New Jersey

Simon Holdings Acquires 45,100 SF Industrial Building in New Jersey for $2.1M

by Amy Works July 14, 2016

CINNAMINSON, N.J. — Simon Holdings Inc. has acquired an industrial building located at 2303 Garry Road in Cinnaminson. Lynn Bradeen sold the 45,100-square-foot property for $2.1 million. The multi-tenant warehouse facility features 20- to 22-foot ceiling heights, 14 tailgate doors and five drive-in ramps. All American Fasteners and Dade Paper currently occupy the facility. Marc Isdaner of Colliers Southern New Jersey represented the seller, while Scott Mertz of NAI Mertz represented the buyer in the transaction.

July 14, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Closes Two Loans Totaling $19.5M for Industrial Properties in New Jersey

by Amy Works July 13, 2016

SECAUCUS AND WHIPPANY, N.J. — G.S. Wilcox & Co. has secured two loans totaling $19.5 million for two industrial properties located in Secaucus and Whippany. The company arranged a five-year, fixed-rate loan for $13.5 million that includes a 30-year amortization schedule. The loan was secured by a 202,148-square-foot warehouse building in Secaucus. Additionally, G.S. Wilcox also arranged a $6 million, fixed-rate loan for seven years. The loan, which features a 30-year amortization schedule, was placed on a 100,626-square-foot industrial building in Whippany. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing through Kansas City Life Insurance Co. The names of the borrowers were not released.

July 13, 2016

Multifamily New Jersey Northeast Pennsylvania Seniors Housing

Formation-Shelbourne Senior Living Services Sells Two Communities in New Jersey, Pennsylvania for $98.2M

by Amy Works July 12, 2016

ROSELAND, N.J., AND WILLISTOWN, PA. — Formation-Shelbourne Senior Living Services has completed the disposition of two Class A seniors housing communities — The Solana Roseland in Roseland and The Solana Willistown in Willistown. An undisclosed buyer acquired The Solana portfolio for $98.2 million. The portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Ave. in Roseland, and The Solana Willistown is located at 1713 W. Chester Pike in the Philadelphia suburb of Willistown. Completed in 2013, the properties are 94 percent leased and total 74,222 rentable square feet. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction. Additionally, Sarah Baccich of HFF secured a $63.9 million acquisition loan, provided by Cornerstone Real Estate Advisors, for the buyer.

July 12, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $12M Sale of 264-Unit Multifamily Portfolio in New Jersey

by Amy Works July 12, 2016

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sale of a four-building multifamily portfolio located at 24 S. Grove, 25 N. Harrison, 235 S. Harrison and 107 New streets in East Orange. An undisclosed buyer purchased the 264-unit portfolio for $12 million. The five-story property at 24 S. Grove St. features 43 units, the building at 25 N. Harrison St. offers 73 units, the property at 235 S. Harrison St. is comprised of 84 units, and the five-story building at 107 New St. contains 64 units. David Oropeza of Gebroe-Hammer represented the buyer and undisclosed seller in the deal.

July 12, 2016

New Jersey Northeast Office

American Realty Advisors Acquires Office Building in Jersey City for $101M

by Amy Works July 11, 2016

JERSEY CITY, N.J. — American Realty Advisors has acquired 30 Montgomery Street, a 16-story boutique office tower located in the Hudson Waterfront submarket of Jersey City. Rubenstein Partners and Onyx Equities sold the 315,385-square-foot building for $101 million. At the time of sale, the building was 71.6 percent leased to 46 tenants. David Bernhaut, Andrew Merin and Gary Gabriel of Cushman & Wakefield represented the seller.

July 11, 2016

Loans Multifamily New Jersey Northeast

Jonathan Rose Cos. Receives $20M in Refinancing for Apartment Building in New Jersey

by Amy Works July 8, 2016

NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.

July 8, 2016

Industrial New Jersey Northeast

Woodmont Industrial Partners Acquires 104,000 SF Warehouse in New Jersey

by Amy Works July 8, 2016

MOONACHIE, N.J. — Woodmont Industrial Partners has acquired an industrial building located at 77 Moonachie Ave. in Moonachie. The 104,000-square-foot property was acquired for an undisclosed price. The building features seven loading dock doors, a new roof, heavy power, ample parking and 14,000 square feet of mezzanine space. Thomas E. Tucci and Thomas Tucci of Cushman & Wakefield represented the undisclosed seller in the deal.

July 8, 2016

New Jersey Northeast Retail

CBRE Brokers Sale of Retail Plaza in New Jersey for $26.2M

by Amy Works July 1, 2016

HAZLET, N.J. — CBRE has arranged the sale of Kmart Plaza, a retail center located in Hazlet. Goodrich Hazlet LLC, an affiliate of Goodrich Management, sold the property to Onyx Equities for $26.2 million. The 203,912-square-foot retail property is occupied by Kmart, Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. At the time of sale, the property was 71 percent occupied. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer.

July 1, 2016

Industrial New Jersey Northeast

O’Neill Logistics Leases 221,000 SF Industrial Lease in New Jersey

by Amy Works June 29, 2016

SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the lease of 221,000 square feet of industrial space at 130 Interstate Blvd. in South Brunswick. O’Neill Logistics, a third-party logistics firm, is relocating from two addresses in Avenel, N.J., to the facility within the Exit 8A submarket. Additional tenants at the facility include FedEx and Home Depot. Dan Badenhausen and Andrew Stypa of Cushman & Wakefield represented tenant, while Nathan Demetsky of JLL represented the landlord, Terreno Realty Corp., in the transaction.

June 29, 2016

Market Reports New Jersey Northeast Northeast Market Reports Office

Pharmaceutical Sector Dominates Suburban New Jersey Relocation Activity

by Jaime Lackey June 29, 2016

By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest space searches were fulfilled and fewer quality space options remained in some of the most sought after areas. Tenants have no shortage of options in much of Morris County and Newark, but steady leasing in Metropark and Jersey City’s waterfront has pushed availability below 15 percent. Smaller and mid-sized tenants can still find space in these locations, but there are far fewer big blocks of quality space remaining. There were fewer larger leases in 2015, but tenants were very mobile: relocations outnumbered renewals by two to one with 12 firms opting to move and six renewing. An analysis of larger leases (deals over 40,000 square feet) signed since 2009 shows that larger tenants renewed slightly less than 50 percent of the time (81 firms moved and 75 renewed). From a supply perspective, market conditions have been ideal …

June 29, 2016

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