PARSIPPANY, N.J. — Transwestern has brokered a 71,500-square-foot lease for Langan Engineering at the newly redeveloped 300 Kimball Drive in Parsippany. Additionally, Transwestern will oversee construction management services, on behalf of the landlord, for the fit-out of Langan’s space. 300 Kimball Drive recently underwent an extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility. Designed by Gensler, the redeveloped building features stainless steel pillars, polished Italian marble flooring, Shaw carpet tiles and wood wall coverings. Additionally, the renovation included upgrading the lobby, bistro and adding a fitness center with cardio and weight machines, free weights, yoga space and flat-screen televisions. Terms of the lease were not disclosed.
New Jersey
HAMILTON, N.J. — DTZ has brokered a 63,500-square-foot lease for industrial space within the Hamilton Business Center at 8 Marlen Dr. in Hamilton. Global Essence, a provider of high-quality natural ingredients for fragrance, flavoring, beauty and household products, plans to use the space as corporate headquarters and an operations facility. Robin Ritter-Ceriello and Larry Casey of DTZ represented the tenant, while Steve Tolkach and Dov Sortzkin of Newmark Grubb Knight Frank represented the landlord, Hamilton Business Center, in the transaction.
UNION, N.J. — Gebroe-Hammer has arranged the sale of Village Apartments, located at 1221 Magie Ave. in Union. The 126-unit multifamily property sold for $17.2 million. Village Apartments features 32 two-story apartment buildings offering a total of 82 one-bedroom units and 44 two-bedroom units. Additionally, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller, while Joseph Brecher, also of Gebroe-Hammer represented the undisclosed buyer in the transaction. Robert Sochor of Elmwood Park and Richard Rubin provided legal counsel to the seller and buyer, respectively.
WOODBRIDGE, N.J. — Prism Capital Partners has signed a definitive agreement to purchase a five-acre land parcel at the corner of Rahway Avenue and Green Street in Woodbridge for an undisclosed price. The company plans to develop a 180-unit multifamily project at the site, which is across from New Jersey Transit’s Woodbridge Station. Prism purchased a controlling interest in the site from the Lucas family and is currently finalizing plans for township approval. Prism plans to start construction of the property in late 2015.
MATAWAN, N.J. — Hudson Equities Management Corp. has acquired an office property located at 90 Matawan Road in Matawan. Vision Real Estate Partners sold the property, known as Parkway 120, for an undisclosed price. The five-story building features underground parking, a dual-sided atrium lobby, an onsite café and sundries shop and card-access security. Prior to the sale, Vision Real Estate Partners’ brought the 210,000-square-foot property to full occupancy. At the time of the sale, Vision Real Estate Partners negotiated an expansion for long-term tenant iCIMS, which now occupies 83,900 square feet. The buyer and management team plans to renovate the two-story lobby at Parkway 120. The renovations will include updated finishes, new lighting and carpeting and the addition of a seating area. Vision Management will continue to manage the property under the new ownership.
BLACKWOOD, N.J. — Integra Real Estate Capital has arranged a $3.6 million mortgage for the refinancing of Scenic Falls Apartments, a 100-unit multifamily property located in Blackwood. The 7-year loan, provided by a New Jersey portfolio lender, features a 3.75 percent fixed rate. Igor Goldenberg of Integra negotiated the financing on behalf of a New York-based borrower.
EDISON, N.J. — HFF has brokered the sale of an industrial facility located at One Truman Drive South in Edison. IC/L-A One Truman Drive LLC, wholly owned by affiliates of Lubert-Adler Partners, sold the 369,313-square-foot property to Cohen Asset Management Inc. and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets. In addition to marketing the property on behalf of the seller, HFF arranged a fixed-rate acquisition loan through Principal Real Estate Investors for the buyers. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction. Jon Mikula and Michael Klein, also of HFF, secured the financing for the purchaser.
MORRIS COUNTY, N.J. — Woodmont Properties has broken ground for the construction of Woodmont West at Mount Arlington, an apartment community in Morris County. Situated on 55 acres, the community will feature 300 one- and two-bedroom residences, a clubhouse, a fitness center, a game room, a swimming pool and whirlpool, a barbeque area, walking paths, a sports court, a library, a business center, a party room, a theater, a pet grooming center, private garages and an indoor golf center with a driving range and putting green. The community is slated to open in January 2016.
NEWARK, N.J. — CBRE Group Inc. has brokered the sale of 1 and 2 Noll Place in Newark. The two-building apartment complex, which features 36 units, sold for $1.9 million. Charles Berger and Elli Klapper of CBRE represented the undisclosed seller in the transaction. The undisclosed out-of-state buyer plans to hold the property for investment purposes.
SOUTH HACKENSACK, N.J. — Park Avenue Motor Corp. has acquired an industrial warehouse building located at 490 Huyler St. in South Hackensack. The Hampshire Companies sold the 112,270-square-foot property for an undisclosed price. Situated near major highways in Bergen County’s industrial corridor, the property features 16- to 18-foot ceiling heights and multiple loading docks. The buyer has leased the building since 2012 and exercised its purchase option to complete the transaction.