New Jersey

JLL Brokers Three Transactions for SHI International in New Jersey

by Amy Works February 17, 2015

PISCATAWAY AND SOMERSET, N.J. — JLL has represented SHI International in three separate transactions, totaling 870,000 square feet, in New Jersey. SHI sold a 153,000-square-foot office building, located at 33 Knightsbridge Road in Piscataway, to Rutgers, The State University, for an undisclosed price. Bill Brown of Cushman & Wakefield represented the buyer in the transaction. Additionally, SHI completed a 10-year lease with Trammell Crow Co. and Clarion Partners for a 305,751-square-foot warehouse located at 10 Knox Dr. in Piscataway. SHI will use the newly constructed facility to accommodate its growing warehouse and configuration business. Nathan Demetsky and Paul Torosian of JLL represented the building owner in the deal. In the final transaction, SHI acquired a 414,000-square-foot office building, located at 300 Davidson Ave. in Somerset, from MetLife Inc. for an undisclosed price. The building is located adjacent to SHI’s headquarters at 290 Davidson Ave. Jeffrey Dunne of CBRE Inc. represented MetLife in the transaction.

February 17, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers Two New Jersey Multifamily Property Sales

by Amy Works February 16, 2015

RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.

February 16, 2015

New Jersey Northeast Retail

The Goldstein Group Brokers Five New Leases at Inman Grove Shopping Center

by Amy Works February 16, 2015

EDISON, N.J. — The Goldstein Group has brokered five new leases, totaling 10,400 square feet, at Inman Grove Shopping Center, which is located at 1083 Inman Ave. in Edison. With these leases, the 112,404-square-foot retail center, which is anchored by a Stop & Shop, is fully occupied. The new leases include Allstate Insurance (1,600 square feet), Planet Wings (1,600 square feet), Discovery Christian Montessori (3,200 square feet), Nala Bheeman Indian Restaurant (2,400 square feet) and W.S. Rich & Son (1,600 square feet). Matthew Flath of The Goldstein Group represented the undisclosed landlord in the transactions.

February 16, 2015

Healthcare Loans New Jersey Northeast

NorthMarq Capital Closes $16.5M Loan for New Jersey Health Care Center

by Amy Works February 12, 2015

ORADELL, N.J. — NorthMarq Capital has arranged $16.5 million in refinancing for the New Jersey Health Care Center in Oradell. Located at 680 Kinderkamack Road, the property offers 75,000 square feet of medical office space. The transaction features a 10-year term and a 30-year amortization rate. Gregory Nalbandian of NorthMarq’s New Jersey office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Sentinel Investments.

February 12, 2015

Multifamily New Jersey Northeast Student Housing

PRC Campus Centers to Expand Campus Town at The College of New Jersey

by Amy Works February 10, 2015

EWING, N.J. — PRC Campus Centers LLC, a member of the PRC Group, is planning to expand its Campus Town at The College of New Jersey in Ewing by adding two residential buildings, which will accommodate 166 additional students. The second phase, which is scheduled to open in fall 2016, will bring an additional 74,000 square feet of one-, two-, and four-bedroom apartments to the existing 278,000-square-foot mixed-use property. The fully furnished apartments offer each student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room and secure access. The mixed-use complex features an 11,400-square-foot student fitness center and a variety of retail tenants, including Panera Bread, Barnes & Noble Bookstore, Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt and Spencer Savings Bank. Additionally, the expansion will bring PRCs privately funded total investment to approximately $120 million. Campus Town is a public-private partnership between PRC and The College of New Jersey approved under the NJ 2009 Economic Stimulus Act.

February 10, 2015

Hospitality New Jersey Northeast

The Pinnacle Companies, The Hampshire Companies to Develop The MC Hotel in New Jersey

by Amy Works February 10, 2015

MONTCLAIR, N.J. — The Pinnacle Companies has formed a joint venture with The Hampshire Companies to develop The MC Hotel in Montclair. Part of Marriott’s Autograph Collection, the 148-room boutique hotel will feature a rooftop bar, farm-to-table restaurant, conference center and a public art atrium. The joint venture will submit final construction plans in March, and, pending approval, will break ground in the spring. Construction financing will be provided by US Bank. Chicago-based Aparium Hotel Group will manage the property.

February 10, 2015

Industrial Loans New Jersey Northeast

HFF Arranges $10.5M Financing for Media Printing, Production Facility in New Jersey

by Amy Works February 10, 2015

ROCKAWAY, N.J. — HFF has arranged a $10.5 million loan for the sale/leaseback of an industrial printing and production facility located at 100 Commons Way in Rockaway. The borrower, The Hampshire Companies, received a seven-year, fixed-rate loan through Ocean First Bank for the acquisition of the property. The 352,461-square-foot facility is fully leased by North Jersey Media Group. The three-story property features 150,756 square feet of production and printing space, 57,116 square feet of industrial warehouse and distribution space, 20,765 square feet of office space, a data center, a cafeteria, a parking garage and an on-site post office. Michael Klein, Jon Mikula and Michael Cerulo of HFF negotiated the financing and represented the borrower.

February 10, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 36,560 SF Retail Center in New Jersey

by Amy Works February 10, 2015

SEWELL, N.J. — Marcus & Millichap has brokered the sale of Cherry Tree Crossing, a retail property in Sewell. A private investor sold the 36,560-square-foot property to an undisclosed buyer for $2.8 million. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller and buyer in the deal.

February 10, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers $1.2M Sale of Retail Property in New Jersey

by Amy Works February 9, 2015

HOLMDEL, N.J. — Marcus & Millichap has brokered the sale of a retail property in Holmdel. The 2,000-square-foot property, which is net leased to Sun National Bank, sold for $1.2 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller and buyer, both private investors, in the 1031 exchange.

February 9, 2015

Industrial New Jersey Northeast

HFF Brokers $19.5M Sale of 212,000 SF Industrial Facility in New Jersey

by Amy Works February 6, 2015

SECAUCUS, N.J. — HFF has brokered the sale of an industrial facility, formerly Daffy’s Distribution Center, in Secaucus. Situated on 20 acres on Daffy’s Way, the property features 212,000 square feet of warehouse space. Sitex Group LLC sold the property to MEPT, a real estate equity fund advised by Bentall Kennedy, for $19.5 million. HFF’s Michael Nachamkin led the firm’s investment sales team that represented the seller in the transaction.

February 6, 2015

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