MONROE TOWNSHIP, N.J. — NorthMarq Capital has arranged $18 million for the refinancing of Concordia Shopping Center, a 135,090-square-foot retail property in Monroe Township. Located at 1600 Perrineville Road, the property is anchored by a Stop & Shop. The loan features a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq Capital secured the financing through NorthMarq’s correspondent relationship with a life insurance company.
FLEMINGTON, N.J. — CBRE Group Inc. has brokered the sale of Turntable Junction & Fulper Center in Flemington. The 5.3-acre retail and multifamily property sold for $3 million. Charles Berger and Elli Klapper of CBRE represented the seller, a private family, while James Gunning, Donna Falzarano and Evan Kleppe of CBRE Group Inc. secured the financing for the deal. The new owner, an out-of-state buyer, plans to hold the property, which is nearly 100 percent occupied, for investment purposes with the possibility for redevelopment in the future.
SADDLE BROOK, N.J. — A fund sponsored by CBRE Global Investors, an independently operated affiliate of CBRE Group Inc., has acquired Park 80 West, a two-building office complex in Saddle Brook, for an undisclosed price. Located at the junction of Interstate 80 and Garden State Parkway, the 507,480-square-foot asset features a full-service cafeteria, fitness center, boardroom, dry cleaning service, on-site property management and 90-percent covered parking. The property was 73 percent leased at the time of sale; the diverse tenant roster includes several investment-grade companies. The seller was a joint venture between Pearlmark Real Estate Partners and L&L. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group Inc. represented the buyer and worked closely with the seller to ensure an expedient transaction prior to a debt maturity for the transaction.
JERSEY CITY, N.J. — CBRE Group Inc. has brokered the sale of an apartment building located at 205-207 Union St. in Jersey City. The 16-unit property sold for $1.32 million. The buyer plans to hold the recently renovated property as an investment while they expand their existing portfolio in New Jersey. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
PARSIPPANY, N.J. — A joint venture between Intercontinental and Ivy Realty has acquired Morris Corporate Center 4 (MCC 4) in Parsippany for an undisclosed price. Situated within the 182-acre Morris Corporate Center campus, MCC 4 offers 345,218 square feet of office space within two interconnected five-story buildings at 369 and 379 Interpace Parkway. Constructed in 2000, MCC 4 is the newest office building at Morris Corporate Center. Jeffrey Dunne, Kevin Walsh, Brian Schulz, Frank Maresca, Remy deVarenne and Sarah Jones-Maturo of CBRE represented the seller, a subsidiary of MetLife, in the transaction.
PISCATAWAY AND SOMERSET, N.J. — JLL has represented SHI International in three separate transactions, totaling 870,000 square feet, in New Jersey. SHI sold a 153,000-square-foot office building, located at 33 Knightsbridge Road in Piscataway, to Rutgers, The State University, for an undisclosed price. Bill Brown of Cushman & Wakefield represented the buyer in the transaction. Additionally, SHI completed a 10-year lease with Trammell Crow Co. and Clarion Partners for a 305,751-square-foot warehouse located at 10 Knox Dr. in Piscataway. SHI will use the newly constructed facility to accommodate its growing warehouse and configuration business. Nathan Demetsky and Paul Torosian of JLL represented the building owner in the deal. In the final transaction, SHI acquired a 414,000-square-foot office building, located at 300 Davidson Ave. in Somerset, from MetLife Inc. for an undisclosed price. The building is located adjacent to SHI’s headquarters at 290 Davidson Ave. Jeffrey Dunne of CBRE Inc. represented MetLife in the transaction.
RAHWAY, N.J. — Gebroe-Hammer Associates has brokered the sales of two multifamily properties, River Place at Rahway and Alden Apartments, in Rahway. In the first transaction, an undisclosed buyer acquired River Place, located at 190 Lewis St., for $36 million. Built in 2005, the two-building property features 60 one-bedroom and 76 two-bedroom units. Each apartment features ceramic tile kitchens and bathrooms, nine-foot ceiling heights, washer and dryers, fully equipped kitchens and private balconies. On-site amenities include a fitness center, media room, outdoor courtyard, parking and attached garages. Joseph Brecher and Gehane Triarsi of Gebroe-Hammer represented the undisclosed owner, while Ken Uranowitz, also of Gebroe-Hammer, represented the undisclosed buyer in the deal. Additionally, Greg Pine, David Jarvis and Gehane Triarsi of Gebroe-Hammer brokered the sale of Alden Apartments for an undisclosed price. Alden Apartments Complex LLC sold the 32-unit apartment complex to an undisclosed buyer.
EDISON, N.J. — The Goldstein Group has brokered five new leases, totaling 10,400 square feet, at Inman Grove Shopping Center, which is located at 1083 Inman Ave. in Edison. With these leases, the 112,404-square-foot retail center, which is anchored by a Stop & Shop, is fully occupied. The new leases include Allstate Insurance (1,600 square feet), Planet Wings (1,600 square feet), Discovery Christian Montessori (3,200 square feet), Nala Bheeman Indian Restaurant (2,400 square feet) and W.S. Rich & Son (1,600 square feet). Matthew Flath of The Goldstein Group represented the undisclosed landlord in the transactions.
ORADELL, N.J. — NorthMarq Capital has arranged $16.5 million in refinancing for the New Jersey Health Care Center in Oradell. Located at 680 Kinderkamack Road, the property offers 75,000 square feet of medical office space. The transaction features a 10-year term and a 30-year amortization rate. Gregory Nalbandian of NorthMarq’s New Jersey office arranged the financing for the undisclosed borrower through NorthMarq’s correspondent relationship with Sentinel Investments.
EWING, N.J. — PRC Campus Centers LLC, a member of the PRC Group, is planning to expand its Campus Town at The College of New Jersey in Ewing by adding two residential buildings, which will accommodate 166 additional students. The second phase, which is scheduled to open in fall 2016, will bring an additional 74,000 square feet of one-, two-, and four-bedroom apartments to the existing 278,000-square-foot mixed-use property. The fully furnished apartments offer each student a private bedroom, a private or semi-private bathroom, full kitchen, living room, laundry room and secure access. The mixed-use complex features an 11,400-square-foot student fitness center and a variety of retail tenants, including Panera Bread, Barnes & Noble Bookstore, Piccolo Trattoria, Yummy Sushi, El Mexican Mariachi, Redberry Yogurt and Spencer Savings Bank. Additionally, the expansion will bring PRCs privately funded total investment to approximately $120 million. Campus Town is a public-private partnership between PRC and The College of New Jersey approved under the NJ 2009 Economic Stimulus Act.
