New Jersey

BNE Real Estate Group Opens The Hillside Club in Livingston, N.J.

by Amy Works April 23, 2015

LIVINGSTON, N.J. — BNE Real Estate Group has opened The Hillside Club, a luxury apartment community located in Livingston. Located at 1000 Murray Court, The Hillside Club features one- and two-bedroom layouts, with limited den and loft options, starting at $2,195 per month. The apartment, ranging in size from 791 to 1,831 square feet, feature hardwood floors in the living areas, carpeted bedrooms, nine-foot ceilings, oversized windows, in-unit washer/dryers and chef-inspired kitchens. Community amenities include a clubhouse, fitness studio, heated outdoor pool, complimentary WiFi and a residents’ lounge with billiards, fireplace, kitchenette and lounge seating. The property is managed by BNE Management Group.

April 23, 2015

New Jersey Northeast Office

NAI Mertz Brokers Three Transactions in Cherry Hill’s Golden Triangle

by Amy Works April 23, 2015

CHERRY HILL, N.J. — NAI Mertz has brokered three transactions in Cherry Hill. In the first transaction, Byrn Mawr Investments purchased a 28,000-square-foot office building, located at 706 Haddonfield Road, from Multiple Sclerosis Association of America for an undisclosed price. The buyer plans to redevelop the property into retail use by demolishing a portion of the building and converting it into parking spaces. Jeff Sloan of NAI Mertz negotiated the transaction. Sloan also represented Multiple Sclerosis Association of America in the acquisition of a 14,400-square-foot office building located at 375 N. Kings Highway. The seller was 375 NKH LLC. In the third deal, SportsArena Employees 137 Welfare Fund sold a two-story 11,683-square-foot office building, located at 1012 Haddonfield Road, to Several Properties and First American Exchange. Marc Cutler and John Brown of NAI Mertz were the sole brokers in the transaction. The prices for the transactions were not released.

April 23, 2015

New Jersey Northeast Retail

60,000 SF ShopRite Slated to Open in Wallington, N.J.

by Amy Works April 23, 2015

WALLINGTON, N.J. — Inserra Supermarkets is opening ShopRite of Wallington within Wallington Plaza Shopping Center in Wallington. Located at 375 Paterson Ave., the 60,000-square-foot supermarket will feature ShopRite from Home (online ordering with home delivery), free nutrition and wellness programming, full-service catering, a pharmacy and a liquor store. The store is slated to open in May.

April 23, 2015

New Jersey Northeast Office

Construction Begins on MetLife Investments’ Global HQ in New Jersey

by Amy Works April 21, 2015

HANOVER, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has broken ground for the construction of a global headquarters for MetLife Investments in Hanover. Situated on 14 acres within 67 Whippany Road’s South Campus component, the 185,000-square-foot property will feature an open floor plan with collaborative workspaces and breakout rooms, a town hall with technologically advanced conference facilities, a fitness center, employee food court with indoor and outdoor seating, and a café. Additionally, the property will offer 4.5 parking spaces per 1,000 feet of rentable area. The property is also designed to achieve LEED Gold Core and Shell and LEED Platinum Interiors certifications. Bruce Mosler, Ethan Silverstein, David Susoreny, Bill Brown and Andrew Merin of Cushman & Wakefield represented MetLife in the transaction. Robert Donnelly and Robert Donnelly Jr., also of Cushman & Wakefield, represented the property ownership in the lease transaction.

April 21, 2015

Industrial New Jersey Northeast

Clarion Partners Buys 20-Acre Site in New Jersey for Industrial Development

by Amy Works April 17, 2015

SOUTH BRUNSWICK, N.J. — Clarion Partners has acquired a 20-acre site located at 335 Ridge Road in South Brunswick for an undisclosed price. The buyer plans to demolish the existing building, which was formerly a call center, and construct a state-of-the-art warehouse and distribution center on the site. The new warehouse will be part of a planned industrial business park and consolidate an adjoined parcel of previously purchased land. Doug Bansbach of DTZ represented the seller, United States Land Resources, and the buyer in the transaction. Additionally, Joseph Zingaro provided in-house representation for the buyer.

