New Jersey

Compass Self Storage Buys 45,000 SF Self-Storage Center in New Jersey

by Amy Works June 25, 2015

MANVILLE, N.J. — Compass Self Storage, a member of the Amsdell family of companies, has acquired a self-storage center in Manville. Located at 55 Beekman Road, the property offers 45,000 square feet of rentable space, drive-up access, indoor climate-controlled units, individual door alarms, digital surveillance, electronic access, online payments, outdoor parking and truck rental. The acquisition was made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The name of the seller and the acquisition price were not released.

June 25, 2015

New Jersey Northeast Retail

Nassimi Realty Acquires New Jersey Shopping Center

by Amy Works June 24, 2015

EDGEWATER PARK, N.J. — New York City-based Nassimi Realty LLC has acquired Edgewater Park Plaza, a shopping center in Edgewater Park. A&P, which previously operated a Pathmark store at the location, sold the property for an undisclosed price. Located at 2110 Route 130, the 115,000-square-foot center is tenanted by Big Lots, Dunkin Donuts and a Getty gas station. Winbrook Management LLC represented the buyer in the transaction, while Metro Commercial Real Estate Inc. represented the seller.

June 24, 2015

Market Reports New Jersey Northeast Northeast Market Reports Retail

North Jersey Retail Rising

by Jaime Lackey June 24, 2015

For the first time in a long time in Central and Northern New Jersey, we can stop talking about the light at the end of the tunnel. The market has emerged into full sunshine, and the lingering aftereffects of the recession are now fully in the rearview mirror. The current strength of the market and robust activity in terms of new commercial development is something we have not seen for some time. Not only are there more opportunities for developers to get financing, but with rates at low ebb as well, developers are moving to take advantage. At the same time, banks and financial institutions are motivated and aggressively looking to make deals. The result is a perfect storm of sorts: the money is there, developers are willing and ready, and retailers are looking for quality space. That dynamic is good news not only for Central and Northern New Jersey, but also for all of the metropolitan New York City market. It is noteworthy that very few of the big box retail spaces that became available in the wake of high-profile closings and bankruptcies from brands like Linens ’N Things and Borders are still available. Slowly but surely, the inventory …

June 24, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

NAI Mertz Brokers Sale of Mixed-Use Building in New Jersey

by Amy Works June 23, 2015

COLLINGSWOOD, N.J. — NAI Mertz has brokered the sale of a mixed-use property located at 814-816 Haddon Ave. in Collingswood. The 6,000-square-foot building sold for an undisclosed sum. The property is occupied by Weinstein Bath & Kitchen Showroom on the ground level. Additionally, the property features three residential units. Jonathan Klear and Scott Mertz of NAI Mertz represented the seller, Dergalcol LLC, in the transaction. The name of the buyer was not released.

June 23, 2015

Healthcare New Jersey Northeast Office

AHS Buys Two Office Buildings in New Jersey for $22.5M

by Jaime Lackey June 19, 2015

MORRISTOWN, N.J. — Atlantic Health System (AHS) has purchased a two-property, 128,000-square-foot medical office and office building portfolio in Morristown from Ivy Realty and CenterSquare Investment Management for $22.5 million. The acquisition includes properties at 55 Madison Avenue and 101 Madison Avenue, both of which are located directly across from the Morristown Medical Center, which AHS also owns. 55 Madison Avenue is an 89,000-square-foot office building; 101 Madison Avenue is a 39,000-square-foot medical office building, which was renovated in 2008. Major tenants include Regus, Keller Williams, Fresenius Medical Care and BioReference Laboratories. The Colliers International team of Jacklene Chesler, Bryn Cinque, and James Bailey represented AHS in the transaction. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Robert Borny.

June 19, 2015

New Jersey Northeast Office

JLL Brokers 144,000 SF Lease for GSK Consumer Healthcare in Warren, N.J.

by Jaime Lackey June 19, 2015

WARREN, N.J. — GSK Consumer Healthcare has signed a 10-year lease for 144,000 square feet of space at 184 Liberty Corner Road, also known as Center 78, in Warren. The Class A, 372,000-square-foot commercial office building is owned by Normandy Real Estate Partners. The four-story Center 78 was constructed in 1982. Normandy Real Estate Partners completed a multi-million capital improvement project at the building in 2012. The property features a 3,200-square-foot, full-service café; a 1,500-square-foot conference center and a 2,200-square-foot fitness center. The tenant was represented by Daniel Loughlin, Scott Lesh, and J.C. Giordano III with JLL. William O’Keefe of DTZ represented Normandy Real Estate Partners.

