BAYONNE, N.J. — Marcus & Millichap has arranged the sale of Bayonne Plaza, a mixed-use property located at 473 Broadway in Bayonne. A private investor acquired the property from a developer for $3.2 million. The building features 29,577 square feet of space. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented the seller and the buyer in the deal.
BURLINGTON AND NEWARK, N.J. — CBRE has brokered the sales of two retail properties in New Jersey. In the first transaction, a double net-leased Dollar Tree property, located at 1204 Route 130 N in Burlington, sold as part of a 1031 exchange for $1.4 million. The name of the seller and buyer were not released. In the second deal, a 19,500-square-foot retail property located at 727 Frelinghuysen Ave. in Newark sold for $650,000 to an undisclosed buyer. At the time of sale, the property was 75 percent vacant. The name of the seller was not released. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transactions.
PARSIPPANY, N.J. — Mack-Cali Realty has completed the disposition of an office building, located at 600 Parsippany Road in Parsippany. A joint venture between Bukiet Building Management and Mountain Development Corp. purchased the 100,000-square-foot building free and clear of existing debt for an undisclosed price. The three-story building was 92 percent leased at the time of sale to a variety of tenants, including Aerotek, Level 3 Communications, Sonneborn, Certified Financial Services, Inglesino, Webster, Wyciskala & Taylor, Property Title Group and Dewberry. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephan Simonelli and Marc Duval of HFF represented the seller in the deal.
WESTWOOD, N.J. — CBRE has arranged the sale of a retail property located at 39 Kinderkamack Road in Westwood. An undisclosed buyer acquired the property for $5.5 million. The 9,300-square-foot building is triple net-leased to Goodyear for a 15-year term. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transaction. The name of the seller was not released.
WEST DEPTFORD, N.J. — WinnCompanies has acquired and repositioned a market-rate apartment community located in West Deptford. Rebranded as Cove at RiverWinds, the property features 199 units for adults who are age 55 and older. Built in 2009, the two-building community features an underground parking garage, a community room, an outdoor courtyard, on-site management office and a mix of 74 one-bedroom apartments, 121 two-bedroom units and four penthouse suites. Managed by WinnResidential, the property was formerly known as Rivercove Apartments. WinnCompanies acquired the property in April for an undisclosed sum. The name of the seller was not released.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the sale of three office buildings located at 4, 5 and 6 Century Drive within Mack-Cali Business Campus in Parsippany. A partnership between Bergman Real Estate Group and Time Equities Inc. acquired the properties, which total 280,000 square feet, for $15 million. Built in 1981, the campus features a full-service cafeteria, excess parking and a courtyard with a fountain and picnic areas. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller, while Michael Bergman and Michael Difede of Bergman Real Estate Group, along with Aaron Medeiros of Time Equities, represented the buyer in the transaction.
PATTERSON, N.J. — KeyBank Real Estate Capital has arranged $10 million in Fannie Mae financing for Broadway Towers, a high-rise apartment building in Patterson. Built in 1961, the property features 114 units and two ground-floor commercial spaces. Tom Peloquin of KeyBank arranged the loan, which was used to refinance existing debt. The name of the borrower was not released.
HOLMDEL, N.J. — iCIMS Inc. has signed a lease for 350,000 square feet of space at Somerset Development’s Bell Works, a mixed-use development in Holmdel. The provider of human resources software is relocating its headquarters to Holmdel from Matawan, N.J. The lease brings the 2-million-square-foot Bell Works to more than 50 percent occupied. Jeff Garibaldi, Tara Keating Freeman and Kyle Mahoney of The Garibaldi Group/CORFAC International represented Somerset Development, while Joseph Sarno Jr., Jeremy Neuer and Matthew Wassel of CBRE represented iCIMS in the lease transaction.
UNION, N.J. — Avison Young represented Boxed, a mobile delivery service for wholesale goods, in the seven-year lease of a 143,890-square-foot of industrial warehouse space at 750 Union Ave. in Union. The property is owned by Bridge Development Partners. Now occupying more than 50 percent of the 263,553-square-foot facility, Boxed will use the space as its regional distribution center with additional office space. Jennifer Ogden of Avison Young and Andrew Houston of CBRE brokered the deal.
CAMDEN, N.J. — Liberty Property Trust has signed an agreement with American Water to develop the company’s new corporate headquarters at One Water Street in Camden. The project is the inaugural commercial development at Liberty’s The Camden Waterfront, a 20-acre, $1 billion mixed-use development master planned by Robert A.M. Stern Architects. Designed to achieve LEED Platinum certification, the five-story One Water Street will feature 222,376 square feet of office space. Construction of the building and an adjacent parking garage is slated to begin this fall subject to the completion of Liberty’s due diligence, and acquisition of the site. The new building is expected to be completed in the second half of 2018.
