New Jersey

Bussel Realty Arranges Sale of 41,000 SF Industrial Facility in New Jersey

by Amy Works February 5, 2015

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.

February 5, 2015

Loans New Jersey Northeast Office Retail

HFF Arranges $221.8M Loan for 30-Property Retail, Office Portfolio

by Amy Works February 4, 2015

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.

February 4, 2015

Industrial New Jersey Northeast

Greiner-Maltz Brokers Sale of 18-Acre Former Tuscan Dairy Site in New Jersey

by Amy Works February 4, 2015

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.

February 4, 2015

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Hudson County’s Multifamily Market Remains Golden for Investors

by Jaime Lackey February 4, 2015

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 — …

February 4, 2015

Multifamily New Jersey Northeast

J.G. Petrucci Company Opens 192-Unit Apartment Community in New Jersey

by Amy Works February 3, 2015

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.

February 3, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges Three Multifamily Sales Totaling $9.2M in New Jersey

by Amy Works February 3, 2015

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.

February 3, 2015

Industrial New Jersey Northeast

CBRE Arranges 172,249 SF Industrial Lease in New Jersey

by Amy Works February 3, 2015

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.

February 3, 2015

New Jersey Northeast Retail

Colliers Brokers $12.9M Retail Strip Center Sale in East Hanover, New Jersey

by Amy Works February 2, 2015

EAST HANOVER, N.J. — Colliers International has brokered the sale of a retail strip center in East Hanover. Located at 346 Route 10, the 30,000-square-foot property sold for $12.9 million. The multi-tenanted property is currently occupied by Party City, Verizon Wireless and Jersey Mike’s Subs and has 25 percent of unoccupied space remaining. Jacklene Chesler of Colliers represented the seller, JEMB Realty, and procured the buyer, The Klein Group, in the deal.

February 2, 2015

New Jersey Northeast Office

Marcus & Millichap Brokers $3.9M Sale of New Jersey Office Building

by Amy Works January 29, 2015

RIDGEWOOD, N.J. — Marcus & Millichap has brokered the sale The Lincoln Building, an office property at 45 N. Broad St. in Ridgewood. The 24,000-square-foot multi-tenant property sold for $3.9 million. David Thurston of Marcus & Millichap’s New Jersey office represented the seller, a partnership, and secured the buyer, a local limited liability company, in the transaction. Additionally, Bruce Whitaker of Ramsey, N.J.-based McDonnel Whitaker served as legal counsel for the seller, while Michael Ochs of Hasbrouck Heights, N.J.-based Bertone Piccini provided legal representation for the buyer.

January 29, 2015

Industrial New Jersey Northeast

Bussel Realty Corp. Brokers Sale of 99,000 SF Distribution Facility

by Amy Works January 28, 2015

SOMERSET, N.J. — Bussel Realty Corp. has brokered the sale of a distribution facility in Somerset. SV Investments sold the 99,000-square-foot property to 62 Veronica LLC for an undisclosed price. The seller leased back a portion of the building for its rug business. Robert Sager, David Blitt and Jordan Metz of Bussel Realty Corp. represented the seller, while Gramercy Real Estate Services represented the buyer in the transaction.

January 28, 2015

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