June 19, 2015

Aberdeen-NJ-Hudson-Ridge-Age-Restricted-Building

Multifamily New Jersey Northeast Seniors Housing

RPM to Develop Apartments and Age-Restricted Housing in Aberdeen, N.J.

by Jaime Lackey June 18, 2015

ABERDEEN TOWNSHIP, N.J. — RPM Development Group will develop a three-building affordable housing project that will include rental units for seniors and people of all ages, as well as a new senior community center, in Aberdeen Township. The project, which will feature two residential buildings, will be located on 14 acres on Church Street formerly occupied by South River Metals Corp. Hudson Ridge Senior Residence at Aberdeen will offer 67 one-bedroom and eight two-bedroom rental units of age-restricted housing for those 55 years or older. The second residential building, Hudson Ridge Residence at Aberdeen, will provide 70 one-, two- and three-bedroom rental units that will not have age restrictions. Preference on the rentals will be given to households that were impacted by Hurricane Sandy. Combined cost for constructing the two residential buildings will be $44 million. The site plan also calls for a separate 2,500-square-foot senior community center available for use by all residents of Aberdeen. Site work is anticipated to begin in the fall, with buildout expected to take two years. The project, which will strive for LEED certification, will be constructed with government assistance, including Community Development Block Grant (CDBG) Disaster Relief funding, along with 4 percent low-income housing …

June 18, 2015

Industrial New Jersey Northeast

The Hampshire Cos. Sells FedEx Ground Building in Carteret, N.J., to TIAA-CREF

by Jaime Lackey June 17, 2015

CARTERET, N.J. — The Hampshire Cos. has announced the sale of PortSouth Milik, a 232,134-square-foot industrial building located at 200 Milik St. in Carteret, to TIAA-CREF. Hampshire acquired the former Pathmark office headquarters site in June 2011 and transformed the space into a LEED-certified warehouse and industrial logistical center before signing FedEx Ground as a tenant. The building is located within easy access of the New Jersey Turnpike at exit 12, near Port Newark/Elizabeth and Newark Liberty Airport. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies in the transaction.

June 17, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Two N.J. Multifamily Deals Totaling $113.5M

by Jaime Lackey June 16, 2015

SPRINGFIELD AND MORRISTOWN, N.J. — Gebroe-Hammer Associates represented Forest Realty in the recent sale of two apartment properties, located in Springfield and Morristown. The properties sold for a combined $113.5 million. Short Hills Village Club, a 26-building, 286-unit garden-apartment and townhome community in Springfield, was acquired for $83.5 million by SH Club Village LLC. The property is located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The second property, Franklin Manor, is located at 114 Franklin St. in Morristown. RK Franklin LLC acquired the 140-unit garden-style apartment community for $30 million. The Gebroe-Hammer brokerage teams, led by Joseph Brecher, identified the buyers of both properties. Legal representation in the two latest transactions was provided by Thomas E. Cohn, Esq., of Coughlin Duffy LLP, in Morristown, N.J., on behalf of the seller; Steven D. Fleissig, Esq., of Greenberg Traurig in Florham Park, N.J., on behalf of the Springfield buyer; and Kenneth Gliedman, Esq., of Lichter, Gliedman, Offenkrantz PC in New York City on behalf of the Morristown buyer.

June 16, 2015

New Jersey Northeast Office Retail

Tulfra Buys 225,000-Square-Foot Mixed-Use Building in Totowa, New Jersey

by Jaime Lackey June 15, 2015

TOTOWA, N.J. — Rochelle Park, N.J.-based Tulfra Real Estate has purchased Totowa Business Center, a 225,000-square-foot, Class A mixed-use building at 930 North Riverview Dr. in Totowa from a New York-based investment group for $13 million. The property was constructed in 1962 and redeveloped in 1998. It is located on 17.38 acres at Interstate 80 and routes 46 and 23. Tulfra plans more than $5 million of improvements for the property, which includes the 105,000-square-foot, two-story mixed-use portion fronting on Riverview Drive and a 120,000-square-foot section facing on Taft Road, as well as 800 parking spaces. The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants. According to the company, the 65,000-square-foot first floor encompasses four units of that would work for tenants such as child and adult daycare, a gym or fitness center, kids’ amusements, or other retail-type recreational uses. The 40,000-square-foot second floor would work well for training, trade and polytechnic schools, an art gallery, or mini-storage. The one-story section of the building houses tenants Tyco, RDD and Passaic County.

June 15, 2015

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