New Jersey

Bergman Real Estate Group Sells 90,339 SF Office Building in New Jersey

by Amy Works May 6, 2016

EAST HANOVER, N.J. — Bergman Real Estate Group has completed the disposition of an office building located at 100 Eagle Rock Ave. in East Hanover. Zeinvest Real Estate Group acquired the 90,339-square-foot property for an undisclosed sum. Situated on 8.6 acres, the three-story building was 79 percent occupied at the time of sale and features a two-story atrium lobby, on-site café service with Wi-Fi and an outdoor seating area. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield brokered the transaction.

May 6, 2016

New Jersey Northeast Retail

CBRE Brokers Sale of 92,431 SF Lifestyle Center in New Jersey

by Amy Works May 5, 2016

DENVILLE, N.J. — CBRE Group has arranged the sale of The Shoppes at Union Hill, a lifestyle center located at 3056 State Route 10 West in Denville. Stanbery Development sold the 92,431-square-foot retail property for an undisclosed price. Built in 2003, the property was 93 percent occupied at the time of sale to a variety of tenants, including Gap, Pier 1 Imports, Banana Republic, Ann Taylor LOFT, Talbots, Jos. A. Bank, Starbucks Coffee and Panera Bread. Brad Nathanson and Jeff Dunne of CBRE represented the seller in the transaction. The name of the buyer was not released.

May 5, 2016

Industrial Loans New Jersey Northeast

The Donato Group Receives $6.7M Acquisition Loan for Industrial Property in New Jersey

by Amy Works May 5, 2016

EATONTOWN, N.J. — The Donato Group has received a $6.7 million loan for the acquisition of a 106,918-square-foot industrial flex property located at 34-38 Industrial Way East in Eatontown. Michael Klein of HFF arranged the five-year, floating-rate loan, provided by Lakeland Bank, for the borrower. The two-building facility features 14 individual flex units ranging in size from 3,000 square feet to 17,000 square feet. At the time of acquisition, the property was 83.6 percent occupied. Current tenants include Paw BioScience, Hanro of Switzerland, Augustine Consulting Inc., Alkaline Corp., KruseCom and Meridian Health.

May 5, 2016

Industrial Market Reports New Jersey Northeast Northeast Market Reports

E-Commerce, Traditional Sectors Create Momentum for N.J. Industrial Market

by Jaime Lackey May 4, 2016

The continued emergence of the e-commerce sector, and continued healthy deal volume among New Jersey’s “traditional” industrial tenants are generating significant momentum for the state’s industrial market. This includes the food, retail and consumer products industries. Strengthening fundamentals have reinforced this theme consistently over the past 24 months, or longer. During 2015, robust demand for modern warehouse space fueled the markets along the New Jersey Turnpike, pushing the state’s warehouse and distribution vacancy to a 15-year low (6.4 percent). This marks a significant five-year drop from a peak of 11.2 percent at the close of 2010. Additionally, the state’s industrial net absorption reached an all-time annual high (12.5 million square feet). Of this, 84 percent occurred within warehouse/distribution product. Big-box demand continues unabated. Currently, we are tracking multiple 1 million-square-foot requirements — the most we’ve seen in many years. Additionally, and importantly, the heightened focus on last-mile delivery is drawing tenants to small and mid-size infill sites. These range from close-in locations providing immediate access to New York City and Philadelphia, to densely populated hubs all along the New Jersey Turnpike. As vacancy rates approach all-time lows and available inventory tightens, an increasing number of deals involve Class B assets. …

May 4, 2016

New Jersey Northeast Office

Mack-Cali to Acquire Two Office Buildings in New Jersey Totaling $317M

by Amy Works May 3, 2016

HOBOKEN AND EDISON, N.J. — Mack-Cali is under contract to acquire two office buildings in New Jersey for a total purchase price of $317 million in separate transactions. In the first deal, Mack-Cali will acquire a 566,215-square-foot office building located at 111 River St. in Hoboken from Equity Commonwealth. The asset is being sold for $235 million and the transaction is slated to close in June. In the second deal, the company is purchasing a 10-story office building located at 101 Wood Ave. South in Metropark in Edison. Expected to close in May, the asset will be acquired for $82.3 million.

May 3, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires Three-Building Industrial Portfolio in New Jersey for $7M

by Amy Works May 3, 2016

TETERBORO AND NORTHVALE, N.J. — The Stro Companies has acquired a three-building industrial portfolio totaling 95,000 square feet for $7 million. The portfolio includes a three-unit, 27,000-square-foot flex industrial property located at 370 North St. in Teterboro; a three-unit, 50,000-square-foot flex industrial property located at 235 Pegasus Ave. in Northvale; and a single-tenanted, 18,000-square-foot industrial building located at 245 Pegasus Ave. in Northvale. The Teterboro property is fully occupied and 235 Pegasus Avenue is 80 percent occupied, with the majority of the building being leased to Deluxe Media. Lori Zuck and Alex Previdi of Transwestern brokered the transaction. The name of the seller was not disclosed.

May 3, 2016

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $2.8M Sale of Apartment Building in New Jersey

by Amy Works May 2, 2016

PATERSON, N.J. — Marcus & Millichap has brokered the sale of Oak and Redwood Apartments, located at 441-443 10th Ave. and 374-376 10th Ave. in Paterson. A private investor acquired the asset for $2.8 million. Located within three blocks of each other, the two three-story walk-up properties feature a total of 34 apartment units. Brian Hosey led the Marcus & Millichap team that represented the seller, a private investor, and secured the buyer in the deal.

May 2, 2016

Industrial New Jersey Northeast

NAI Hanson Negotiates 105,097 SF Industrial Lease in New Jersey

by Amy Works May 2, 2016

BAYONNE, N.J. — NAI James E. Hanson has arranged the lease of 105,097 square feet of industrial warehouse space at 99 Hook Road in Bayonne. Tramo@Home, a fine furniture and antique transportation company, will relocate to the space from 51 Hook Road. The 500,166-square-foot industrial facility features 24-foot ceiling heights, 100 trailer spaces and 31 loading spaces. Tom Vetter and Jeff DeMagistris of NAI Hanson represented the tenant in the transaction.

May 2, 2016

Healthcare New Jersey Northeast

The Rockefeller Group to Develop 130,000 SF Cancer Center in New Jersey

by Amy Works April 29, 2016

FLORHAM PARK, N.J. — The Rockefeller Group plans to develop a 130,000-square-foot, state-of-the-art cancer center treatment facility at The Green at Florham Park, a 268-acre, master-planned development in Florham Park. The facility is being developed in partnership with Summit Medical Group and Houston-based University of Texas MD Ander Cancer Center, which recently signed a long-term lease at the property. The Rockefeller Group expects to break ground this summer on the facility. Summit Medical Group, which occupies a 100,000-square-foot medical office building at The Green at Florham Park, is New Jersey’s largest multi-specialty physician group with more than 600 practitioners in 67-plus locations throughout central and northern New Jersey.

April 29, 2016

New Jersey Northeast Office

National Business Parks Acquires 87,000 SF Office Property in New Jersey for $20M

by Amy Works April 29, 2016

MORRISTOWN, N.J. — National Business Parks has acquired a boutique office building located at 10 Madison Ave. in Morristown. Morristown Holdings LLC, a limited liability company managed by WhiteStar Advisors, sold the property for $20 million. At the time of acquisition, the 87,000-square-foot building was fully occupied by nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980, the four-story building was renovated in 2005. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

April 29, 2016

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