New Jersey

MJ Partners Self Storage Group Sells 565-Unit Storage Facility for $2.97M in New Jersey

by Amy Works November 24, 2014

BURLINGTON, N.J. — MJ Partners Self Storage Group has sold the Planet Self Storage facility, which is located at 555 Mitchell Ave. in Burlington. Winter Garden, Fla.-based iStorage purchased the property for $2.97 million. The property consists of 54,165 square feet of rentable space and 565 storage units. At the time of sale, the facility was approximately 70 percent occupied. The property will be rebranded as an iStorage self storage facility. iStorage operates 60 self-storage facilities in 11 states across the country. David Kohn of MJ Partners represented both parties in the transaction.

November 24, 2014

New Jersey Northeast Office

Vornado Leases 470,000 SF to Amazon in Paramus’ Penn Plaza District

by Amy Works November 24, 2014

PARAMUS, N.J. — Vornado Realty Trust has leased 470,000 square feet of office space to Amazon at 7 West 34th St. in the Penn Plaza District of Paramus. Amazon has inked a 17-year lease for the office space. Vornado, a fully integrated real estate investment trust, owns approximately 9 million square feet of commercial space in the Penn Plaza District.

November 24, 2014

New Jersey Northeast Retail

CBRE Brokers Sale of The Pier Shops at Caesars in Atlantic City

by Amy Works November 21, 2014

ATLANTIC CITY, N.J. — CBRE has brokered the sale of The Pier Shops at Caesars in Atlantic City. Tower Investments acquired the luxury shopping destination, which is connected to Caesars Hotel and Casino, for an undisclosed price. Constructed in 2006, the 290,210-square-foot shopping center is located at One Atlantic Ocean and was built on a pier that extends 900 feet from the New Jersey shoreline. Peter Stevens, Kevin McClernon and William Tourtellotte of CBRE represented the seller in the transaction.

November 21, 2014

Loans New Jersey Northeast Office

Eastern Union Funding Arranges $4.2M Loan for Office Park

by Amy Works November 21, 2014

HOWELL, N.J. — Eastern Union Funding has arranged $4.2 million in financing for an office park located at 481 Oak Glen Road in Howell. The first phase of the two-phase property is fully occupied after being constructed in 10 months. Zevi Schwartz of Eastern Union Funding arranged the financing, which fully stabilized the first phase, through a regional balance sheet lender. The loan features a competitive rate of 3.87 percent on a five-year term with 50 percent non-recourse. Due to the lease up of the first phase, the lender has committed an additional $3.8 million for the construction of phase two. Once completed the office park will offer two buildings totaling 100,000 square feet. The property is owned by Howell Plaza LLC.

November 21, 2014

Industrial New Jersey Northeast

Puratos Corp. Buys 57,750 SF Industrial Building in New Jersey

by Amy Works November 21, 2014

PENNSAUKEN, N.J. — Cherry Hill, N.J.-based Puratos Corp., a food manufacturer and distribution company, has acquired an industrial building in Pennsauken for an undisclosed price. Located at 1705 Suckle Highway, the property offers 57,750 square feet of industrial space. Scott Mertz of NAI Mertz represented Puratos Corp. in the transaction. The seller, Whitesell Construction, was represented in-house.

November 21, 2014

New Jersey Northeast Restaurant Retail

Hollister Construction Completes Jockey Hollow Bar & Kitchen in New Jersey

by Amy Works November 20, 2014

MORRISTOWN, N.J. — Hollister Construction Services has completed the transformation of Vail Mansion into Jockey Hollow Bar & Kitchen in Morristown. The construction project consisted of a complete retrofit of the historic 18,000-square-foot Vail Mansion, which was built in 1917. Developed by New York City chef and restaurateur Chris Cannon, Jockey Hollow Bar & Kitchen is a four-part restaurant concept featuring The Oyster & Wine Bar at Jockey Hollow, the Vail Bar cocktail lounge, The Rathskeller private event space and The Dining Room in Jockey Hollow. Jockey Hollow Bar & Kitchen occupies three full floors and the basement of the mansion and offers a menu of contemporary American and Italian-inspired dishes.

November 20, 2014

Civic New Jersey Northeast

CBRE Group Brokers $1.24M Sale of New Jersey Church Facility

by Amy Works November 19, 2014

PLAINFIELD, N.J. — CBRE Group has brokered the sale of 1020 West Seventh St. in Plainfield. The 14,632-square-foot church facility sold for $1.24 million. The new owner plans to occupy the church, which includes a fellowship hall, kitchen, offices and classrooms. Charles Berger and Elli Klapper of CBRE Tri-State Investment Properties represented the seller in the transaction. Both the seller and buyer were not disclosed.

November 19, 2014

Industrial New Jersey Northeast

Bussel Realty Corp. Arranges 225,000 SF Industrial Lease in New Jersey

by Amy Works November 19, 2014

SOUTH BRUNSWICK, N.J. — Bussel Realty Corp. (BRC) has arranged the lease of 225,000 square feet of industrial space at 15 Thatcher Road in South Brunswick. Leo Esses of BRC represented the tenant and landlord, which were both undisclosed, in the transaction. The property features 30-foot ceiling heights, 36 trailer docks and one drive-in door for loading, ESFR sprinklers, 2,500 amps of electric power and more than 100 trailer and car parking spaces.

November 19, 2014

Industrial New Jersey Northeast

Cushman & Wakefield Arranges Sale of Two New Jersey Industrial Properties

by Amy Works November 18, 2014

NORTH BRUNSWICK AND NEW BRUNSWICK, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the sale of two industrial facilities located in North Brunswick and New Brunswick for an undisclosed price. Principal Real Estate Investors purchased the two properties, which total 458,000 square feet. The 156,000-square-foot building at 1000 Corporate Road is occupied by Capacity LLC, an e-commerce warehouse and fulfillment center, and Wenner Bread Products occupies the 302,000-square-foot property at 571 Jersey Ave. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield brokered the transaction.

November 18, 2014

Loans New Jersey Northeast Office

Angelic Real Estate Arranges Acquisition Loan for Three Office Buildings

by Amy Works November 18, 2014

PARSIPPANY, N.J. — Angelic Real Estate has secured $7.85 million in financing for the acquisition of three office buildings, 10 and 30 Lanidex and 299 Cherry Hill in Parsippany. A joint venture between Red River Asset Management and Lincoln Property Co. purchased the properties, which included excess land at 20 Lanidex that currently serves as additional parking. The joint venture immediately resold one of the buildings to an affiliate of Grammercy Property Trust. CorAmerica/Colony Capital provided the acquisition financing and loan. The portfolio was approximately 67 percent leased at the time of sale. Gabriel Silverstein and Louis D’Lando of Angelic Real Estate brokered the transaction.

November 18, 2014

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