New Jersey

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

New Jersey Northeast Office

Bergman Real Estate JV Takes 90,000 SF Office Property in New Jersey

by Amy Works October 6, 2014

EAST HANOVER, N.J. — Bergman Real Estate Group, in a joint venture with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corp., has acquired 100 Eagle Rock Avenue, an office building in East Hanover. The partnership purchased the 90,000-square-foot property for $6.4 million or $71 per square foot. Current tenants at the property include Friedman LLP, Burns & McDonnell and Hartford Fire Insurance Company. Michael DiFede and Michael Brody of Garden State Office Properties represented the buyer, while Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, TA Associates, in the transaction.

October 6, 2014

Industrial Loans New Jersey Northeast Office

HFF Secures $15.5M Loan for Two Denholtz-Owned Properties

by Amy Works October 3, 2014

EDISON AND PISCATAWAY, N.J. — HFF has secured $15.5 million in financing for the Business Centre at Edison, a 12-building office park located in Edison, and 140 Ethel Road West, an industrial building in Piscataway. HFF placed the seven-year, fixed-rate loan with Investor Banks for the borrower, Denholtz Associates. The loan will be used to retire existing debt. Located at 1090 King Georges Post Road in Edison, the 125,981-square-foot Business Centre at Edison is currently 96.9 percent leased. Situated on 6.24 acres in Piscataway, the 108,875-square-foot 140 Ethel Road West is currently 90 percent leased. Jon Mikula, Michael Klein and Michael Lachs of HFF negotiated the financing for the borrower.

October 3, 2014

Mixed-Use New Jersey Northeast

NAI Hanson Brokers Sale of 2,000 SF Mixed-Used Building

by Amy Works October 1, 2014

RIDGEFIELD PARK, N.J. — New Jersey-based NAI Hanson has brokered the sale of a mixed-use building located in Ridgefield Park. Korean District of the Christian and Missionary Alliance purchased the 2,000-square-foot property, which is located at 169 Main St., for an undisclosed price. The buyer plans to use the property to expand its ministry. The property features 1,000 square feet of ground-floor retail space and two second-floor residential apartments. Anthony Cassano of NAI Hanson represented the seller, Carol Avlon, in the transaction.

October 1, 2014

New Jersey Northeast Retail

Two Tenants Sign Leases Totaling 49,480 SF At Pochatcong Plaza

by Jaime Lackey September 30, 2014

PHILLIPSBURG, N.J. — National Realty & Development Corp. has signed two new tenants, totaling 49,480 square feet, at Pohatcong Plaza in Phillipsburg. Marshalls/HomeGoods and Quaker Steak & Lube have joined the 562,000-square-foot shopping center, which is located at the intersection of Route 22 and Greenwich Road. Marshalls/HomeGoods held its grand openings on September 18 and occupy 42,430 square feet of a redesigned building, which was formerly occupied by Walmart. Quaker Steak & Lube, a motor sports-themed casual dining concept, opened a 7,048-square-foot restaurant at Pohatcong Plaza II in late August.

September 30, 2014

Market Reports New Jersey Northeast Northeast Market Reports

The Garden State's Record-Breaking Industrial Recovery

by admin May 2, 2014

New Jersey’s industrial market took a positive turn in the past 18 months, and now the lack of new development during the downturn has market conditions comparable with any boom period. Occupiers are paying record rents as high as $8 per square foot for new, Class A product, while submarkets such as Port/Airport and Exits 10 and 12 report vacancy below 5 percent. Investor demand for industrial property with credit tenants and decent lease term remaining is literally insatiable. Central New Jersey closed 2013 with 1.2 million square feet of fourth quarter net absorption and a vacancy rate of 6.6 percent, which is a 170–basis-point decrease compared to the end of 2012. Northern New Jersey’s largest -submarket, Meadowlands, has 78.2 million square feet and the submarket posted 1.7 million square feet of net absorption to finish the year with 6.2 percent vacancy. To the south, where average asking rents are $4.87 NNN per square foot, several Central New Jersey submarkets are at sub-6-percent vacancy, including Exit 8A, the region’s largest industrial submarket, which ended 2013 at 5.1 percent vacancy. Mom & Pop, Meet Amazon New Jersey’s traditionally strong base of small- to medium-sized, mom-and-pop end users certainly plays a role …

May 2, 2014

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