New Jersey

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

Multifamily New Jersey Northeast

The Daten Group to Develop 46-Unit Residential Property in Downtown Hoboken

by Amy Works May 26, 2015

HOBOKEN, N.J. — The Daten Group is developing a seven-story residential building at 600 Harrison St. in downtown Hoboken. Designed by Nastasi Architects, the 67,000-square-foot building will feature 46 apartment units with spacious layouts and in-unit washer/dryers, a virtual doorman, a private gym, an outdoor recreation space and 32-spot parking garage. The rental units will range from $2,900 per month for a one-bedroom, one-bath unit to $4,950 a month for a three-bedroom, two-bath unit. Groundbreaking is scheduled for Thursday, May 28, and construction is estimated to last 18 months.

May 26, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

HillTop Partners Breaks Ground for Mixed-Use Development in New Jersey

by Amy Works May 21, 2015

IRVINGTON, N.J. — HillTop Partners, a joint venture between Kapwood LLC and Urban Builders Collaborative, has broken ground for the development of The HillTop, a residential and mixed-use development in Irvington. The first phase of the project, slated for completion in late 2017, will include a five-story, 110,000-square-foot residential building comprising 115 market-rate and affordable housing rental units, while additional phases will comprise 700 mixed-use units and 15,000 square feet of commercial and retail space, as well as a preschool and restaurant space. Designed by Perkins Eastman, The HillTop is located on six acres formerly occupied by Irvington General Hospital, which shuttered nearly a decade ago. HillTop Partners acquired the site from the township in 2013.

May 21, 2015

Loans Multifamily New Jersey Northeast

Mark Scott’s CMC Arranges $12.5M Construction Loan for Phase II of The Pearl in New Jersey

by Amy Works May 20, 2015

EDGEWATER, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged $12.5 million in construction financing for Phase II of The Pearl, a residential project on New Jersey’s Gold Coast in Edgewater. The financing was arranged with CIT on behalf of the borrower and developer, National Resources. Located at 45 River Road, The Pearl will feature 63 condominiums with 10-foot ceiling heights with full-height windows, high-end natural finishes and sustainable energy systems. On-site amenities will include a 24-hour concierge service, state-of-the-art fitness center, an outdoor pool with views of Manhattan, rooftop deck, restaurants, shops and riverside parks. National Resources partnered with Lessard Design Associates and Alan Tanksley Interiors to transform the six-story commercial building, which was originally designed by Skidmore Owings & Merrill for Lever Brothers in 1953, into a residential project.

May 20, 2015

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