New Jersey

The Fresh Market Opens at The Village of Livingston

by Amy Works October 17, 2014

LIVINGSTON, N.J. — The Fresh Market has opened its third location in New Jersey at The Village at Livingston in Livingston. The store has signed a long-term lease to occupy 23,000 square feet at the 93,000-square-foot shopping center, which is owned and managed by Eastman Cos. Located at 277 Eisenhower Parkway, the shopping center serves a growing residential population of more than 185,000 people within a five-mile radius. The Fresh Market was founded in 1982 and provides a product selection and expert customer service in an atmosphere that is reminiscent of European-style markets. The company currently operates 155 stores in 26 states.

October 17, 2014

New Jersey Northeast Office

CBRE Brokers Sale of a New Jersey Office Building

by Amy Works October 16, 2014

HADDON TOWNSHIP, N.J. — CBRE Inc. has brokered the sale of the Wells Fargo Building, located at 600 W. Cuthbert Blvd. in Haddon Township. National Financial Realty – East Coast Portfolio LLC sold the property for $2.98 million. The 75,937-square-foot office building was constructed in two phases. A two-story bank branch was completed in 1965, and a six-story attached office building was completed in 1976. Wells Fargo is the sole tenant. Wells Fargo vacated the two-story bank branch property, which is currently available for lease. Jim Pasquarella and Bill Tourtellotte of CBRE represented the seller in the transaction.

October 16, 2014

New Jersey Northeast Office

NAI Hanson Arranges Sale of Hackensack Office Building

by Amy Works October 15, 2014

HACKENSACK, N.J. — NAI James E. Hanson has arranged the sale of an office building in Hackensack. AZA Property purchased the 12,000-square-foot building, which is located at 126 State St., for an undisclosed price. The buyer is relocating from Manhattan. Dominic Fittizzi and Michael Walters of NAI Hanson represented the seller, Pisarri, McEnroe & Carerii, in the transaction.

October 15, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 13-Unit New Jersey Apartment Building

by Amy Works October 14, 2014

UNION CITY, N.J. — Marcus & Millichap has brokered the sale of Civic Towers, an apartment building located in Union City. The apartment building sold for $1.8 million or $136,538 per unit. Located at 1306 New York Ave., the building features 13 residential units and 10 on-site parking spaces. Steven Matovski of Marcus & Millichap represented the seller, a local developer, while Maz Radwan and Jonathan Zamora, also of Marcus & Millichap, secured the buyer for the transaction.

October 14, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Brokers the Sales of Two Apartment Buildings

by Amy Works October 13, 2014

HOBOKEN, N.J. — Marcus & Millichap has brokered the sales of two apartment buildings in Hoboken. 406 Madison, an eight-unit apartment building, sold for $1.1 million, and 120 Jefferson, an eight-unit residential building, sold for $1.3 million. Steven Matovski and Lawrence Conway of Marcus & Millichap’s New Jersey office had the exclusive listings for both properties. Additionally, Matovski and Conway secured all-cash, non-contingent offers for the properties.

October 13, 2014

Healthcare New Jersey Northeast

Rendina Acquires New Jersey Medical Office Portfolio for $14.75M

by Amy Works October 10, 2014

BELLEVILLE, N.J. — Rendina has acquired a three-building medical office portfolio, located in Belleville, for $14.75 million. The 128,006-square-foot portfolio is situated on the campus of Clara Maass Medical Center (CMMC), a Barnabas Health facility. The purchase allows Rendina to bring management and leasing expertise to the properties, and also provides Barnadas Health an additional source of capital for the development of an 87,000-square-foot expansion at CMMC. Rendina will serve as the developer for the project, which includes a state-of-the-art intensive care unit, new hospital lobby and custom-designed physician office space. Site work, including a parking garage expansion, began in late September. In addition to handling management and leasing responsibilities, Rendina will invest more than $2 million in capital improvements and upgrades for the newly acquired properties.

October 10, 2014

Industrial New Jersey Northeast

Terreno Realty Corp. Buys 84,000 SF Industrial Property in New Jersey

by Amy Works October 9, 2014

RAHWAY, N.J. — Terreno Realty Corp. has acquired an industrial property located in Rahway for approximately $7.2 million. Situated on 4.3 acres at 900 Hart St., the 84,000-square-foot building features eight dock-high and one grade-level loading positions. Additionally, the property is 52 percent leased to one tenant. Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. Additional details of the transaction were not disclosed.

October 9, 2014

New Jersey Northeast Retail

Katz Properties Acquires New Jersey Shopping Center for $10.3M

by Amy Works October 8, 2014

SICKLERVILLE, N.J. — Katz Properties of New York has purchased Gloucester Town Center, a shopping center in Sicklerville, for $10.3 million. Located at 509-543 Berlin Cross Key Road and built in 2003, the 107,220-square-foot center is anchored by a 57,560-square-foot Acme supermarket. Additional tenants include Dollar Tree, Columbia Bank, STS Tire, Hallmark, Slim Chicks Fitness, Marco’s Pizza, Brite Cleaners, Nail Tech and Post Net. Brad Nathanson of CBRE Philadelphia represented both the buyer and seller in the transaction. Tim Breda of Goedecke & Co. arranged mortgage financing for the shopping center.

October 8, 2014

New Jersey Northeast Office

CBRE Group Brokers Sale of Four-Building Office Portfolio in Parsippany

by Amy Works October 8, 2014

PARSIPPANY, N.J. — CBRE Group Inc. has brokered the sale of a four-property office portfolio in Parsippany. Cornerstone Real Estate Advisers, acting on behalf of a firm-managed fund, sold the properties to a joint venture between Lincoln Property Co. and Red River Asset Management for an undisclosed price. The 210,888-square-foot portfolio includes 10, 20 and 30 Lanidex Plaza and 299 Cherry Hill Road. Currently the portfolio is 67 percent leased to 15 tenants with stability provided by 30 Lanidex, which is 100 percent leased on a long-term basis. Jeffrey Dunne, Kevin Welsh, Brian Schula and Frank Maresca of CBRE Institutional Properties along with Jeremy Neuer of CBRE’s East Brunswick, N.J., office represented the seller and procured the buyer in the transaction.

October 8, 2014

Loans New Jersey Northeast Office

Cushman & Wakefield Arranges $18M Loan for New Jersey Office Building

by Amy Works October 6, 2014

PRINCETON, N.J. — Cushman & Wakefield has arranged an $18 million loan for 750 College Road East in Princeton. The three-year, non-recourse loan, which was provided by Square Mile Capital Management LLC, features a floating rate. Built in 2001, the three-story, 100,000-square-foot office building is fully leased to two tenants. Gideon Gil, Sridhar Vankayala and Alex Lapidus of Cushman & Wakefield Equity, Debt and Structured Finance represented the borrower, an affiliate of ML7.

October 6, 2014

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