New Jersey

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

New Jersey Northeast Retail

Vision Real Estate Partners Acquires New Jersey Retail Center

by Amy Works June 12, 2015

SADDLE BROOK, N.J. — Vision Real Estate Partners has acquired a two-building neighborhood shopping center at 55-75 Mayhill St. in Saddle Brook. Situated on 12 acres, the center is anchored by a 62,000-square-foot A&P supermarket. The site is also approved for an additional 12,000 square feet of retail space. Constructed between 1998 and 2000, the 119,000-square-foot property offers 800 parking spaces and 45,000 square feet of near-term availability. Jose Cruz, Kevin O’Hearn and Robert Borny of HFF represented the undisclosed seller in the transaction. Jon Mikula and Jim Cadranell, also of HFF, secured acquisition financing for the buyer through Oritani Bank.

June 12, 2015

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Multifamily Market Momentum Continues in Northern New Jersey

by Jaime Lackey June 11, 2015

Momentum in Northern New Jersey’s multifamily market continues unabated, with investors aggressively pursuing opportunities, and developers actively launching projects along the Hudson River Gold Coast and west along transit lines. Heading into the heart of 2015, we are seeing demand drive up sales volume and values, and push cap rates down to historically low levels. Current investment velocity follows a strong 2014 capital markets performance. Last year, $1.3 billion in multifamily sales (including transactions of $10 million or more) marked the highest volume since 2007, and compares to approximately $900 million annually in both 2012 and 2013. For context, the market saw only $169 million in annual trades during the depth of the recession in 2009. The “buy” side today is dominated by institutional advisors, particularly for Class A apartment communities. Additionally, we are seeing privately held firms and raised funds making big splashes with value-add and Class B product. Northern New Jersey’s active sellers include developers and private owners looking to take advantage of valuations that have appreciated to historically high levels, as well as institutions that are cycling assets at the end of their traditionally long-term investment horizons. Additionally, multifamily cap rates have dropped consistently in Northern New …

June 11, 2015

Industrial Loans New Jersey Northeast

Cronheim Mortgage Arranges Two Loans Totaling $13.5M in New Jersey

by Amy Works June 10, 2015

RIDGEFIELD AND NORTH BERGEN, N.J. — Cronheim Mortgage has arranged two loans totaling $13.5 million for two warehouse and distribution facilities in New Jersey. In the first transaction, Cronheim secured $10 million in financing for a 325,340-square-foot warehouse in Ridgefield. The 10-year loan features four years of interest-only payments and a 32-year amortization schedule. The property features 20-foot clear height ceilings, 24,000 square feet of office space, truck loading space and vehicle parking. Additionally, Cronheim arranged a $3.5 million loan for a 235,000-square-foot industrial facility in North Bergen. The 10-year loan features a 30-year amortization schedule. Leased by a wine and spirits company, the facility features 20-foot ceiling heights, ample truck and car parking, and 6,500 square feet of office space. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing in both deals.

June 10, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 130,000 SF Office Building in New Jersey

by Amy Works June 8, 2015

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of Waterview Plaza, a Class A office building located at 2001 Route 46 East in Parsippany. Norwalk, Conn.-based Marcus Partners acquired the 130,000-square-foot property for an undisclosed sum from Waterview Plaza Associates LLC, which developed the property in 1981. Key tenants at the property include Hennion & Walsh and HQ Global Workplaces LLC/Regus Corp., both with long-term leases. The buyer has a $2.6 million capital improvement program slated for the property. David Bernhaut, Andy Merin, Andy Schwartz and Nick Karali of Cushman & Wakefield represented the seller in the transaction. Additionally, the buyer retained Cushman & Wakefield as leasing agents for the property.

June 8, 2015

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