New Jersey

Gebroe-Hammer Brokers Two Multifamily Sales in New Jersey

by Amy Works March 31, 2015

PLAINFIELD, N.J. — Gebroe-Hammer Associates has brokered the sale of two multifamily properties, totaling 60 units, in Plainfield. In the first transaction, Gehane Triarsi and Nicholas Nicolaou of Gebroe-Hammer arranged the $3.1 million sale of a 33-unit multifamily property at 815-825 Central Ave. The property features a mix of two-, three- and four-and-a-half-room layouts. In the second deal, Triarsi represented the seller in the $2.2 million sale of a 27-unit property at 315 W. Eighth St. The property features 21 studios and six one-bedroom units. Stephen Tragash, also of Gebroe-Hammer, procured the buyer in the transaction.

March 31, 2015

New Jersey Northeast Office

Securitas Security Services USA Leases 81,282 SF Lease at Mack-Cali Business Campus

by Amy Works March 25, 2015

PARSIPPANY, N.J. — Securitas Security Services USA has signed a new 15-year lease for 81,282 square feet of space at 9 Campus Drive within Mack-Cali Business Center in Parsippany. The company’s new location, which will serve as its North American headquarters and Eastern Operations Center, will house a data center and 24/7 call center and approximately 225 employees. With this lease, the four-story, 156,495-square-foot office building is now 89.2 percent leased. Joseph Messina, formerly of Savills Studley, along with Daniel Foley and Christopher Marx of Savills Studley, represented the tenant, while Diane Chayes and Brian Decillis provided in-house representation for Mack-Cali Realty Corp.

March 25, 2015

Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 156,281 SF Industrial Facility in New Jersey

by Amy Works March 24, 2015

MARLTON, N.J. — NAI Mertz has arranged the sale of a multi-tenant industrial building located at 4 East Stow Road in Marlton. Plymouth Industrial REIT Inc. purchased the 156,280-square-foot facility for an undisclosed price. The property is currently 97 percent leased to a variety of tenants, including Cherry Hill Photo, RiverTech Solutions and MBO America. Situated on 14.54 acres, the property features 22-foot ceiling heights, 22 tailgate loading doors and eight drive-in loading doors. Jonathan Klear and Fred Meyer of NAI Mertz negotiated the transaction. The name of the seller was not released.

March 24, 2015

Industrial New Jersey Northeast

NAI Hanson Brokers 44,560 SF Industrial Lease in New Jersey

by Amy Works March 23, 2015

RAMSEY, N.J. — NAI Hanson has brokered the lease of 44,560 square feet of industrial space in Ramsey. Glebar Corp. will relocate to the industrial space at 565 Crescent Ave. from Franklin Lakes, N.J. The facility features five tailgates, one drive-in loading dock and 9,400 square feet of office space. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the property owner, West Essex Industrial Park LLC, while Craig Engelhardt of Savills Studley represented the tenant in the lease transaction.

March 23, 2015

Loans New Jersey Northeast Retail

Integra Real Estate Capital Arranges $14M Acquisition Loan in New Jersey

by Amy Works March 19, 2015

SOUTH BRUNSWICK, N.J. — Integra Real Estate Capital has arranged a $14 million acquisition loan for a shopping center in South Brunswick. A grocery store and Bank of America occupy the 77,500-square-foot South Brunswick Shopping Center. The New Jersey-based borrower received a non-recourse loan of 82.5 percent loan-to-value that features three years of interest-only payments. Meyer Perlman of Integra negotiated the financing through a national balance sheet lender.

March 19, 2015

Hospitality New Jersey Northeast

HREC Arranges Sale of 239-Room DoubleTree Princeton in New Jersey

by Amy Works March 19, 2015

PRINCETON, N.J. — HREC Investment Advisors has brokered the sale of a DoubleTree by Hilton hotel in Princeton. Located at 4355 U.S. Route 1, the 239-room hotel sold for an undisclosed price. Ketan Patel and Geoff David of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.

March 19, 2015

New Jersey Northeast Office

CBRE Group Brokers Sale of 220,877 SF Office Building in New Jersey

by Amy Works March 17, 2015

PARK RIDGE, N.J. — CBRE Group has brokered the sale of an office building located at One Sony Dr. in Park Ridge. Hornrock Properties purchased the 220,877-square-foot building from Sony Electronics Inc. for an undisclosed price. As part of the sale, the building will be partially leased back to Sony Electronics for two years. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Jeffrey Babikian of CBRE represented the seller and procured the buyer in the transaction.

March 17, 2015

New Jersey Northeast Office

Colliers Arranges $14.1M Sale of Intel Corporate Center in Parsippany

by Amy Works March 13, 2015

PARSIPPANY, N.J. — Colliers has arranged the sale of Intel Corporate Center, a two-building office property located at 1515 Route 10 in Parsippany. An affiliate of Stanbery Development and developer/owner of The Shoppes at Union Hill in Denville, N.J., acquired the property for $14.1 million. The two three-story buildings, which total 288,742 square feet, are currently leased to Intel Corp. through the end of the year. On-site amenities include a full-service cafeteria, professional gym facility, conference areas and an outdoor terrace with seating. Jacklene Chesler, Richard Madison, Jeffrey Oram and Chuck Kohaut of Colliers represented the undisclosed seller in the transaction.

March 13, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 11,348 SF Retail Property

by Amy Works March 13, 2015

WEST ORANGE, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 640-642 Eagle Rock Ave. in West Orange. The 11,348-square-foot property sold for $2.7 million. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and Michael Rothstein, also of Marcus & Millichap, represented the buyer, a private investor, in the all-cash 1031 exchange.

March 13, 2015

Mixed-Use New Jersey Northeast

JV Acquires Mixed-Use Property in Central New Jersey for $6.2M

by Amy Works March 12, 2015

EWING TOWNSHIP, N.J. — A joint venture between Black Oak Associates and Broad Oak Partners has acquired a 98,000-square-foot mixed-use property located at 1600 N. Olden Ave. in Ewing Township. 1600 Olden LLC sold the property for $6.2 million. Family Dollar and the State of New Jersey Department of Motor Vehicles anchor the property, which offers a mix of retail, office and flex space. At the time of sale, the property was 70 percent occupied. The acquisition is the third in Black Oak’s investment fund vehicle, Black Oak IV LP. David Bernhaut of Cushman & Wakefield represented the seller in the transaction.

March 12, 2015

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