April 17, 2015

New Jersey Northeast Retail

The Azarian Group Acquires The Shoppes at North Brunswick in New Jersey

by Amy Works April 16, 2015

NORTH BRUNSWICK, N.J. — CBRE Group has arranged the sale of The Shoppes at North Brunswick, a shopping center located along Route 1 North Brunswick. A New York-based private equity firm sold the 150,000-square-foot property to Shoppes at North Brunswick LLC, an entity controlled by The Azarian Group, for an undisclosed price. The center is 94 percent leased to a mix of tenants, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Company, Ann Taylor Loft, Charming Charlie, Corner Bakery Café, SuperCuts and Wingstop. Additionally, the retail and office property has 10,000 square feet of space available. Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE represented both parties in the transaction.

April 16, 2015

Industrial New Jersey Northeast

Roddy Inc. Brokers Acquisition of 109,000 SF Industrial Property in New Jersey

by Amy Works April 16, 2015

DELRAN, N.J. — Roddy Inc. has brokered the acquisition of an industrial property located at 1813 Underwood Blvd. within Millside Industrial Park in Delran. AJ Real Holdings LLC, an entity related to Billows Electric, purchased the 109,000-square-foot property from Vosson LLC for an undisclosed price. The property will be leased, in its entirety, to Billows Electric. Situated on 6 acres, the property features 16 tailgate loading docks, 20-foot ceiling heights sloping to 18-foot clear heights and 5,700 square feet of office space. Sean Durkin of Roddy Inc. represented the buyer in the transaction.

April 16, 2015

Mixed-Use New Jersey Northeast

Advance Realty Starts Vertical Construction of Willow14 in New Jersey

by Amy Works April 15, 2015

HOBOKEN, N.J. — Advance Realty has started vertical construction at Willow14, a mixed-use development in Hoboken. Located at the corner of 14th Street and Willow Avenue, the seven-story building will feature 140 apartments, 20,000 square feet of retail space and a four-story, below-grade parking garage. The project’s residential component will feature a mix of studio, one-, two- and three-bedroom units, an outdoor pool, landscaped pool deck, fitness center, outdoor terrace areas with barbecues, bike racks and on-site parking. Completion is slated for first quarter 2016.

April 15, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $5.1M Sale of 72-Unit Apartment Community in New Jersey

by Amy Works April 15, 2015

HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of an apartment community located in Hammonton. The 72-unit Colonial Court Apartments sold for $5.1 million. The buyer, a New Jersey-based builder, plans to address and correct the property’s deferred maintenance and structural issues. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

April 15, 2015

Multifamily New Jersey Northeast

Fisher Development Breaks Ground on 44-Story Residential Tower in New Jersey

by Amy Works April 14, 2015

JERSEY CITY, N.J. — Fisher Development Associates has broken ground for the construction of the first phase of 33 Park Avenue, 44-story residential tower on the Gold Coast of downtown Jersey City. Designed by Perkins Eastman, the 448-unit tower is part of a two-building project in Jersey City’s Liberty Harbor North area. 33 Park Avenue will feature a mix of studio, one- and two-bedroom residential units, ranging from 550 to 1,200 square feet; a 24-hour concierge; an outdoor pool, lounge and landscaped deck; a children’s playroom; cyber café; business center; conference room; screening room; and bicycle and general storage space. The residential tower is slated for completion in spring 2017. At total build out, the two-phase project will feature 900 rental residences, retail space, a state-of-the-art health club, indoor and outdoor screening areas and a full-size sports court. Additional plans for the project include the development of a 267-room Marriott hotel by Tramz Hotels.

April 14, 2015

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