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.
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.
JERSEY CITY, N.J. — Margules Properties has acquired the Sip Triangle Building in Jersey City for $2.5 million from an undisclosed seller. Located at 48-58 Sip Ave. and two blocks from the PATH Station in Journal Square, the 6,000-square-foot building features four retail stores and significant air rights. The property is adjacent to a 64-unit residential building with eight retail stores at 60 Sip Ave. that Margules Properties purchased in 2012. Benjamin Greenstein of Capital Realty Associates represented the buyer in the transaction.
PISCATAWAY, N.J. — Bussel Realty Corp. has arranged the sale of an industrial facility located at 727 South Ave. in Piscataway. Deals For Less purchased the 41,000-square-foot property for $1.8 million. The facility features 14-foot ceilings, five loading docks, one drive-in space and heavy power. The buyer plans to raise the property’s roof an additional 10 feet and use the facility for the distribution of novelty items. Gregory Irving, Stephen Nozza and John Cascio of Bussel Realty Corp. represented the seller, Kanter Properties LLC, while Isaac Neuman of Gramercy Realty Sales represented the buyer in the deal.
FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.
UNION, N.J. — Greiner-Maltz has arranged the sale of the former Tuscan Dairy site, located at 750 Union Ave. in Union, to Chicago-based Bridge Development Partners for an undisclosed price. Bridge Development plans to demolish the existing structures on the site and build a 263,415-square-foot distribution center. The center will have 36-foot ceilings, an ESFR sprinkler system, 50 tailboards, 116 trailer positions and parking for 150 cars. Designed to accommodate up to two tenants, the facility is slated for completion in November. Cornerstone Architects is providing architectural and structural design services and Premier Design & Build National LLC is serving as general contractor. Ray Musalo of Greiner-Maltz represented the seller, Industrial Realty Group, and the buyer in the deal.
Abundant financing, unrelenting demand in an undersupplied industry and low rates are driving Northern New Jersey’s multifamily investment market toward pre-recession levels. Nowhere is this more evident than in the urban commuter hub of Hudson County. Known as an integral part of New Jersey’s Gold Coast, Hudson County serves as one of the most active investment and rental markets in the region thanks to its proximity to Manhattan and high concentration of multifamily properties. Long-term owners in the area increasingly are aware of the market conditions, and trading has started to approach unprecedented levels. A prime example was the recent $21 million sale of a four-property Hudson County multifamily portfolio, with units located throughout Jersey City and Hoboken. The deal marks one of the most highly bid sales in Hudson County this year, with more than 20 competitive offers submitted for the portfolio consisting of 159 apartments and six commercial units. Following three rounds of bidding, the seller, which had owned the property for more than 40 years, accepted the highest non-contingent offer. All of the properties were fully occupied at the time of sale, and the largest — a mid-rise elevator building on Magnolia Avenue in Jersey City — …
LYNDHURST, N.J. — J.G. Petrucci Company Inc. has opened The Station at Lyndhurst, a newly constructed residential community located at 240 Chubb Ave. in Lyndhurst. Managed by Alliance Residential Co., the property features 192 one-, two- and three-bedroom apartments with open-concept living areas, nine-foot ceilings, wood-style flooring and full-size or stackable washers and dryers. Additionally, many units offer personal balconies or courtyards. Community amenities include a fitness center, residential lounge with flat-screen televisions and billiards table, an outdoor lounge with fireplace, and covered and outdoor parking. Rental rates range from $1,725 to $2,800 and units are available for immediate occupancy.
BELLEVILLE, N.J. — Gebroe-Hammer Associates has arranged three multifamily property sales, totaling $9.2 million and 108 units, in Belleville. In the first transaction, Joseph Brecher and Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer for the $4.38 million sale of a 43-unit building located at 574-582 Washington Ave. Additionally, Nicolaou and Stephen Tragash, also of Gebroe-Hammer, represented the seller in the $3.8 million sale of a 51-unit property located at 242 Washington Ave. In the final deal, Nicolaou negotiated the $1.1 million sale of a 14-unit property located at 475 Washington Ave. Additional terms and details were not released for the transactions.
SOUTH BRUNSWICK, N.J. — CBRE Group has arranged a 172,249-square-foot lease for Moulton Fulfillment, a full-service order fulfillment house, at 200 Docks Corner Road in South Brunswick. Owned by Prologis, the 1.2 million-square-foot property features 36-foor ceiling heights, 40-by-50-foot column spacing, 136 docks doors, eight drive-in doors, and ample car and trailer parking stalls. Thomas Monahan, Noah Balanoff, Anastasia Lazarides and Bennett Robinson of CBRE represented the tenant, Moulton Fulfillment, in the deal. Additional terms of the transaction were not released.
