New Jersey

HFF Arranges $10.95M Sale of New Jersey Office Building

by Amy Works January 12, 2015

EAST HANOVER, N.J. — HFF has brokered the sale of Eagle Rock Executive Office IV, an office building located in East Hanover. Griffin Capital Essential Asset REIT Inc. sold the property to Boxer F3 LLC for $10.95 million, free and clear of existing debt. Boxer Property will manage and lease the facility. Situated on 15.25 acres at 120 Eagle Rock Ave., the three-story 177,820-square-foot building is part of the three-building Eagle Rock Executive Park. The building features a granite and reflective glass curtain wall façade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Current tenants include Prudential, GfK US Holdings, CAI, Fishman McIntyre PC, and John Van Deusen & Associates. Jose Cruz, Kevin O’Hearn, Marc Duval and Andrew Scandalios of HFF represented the seller in the transaction.

January 12, 2015

Healthcare New Jersey Northeast Office

United Realty Trust Acquires 90,000 SF Medical Headquarters in New Jersey

by Amy Works January 9, 2015

CHERRY HILL, N.J. — United Realty Trust Inc. has acquired a medical office property located at 7 Carnegie Plaza in Cherry Hill. FRS Carnegie Plaza LLC sold the 90,000-square-foot property sold for $9.3 million. Built in 1988 and last renovated in 2009, the property is fully occupied by Fox Rehabilitation Services, a provider of physical, occupational and speech therapy services. Situated on 17.4 acres, the property provides infrastructure for more than 700 employees and includes 559 onsite outdoor parking spaces. United Realty Trust financed the acquisition in part through a $5.5 million first mortgage loan and a $1.8 million mezzanine loan.

January 9, 2015

New Jersey Northeast Office

The Berger Organization Adds 58 Park Place its Portfolio

by Amy Works January 8, 2015

NEWARK, N.J. — The Berger Organization has acquired 58 Park Place in Newark from PPSJ Corp. for an undisclosed price. The 30,000-square-foot office property is 50 percent occupied by the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Habitat for Humanity, which is currently located at 60 Park Place, plans to relocate to the fourth floor of 58 Park Place. This acquisition adds to the company’s current Newark portfolio, which includes 10, 50 and 60 Park Place and 570 and 765 Broad Street. Additional terms of the transaction were not released.

January 8, 2015

Industrial New Jersey Northeast

Construction Underway for New Facility at LogistiCenter Logan in New Jersey

by Amy Works January 6, 2015

LOGAN TOWNSHIP, N.J. — Dermody Properties has started construction on a multi-tenant industrial facility at LogistiCenter Logan, its 7.4-million-square-foot industrial park in Logan Township. Located at 1110 Commerce Blvd., the facility will total 171,600 square feet. Upon completion, the facility will be fully operational and suited for e-commerce, food and beverage, and consumer product warehousing and distribution. The facility will feature 32-foot clear heights, 105 car parking spaces and 39 trailer parking spaces. Blue Rock Construction is serving as construction partner for the property, which is being marketed by Colliers International. Great Point Investors LLC is the strategic capital partner on the project. Construction is slated for completion this summer.

January 6, 2015

Multifamily New Jersey Northeast

PRP Sells Park Crest Village Apartments for $23M

by Amy Works January 6, 2015

GLASSBORO, N.J. — PRP Real Estate Investment Management has completed the sale of the Park Crest Village Apartments, a garden apartment community located in Glassboro. Chelsea Management purchased the 385-unit property for $23 million. At the time of sale, Park Crest Village was 94 percent occupied, up from 88 percent when PRP originally acquired the property in 2007.

January 6, 2015

Industrial New Jersey Northeast

Bussel Realty Corp. Arranges Sale of 19,400 SF Industrial Facility

by Amy Works January 5, 2015

PLAINFIELD, N.J. — Bussel Realty Corp. has brokered the sale of an industrial facility, located at 1280 North Ave. in Plainfield. TJK Associates sold the 19,400-square-foot property to 1280 North Avenue Associates for $1.45 million. The fully-leased building features 18-foot ceiling heights, 40-foot by 40-foot column spacing, two loading docks and two drive-in doors. Additionally, the property offers access to Routes 28 and 22 and close proximity to Interstate 78. Gregory Irving and Manny Judah of Bussel Realty Corp. represented the seller, while Cresa New Jersey represented the buyer in the transaction.

January 5, 2015

Hospitality New Jersey Northeast

Homewood Suites by Hilton Opens First Hotel in Hamilton, N.J.

by Amy Works January 5, 2015

HAMILTON, N.J. — Homewood Suites by Hilton has opened its first hotel in Hamilton. Located at 960 US Highway 130, the four-story hotel features 110 suites and is the tenth Homewood Suites property in New Jersey. The property features complimentary Internet, free hot breakfast and light evening dinner and drinks Monday through Thursday, fully equipped kitchens, separate living and sleeping spaces, a complimentary grocery shopping service and recreational options. The property is owned and operated by Kuser & 130 Associates LLC. Homewood Suites by Hilton is Hilton Worldwide’s international brand of upscale, all-suite, and extended-stay hotels.

January 5, 2015

Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Burnt Tavern Skilled Nursing Facility in New Jersey

by Amy Works December 23, 2014

BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.

December 23, 2014

Loans Multifamily New Jersey Northeast

Woodmont Properties Receives Financing for 126-Unit Multifamily Community

by Amy Works December 23, 2014

HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has secured a long-term permanent loan for Woodmont Knolls at Hanover, a multifamily community located in the Cedar Knolls section of Hanover. The financing, which was provided by Valley National Bank, enables Woodmont to secure permanent financing for the property, which is now fully leased. Situated on a 15-acre former industrial site, the property features 126 one- and two-bedroom flats and carriage homes. On-site amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, and a swimming pool with a sundeck. Additionally, the pet-friendly community features a dog park and a picnic and barbeque area.

December 23, 2014

Industrial New Jersey Northeast

River Drive Construction Completes 19,400 SF Build-Out for DSVR Inc.

by Amy Works December 22, 2014

MOUNT OLIVE TOWNSHIP, N.J. — River Drive Construction has completed the build-out of a 19,400-square-foot space for DSRV Inc. at 330 Waterloo Valley Road in Mount Olive Township. The project involved the conversion of 10,000 square feet of warehouse space into a light manufacturing facility for a diagnostics reagent process. The conversion involved the restructuring and installing various aspects of the space, including walls, extensive plumbing, HVAC and electric. Additionally, 8,000 square feet of space received a basic refresh. DSRV Inc. will now move its Georgia office and manufacturing activities to Mount Olive Township, which will optimize its operations with the new proximity to its parent company, Diagnostica Stago. River Drive Construction served as project manager of the conversion, which took eight months to complete.

December 22, 2014

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