PARAMUS, N.J. — NAI James E. Hanson has arranged the sale of two retail buildings, totaling 7,700 square feet, located in Paramus. Situated on a 34,023-square-foot lot at 144 and 148 Route 4 East, the properties are fully leased to Cleopatra Tile & Bath and Paramus Furniture and Dinettes. Dominic Fittizzi of NAI Hanson represented the seller, Meyn Trust, and the buyer, Urban Edge Properties, in the transaction. The buyer plans to use the buildings as a short-term investment. The acquisition price was not disclosed.
DENVILLE, N.J. — Marcus & Millichap has arranged the sale of a Denville Strip Center, a retail center located at 28 Diamond Spring Road in Denville. The 8,820-square-foot property sold for $2.5 million. Built in 1990, the property is 100 percent occupied by four tenants. Julienne Pape of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer, a partnership, in the transaction.
CLIFTON, N.J. — A private investor has acquired Harbor Freight Center, a retail property located in Clifton, for $5.8 million. The 35,000-square-foot property is located at 1016 Main Ave. Kevin Taub and Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a private investor, while Lombardi also represented the buyer in the transaction.
ISELIN, N.J. — HFF has secured $18.5 million in refinancing for Centra, an office building located at 100 Wood Ave. in Iselin. On behalf of The Hampshire Companies, HFF placed the loan with M&T Bank to take out the property’s construction loan, which HFF also placed in November 2010 for the redevelopment of the property. The four-story 110,700-square-foot property is 95 percent leased to a variety of tenants, including JP Morgan Chase, MetLife, Grant Thornton and Net App. Michael Klein and Jon Mikula of HFF represented the borrower in the transaction.
PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the disposition of its commercial office property located at 14 Sylvan Way within Mack-Cali Business Campus in Parsippany. Griffin Capital Essential Asset REIT II Inc. purchased the 203,506-square-foot property for $81.4 million. In addition to the sales price, Griffin is assuming responsibility for approximately $2 million in future tenant improvement allowance. Developed in 2013, the three-story property is fully leased to Wyndham. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.
JERSEY CITY, N.J. — Argent Ventures has received site plan approval for Baldwin Place, a mixed-use redevelopment in Jersey City’s Journal Square neighborhood. Plans for the redevelopment include 980 market-rate rental apartments in four buildings: two seven-story buildings that are part of the first phase and two 25-story buildings that are part of the second phase. When completed, the project will offer obstructed view corridors, rooftop pools, 36,447 square feet of ground-floor retail, a 502-car parking garage and bike storage locations. The property is within walking distance of the Journal Square PATH station and bus depot. Purchased by Argent Ventures in 2012, the site currently houses five commercial buildings originally belongings to C.F. Mueller Pasta Co. Argent Ventures plans to fully demolish the dilapidated structures in advance of the first phase of construction of the redevelopment. Genova Burns LLC is representing developer, Argent Ventures, and serving as counsel on the project.
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.
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.
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 …
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.