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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
