Amenities include a community pool with deck, tennis courts and on-site garage parking. Terms of the deal were not disclosed.

October 20, 2015

New Jersey Northeast Retail

HFF Closes $53.8M Sale of Chester Springs Shopping Center in New Jersey

by Jaime Lackey October 20, 2015

CHESTER BOROUGH, N.J. — Holliday Fenoglio Fowler LP (HFF) has closed the sale of Chester Springs Shopping Center, a 223,000-square-foot, Class A, grocery-anchored retail center in Chester Borough. ShopRite, Marshalls and Staples anchor the property, which is 95 percent leased. Additional tenants include Starbucks, CVS Pharmacy, Burger King, Great Clips, Bagel Café, Subway and Massage Envy. HFF marketed the property on behalf of the seller, Heitman and Ramco-Gershenson Properties Trust. Dividend Capital Diversified Property Fund Inc. purchased the asset for $53.8 million (approximately $241 per square foot). The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Steve Simonelli and supported by Andrew Scandalios and Chris Munley.

October 20, 2015

Industrial New Jersey Northeast

Bussel Realty Corp. Brokers 14,640 SF Lease in Bridgewater, New Jersey

by Jaime Lackey October 20, 2015

BRIDGEWATER, N.J. — SR International Rock, a wholesale marble and granite distributor, has leased 14,640 square feet at 7E Easy Street in Bridgewater, a 31,622-square-foot industrial facility. James Hodgkins, Jordan Metz, and Kevin Ranski of Bussel Realty Corp. represented the tenant in the transaction. 7E Easy Street is located near I -287 and Route 22. The property offers 14-foot ceiling heights, two drive-ins, eight loading docks, 1,200 amps of electric power, and 25 parking spaces.

October 20, 2015

New Jersey Northeast

Tulfra and Hampshire Cos. to Redevelop Belleville, N.J., Property

by Jeff Shaw October 19, 2015

BELLEVILLE, N.J. — Tulfra Real Estate and Hampshire Cos. have completed their acquisition of the former Roche Diagnostics property, a 20-acre parcel at Franklin Avenue and Mill Street in Belleville. The partners plan to redevelop the site and are in the process of considering redevelopment options and plans for the property. The Township of Belleville has conditionally designated Tulfra as the redeveloper of the site under the state’s redevelopment laws. Tulfra Real Estate and its affiliates currently own and manage 4 million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey.

October 19, 2015

New Jersey Northeast Office

SunGard Financial Systems Leases 41,061 SF at Harborside Plaza 3

by Amy Works October 14, 2015

JERSEY CITY, N.J. — SunGard Financial Systems LLC has signed a long-term lease for 41,061 square feet of space at Harborside Plaza 3 in Jersey City. The leading global financial software company will occupy the office space through 2023. Harborside offers 3.1 million square feet of Class A office space and first-class amenities, including retail, restaurants, a waterfront walkway and a Hyatt Regency hotel. Aaron Ellison and Tyler Vandergrift of Jones Lang LaSalle represented SunGard Financial, while Tom Savoca of Mack-Cali and Mark Ravesloot, Peter Turchin, David Opper, Gerry Miovski, Arkady Smolyansky and Suzanne Macnow of CBRE represented the landlord, Mack-Cali Realty Corp., in the transaction.

October 14, 2015

Industrial New Jersey Northeast

HFF Arranges $23.8M Financing for Development of Cold Storage Facility in New Jersey

by Amy Works October 13, 2015

ELIZABETH, N.J. — HFF has arranged $23.8 million in construction financing for the development of a freezer warehouse at 900 Fairmont Ave. in Elizabeth. The financing was provided by The Provident Bank for the developer, a partnership between Elberon Development Group and The Avidan Group LLC. The 138,642-square-foot build-to-suit facility will feature 60-foot ceiling clear heights, 18 temperature-controlled loading doors and 4,800 square feet of office space. Slated for completion in June 2016, the property will be 100 percent occupied by Seafrigo NA Cold Storage Inc. Michael Klein and Jon Mikula of HFF represented the borrower in the financing transaction.

October 13, 2015

New Jersey Northeast Office

Nestlé Health Science to Occupy 180,000 SF at New Jersey Center of Excellence

by Amy Works October 12, 2015

BRIDGEWATER, N.J. — Nestlé Health Science has signed a long-term lease to occupy 180,000 square feet of space at the New Jersey Center of Excellence in Bridgewater. Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S Research and Development Campus. Since acquiring the campus, the joint partnership of Advance Realty and CrossHarbor Capital Partners has fully repositioned the site and turned it into a premier research and development campus. The interior fit-out for the new space will begin before the end of this year, with the move-in slated for July 2016.

October 12, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $2.6M Sale of 48-Unit Multifamily Property in New Jersey

by Amy Works October 12, 2015

ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 321-325 Cherry St. in Elizabeth. The 48-unit property sold for $2.6 million. The property features 39 studio units, eight one-bedroom apartments and one two-bedroom unit. Nat Gambuzza and Jeffrey Myers of Marcus & Millichap represented the seller, a multi-generational owner, and the buyer, a private investor, in the transaction.

October 12, 2015

New Jersey Northeast Retail

Nottingham Shopping Center Sells for $6.4M in New Jersey

by Amy Works October 7, 2015

HAMILTON, N.J. — Mercer Realty LLC has completed the disposition of Nottingham Shopping Center in Hamilton. An affiliate of PAG Investments purchased the 24,396-square-foot retail center for $6.4 million. Situated on approximately six acres at 2021 Nottingham Way, three-building property is occupied by a freestanding Walgreens, Dunkin’ Donuts and Aromaz Carpet. Chris Munley and Jose Cruz of HFF represented the seller, while Chaim Dahan of The Dahan Law Firm represented the buyer in the transaction.

October 7, 2015

New Jersey Northeast Retail

Weiss Realty Co. Secures Long-Term Lease for CVS/pharmacy in Berkeley Heights, N.J.

by Amy Works October 6, 2015

BERKELEY HEIGHTS, N.J. — Weiss Realty Co. has arranged a long-term, 25-year ground lease for CVS/pharmacy at Berkeley Heights Shopping Center in Berkeley Heights. Located at 400 Springfield Ave., the new 13,000-square-foot property features a drive-thru pharmacy and is situated on 1.2 acres at the entrance to the 62,000-square-foot shopping center. Weiss Realty Co. represented the developer, First Hartford Realty Corp. and the landlord, Berkeley Development Co., in the lease transaction.

October 6, 2015

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