New Jersey

CBRE Group Arranges $49.5M Sale of 232,134 SF Warehouse Property in New Jersey

by Amy Works June 5, 2015

CARTERET, N.J. — CBRE Group Inc. has arranged the sale of a warehouse and distribution property located at 200 Milik St. in Carteret. TIAA-CREF purchased the 232,134-square-foot property for $49.5 million from The Hampshire Companies. Constructed in 2012, the facility features 36-foot clear ceiling heights, 52-by-50-foot column spacing, ESFR sprinkler systems and up to 40 loading docks. The seller began construction of the property on a speculative basis and fully leased the building to FedEx Ground prior to completion. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Group Inc. represented the seller and the buyer in the transaction.

June 5, 2015

Multifamily New Jersey Northeast

Woodmont Properties Opens Woodmont Station at Cranford

by Amy Works June 5, 2015

CRANFORD, N.J. — Woodmont Properties has opened Woodmont Station at Cranford, an apartment community located in Cranford. Located at 555 S. Avenue East, the Woodmont Station at Cranford features 163 one-, two- and three-bedroom apartments in six different floor plans ranging from 858 and 1,238 square feet. The apartments feature gourmet kitchens with quartz countertops, full stainless steel appliance packages and bar-style seating. Community amenities include an outdoor spa pool and barbecue terrace, game room, strength and cardio center, state-of-the-art fitness studio with virtual classes on demand, clubroom with resident lounge, cyber café, bark park and an indoor pet spa. The company broke ground on the property, which is more than 50 percent leased, in 2013.

June 5, 2015

New Jersey Northeast Retail

The Azarian Group Acquires 150,000 SF Shopping Center in New Jersey

by Amy Works June 4, 2015

NORTH BRUNSWICK, N.J. — The Azarian Group has acquired The Shoppes at North Brunswick, a shopping center located at 650 Shoppes Blvd. in North Brunswick. A New York City-based REIT sold the property for $33.7 million. The 150,000-square-foot center is occupied by national and franchise tenants, including Banana Republic, Talbots, Five Below, Anthropologie, Starbucks Coffee, White House/Black Market, Aeropostale, Chipotle and 34 other tenants. Charming Charlie, Corner Bakery, Supercuts and Wingstop are opening locations at the center. Terms of the transaction, including acquisition price, were not released. The name of the seller was not disclosed.

June 4, 2015

New Jersey Northeast Office

The S.Hekemian Group Breaks Ground on 46,000 SF Office Building in New Jersey

by Amy Works June 4, 2015

ENGLEWOOD, N.J. — The S.Hekemian Group has broken ground for construction of Englewood South Phase 4 (ES4), a Class A office building located at 10 Sterling Blvd. in Englewood. The 46,000-square-foot office building, which will feature ground-floor retail space, is slated for completion in first quarter 2016. ES4 will feature strong exterior architecture with classic masonry and refined finishes throughout the interior. Tenant spaces will feature oversized ceiling heights and loft-like, open-plan build-outs with exposed ceilings and ductwork. Brian Silbert and Wayne Kasbar of Silbert Realty & Management are the exclusive leasing agents for the property.

June 4, 2015

Civic New Jersey Northeast

Construction Underway to Reopen Historic School Building

by Amy Works June 4, 2015

EATONTOWN, N.J. — AC Donato Construction LLC, an affiliate of The Donato Group, and W. Lerman Architecture are redeveloping and renovating the 108-year-old former Fred G. Steelman School in Eatontown. Voyagers’ Community School, a private day school, will relocate from Farmingdale, N.J., to the renovated property upon completion of the $1.2 million first phase of the project in September. The second phase of the project includes the addition of 2,000 square feet to increase the building to a total of 20,000 square feet. In the interim, 5,000 square feet within in the building’s annex with be set aside for offices for a variety of independent, child-focused professional services, including occupational therapy, psychological counseling, speech therapy and medical services. Located at 215 Broad St., the renovated school features a commercial kitchen for cooking classes, art studio, a kiln, state-of-the-art computer and science laboratories, a music room, and an all-purpose room to serve a gymnasium and meeting space, as well as an outside area designed by students. Construction of the second phase is expected to start in summer 2016, with completion scheduled in time for the 2016-2017 school year.

June 4, 2015

Industrial New Jersey Northeast

Five Below, NFI Open 1M SF Distribution Center in New Jersey

by Amy Works June 2, 2015

PEDRICKTOWN, N.J. — Five Below (NASDAQ: FIVE), a retailer catering to pre-teens and teens, and supply-chain company NFI have opened a more than 1 million-square-foot distribution center in Pedricktown. Five Below will occupy 700,000 square feet of the property, which broke ground in September 2014, and use the property as its eastern U.S. distribution center servicing more than 300 retail store locations in the region. The new distribution center is bringing an estimated 100 jobs to the area. The facility features three miles of conveyor equipment and 2,500 tons of steel racking to support year-round operations.

June 2, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers Acquisition of Two-Building Office Complex in New Jersey

by Amy Works June 2, 2015

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the acquisition of a two-building office complex located at 1140 and 1160 Parsippany Blvd. in Parsippany. Micro Strategies Inc. purchased the property, which totals 46,000 square feet, from Hampshire Cos. for an undisclosed price. The Morris County, N.J.-based buyer plans to relocate its headquarters from Denville and Rockaway, N.J., to the newly acquired office complex. Slava Vaynberg, Marc Trevisan and David Sherman of Cushman & Wakefield arranged the off-market transaction.

June 2, 2015

New Jersey Northeast Retail

IMI Acquisitions Buys 20,000 SF Retail Center in New Jersey for $3.8M

by Amy Works June 2, 2015

OCEAN, N.J. — IMI Acquisitions Ltd. has acquired a shopping center at Ocean Circle Plaza in Ocean. Constructed in 2010, the 20,000-square-foot retail center sold for $3.8 million. Ray Smith of Stafford Smith Realty brokered the transaction. The name of the seller was not released.

June 2, 2015

The 119-unit Grande Apartments in Roselle Park, N.J., features a mix of studio, one- and two-bedroom layouts.

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers $12.1M Sale of New Jersey Multifamily Property

by Amy Works May 29, 2015

ROSELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Grande Apartments, a multifamily property located at 240 W. Sumner Ave. in Roselle Park. Sumner Rose LLC sold the property for $12.1 million to Landmark Cos. The 119-unit property features a mix of studio, one- and two-bedroom layouts with stainless steel appliances and wood cabinetry in the kitchens, new bath and individually controlled air conditioning units. At the time of sale, the property was 98 percent occupied. Joseph Brecher and Stephen Tragash represented the seller and procured the buyer in the transaction.

May 29, 2015

New Jersey Northeast Retail

Cushman & Wakefield Brokers Sale of Edgewood Country Club in New Jersey

by Amy Works May 27, 2015

RIVER VALE, N.J. — Cushman & Wakefield has brokered the sale of Edgewood Country Club, a 185-acre property located in River Vale. The Witmondt and Schonbraun Families, operating through Edgewood Golf Course Realty Associates, acquired the property for an undisclosed sum from Edgewood Country Club Inc. Located at 449 Rivervale Road, the property operates as a private 27-hole golf course and country club facility, including a 41,500-square-foot clubhouse, swimming pools, tennis courts, driving range, putting greens, snack bar, banquet facilities and other amenities. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Ryan Dowd of Cushman & Wakefield brokered the transaction.

May 27, 2015

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