New Jersey

Walters Group is Developing Alberston Village in Camden County

by Amy Works October 30, 2014

HADDON TOWNSHIP, N.J. — Walters Group is developing Alberston Village, an apartment project located in Haddon Township. Located in the Westmont section of Haddon Township, the 82-unit apartment building will offer a mix of one- and two-bedroom residences with optional loft spaces and upgraded interiors, including Energy Star appliances and granite kitchen countertops. Comprising four three-story buildings, the community will feature a clubhouse with 24-hour fitness and parking garages for residents.

October 30, 2014

Loans New Jersey Northeast Retail

Cronheim Secures $11.5M Loan for New Jersey Retail Center

by Amy Works October 30, 2014

SEA GIRT, N.J. — Cronheim Mortgage has secured $11.5 million in financing for Brook 35 Plaza in Sea Girt. The 15-year interest-only loan was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh. The borrower is Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust. Built in 1986, Brook 35 Plaza is an open-air lifestyle center comprising three retail buildings totaling 80,877 square feet. Current tenants include Chico’s, Coach, The Gap, Starbucks Coffee, Victoria’s Secret and Williams-Sonoma. Additionally, the retail center’s second floor contains 13,240 square feet that is 100 percent leased to Morgan Stanley and Premier Executive Suites. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the transaction.

October 30, 2014

New Jersey Northeast Retail

Marcus & Millichap Brokers $7.44M Retail Property Sale in New Jersey

by Amy Works October 27, 2014

CARLSTADT, N.J. — Marcus & Millichap has brokered the sale of a 14,490-square-foot Walgreens drugstore location in Carlstadt. Located at 637 Hoboken Road, the freestanding property sold for $7.44 million. The property is at the signalized intersection of Hoboken Road and Garden Street and is surrounded by national retailers, including Stop & Shop, Bank of America, Burger King, Verizon Wireless, CVS, AutoZone and Dunkin’ Donuts. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a fund manager, and represented the buyer, an out-of-state fund, in the deal.

October 27, 2014

Multifamily New Jersey Northeast

BNE Real Estate Group Opens 141-Unit Water’s Edge at Harrison

by Amy Works October 24, 2014

HARRISON, N.J. — BNE Real Estate Group has opened its Water’s Edge at Harrison, a luxury rental building in Harrison. Located at 301 Dey St., the 141-unit building features a mix of studio, one- and two-bedroom apartments ranging in size from 545 to 1,232 square feet. Unit amenities include hardwood floors, plush carpeting, nine-foot ceilings, high-efficiency washer/dryers, oversized windows, stainless steel appliances and chef-inspired kitchens. Community amenities include 24-hour concierge services, on-site management and maintenance; a fitness center; WiFi business center; residents’ lounge; game room and landscaped terrace with heated outdoor pool. The property is being managed by BNE Management Group.

October 24, 2014

New Jersey Northeast Office

One Liberty Properties Sells 106,680 SF Office Building for $40M

by Amy Works October 23, 2014

PARSIPPANY, N.J. — One Liberty Properties has sold an office building, located at 45 Waterview Blvd., for $40 million. The 106,680-square-foot building is 100 percent leased on a long-term basis by Royal DSM, a global life science and material science company, for its North American headquarters. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group’s Institutional Properties team represented the seller and procured the buyer, a fund invested in by an offshore entity and first-time U.S. buyer, in the deal. The fund is managed by JM Capital LLC and advised by Nadlan Advisors LLC.

October 23, 2014

New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 6,000 SF Net-Leased Property

by Amy Works October 22, 2014

FORT LEE, N.J. — Marcus & Millichap has brokered the sale of an absolute triple-net ground lease at 2035 Lemoine Ave. in Fort Lee. The asset, which features a 6,000-square-foot net-leased property, sold for $990,000. Michael Lombardi and Marco Capozzoli of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Greg Babaian of Marcus & Millichap’s New Jersey office represented the buyer, a private investor, in the transaction.

October 22, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Arranges Sale of 19-Unit Apartment Building in Jersey City

by Amy Works October 21, 2014

JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 14-20 Park St. in Jersey City’s Bergen-Lafayette section. The asset sold for $3.6 million or $189,000 per unit. The four-story, 19-unit apartment building underwent an extensive renovation in 2009. Steven Matovski and Umar Sheikh of Marcus & Millichap brokered the transaction. The names of the seller and buyer were not disclosed.

October 21, 2014

New Jersey Northeast Retail

Marcus & Millichap Arranges $3.7M Sale of Net-Leased Property

by Amy Works October 20, 2014

HACKENSACK, N.J. — Marcus & Millichap has arranged the sale of a net-leased retail property located on Polifly Road in Hackensack. The 10,000-square-foot asset, which is net-leased by CVS, sold for $3.7 million. Michael Lombardi and Greg Babaian of Marcus & Millichap’s New Jersey office listed the property on behalf of the seller, a private investor. Giovanni LaGalia and Scott Plasky of Marcus & Millichap’s Manhattan office secured and represented the buyer in the transaction.

October 20, 2014

Mixed-Use Multifamily New Jersey Northeast Office Retail

LCOR Tops Out Phase I of New Jersey Mixed-Use Project

by Amy Works October 17, 2014

MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.

October 17, 2014

Industrial New Jersey Northeast

Principal Real Estate Investors Buys 216,000 SF Industrial Facility

by Amy Works October 17, 2014

MOONACHIE, N.J. — Principal Real Estate Investors has acquired One Lladro Drive, an industrial facility located in Moonachie, for an undisclosed price. The 216,000-square-foot industrial facility will undergo a major capital improvements program, including improved sprinkler systems, lighting and loading capabilities, to ensure the property as an institutional-quality asset. Principal Real Estate Investors has selected the CBRE team of William Waxman, Mindy Lissner, Matthew Corpuel, Thomas Tucci and Jamie Dennison to rebrand and reposition the property, which will be renamed Tri-State Commerce Center.

October 17, 2014

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