Northeast

HFF Arranges Sale of Seven Building Office Complex in Parsippany

by David Cohen May 2, 2018

PARSIPPANY, N.J. — HFF has arranged the sale of 100-700 Lanidex Plaza, a seven-building office complex totaling 335,060 square feet in Parsippany. The sales price was not disclosed. Lanidex Plaza is made up of seven office buildings that share amenities, including a full-service cafeteria and conference center. The two- and three-story properties are located on a 34-acre site. HFF represented the seller, an affiliate of Hartford Investment Management Co. in the transaction. The buyer was 1H7H Lanidex LLC, an affiliate of Milelli Real Estate Partners. After the 2015 purchase of 800-900 Lanidex Plaza by 8H9H Lanidex LLC, also an affiliate of Milelli, the entirety of the office complex is now owned by Milelli.

May 2, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $5.5M Sale of Wawa in Ewing Township

by David Cohen May 2, 2018

EWING TOWNSHIP, N.J. — Marcus & Millichap has brokered the sale of a newly constructed Wawa convenience store/gas station at 1300 Silvia Street in Ewing Township for $5.5 million. Ewing Township is four miles northwest of Trenton. The sale price represents a capitalization rate below 5 percent. Jason Petrick of Marcus & Millichap represented the seller, a private REIT, in the transaction and procured the 1031 exchange buyer.

May 2, 2018

Development Mixed-Use New Jersey Northeast

JMF to Redevelop Former Colgate-Palmolive Property in Morris Township

by David Cohen May 2, 2018

MORRIS TOWNSHIP, N.J. — JMF Properties will redevelop the former Colgate-Palmolive industrial campus on East Hanover Avenue in Morris Township. Both residential and retail uses are planned for the 64-acre site, including a 150,000-square-foot shopping center, 143 townhomes and 60 rental units. JMF acquired the property from Colgate-Palmolive Co. and submitted a redevelopment proposal to the city that municipal officials recently approved. Colgate-Palmolive occupied the property for more than 60 years where it produced a number of products, including liquid hand soap. After razing all of the existing buildings on the property, JMF plans to break ground on the development this spring.

May 2, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Three Multifamily Sales for Combined $31.7M

by David Cohen May 1, 2018

EAST ORANGE, NEWARK, N.J. — Gebroe-Hammer Associates has brokered three separate sales of multifamily properties in the East Orange and Newark corridor for a combined $31.7 million. The properties include 245 units spread across four buildings. The buildings are located at 742 Park Ave. and 110 Halsted St. in East Orange; and 25 Van Velsor Place, and 103 Chancellor Ave., in Newark. The $6.7 million sale of 26 units at 742 Park Ave. set a new benchmark price of $257,692 per unit for the municipality. Debbie Pomerantz of Gebroe-Hammer procured the buyer, Nova Appian LLC in the sale of 742 Park Ave and David Oropeza of Gebroe-Hammer represented the seller, 742 Park Avenue West Urban Renewal LLC. Oropeza also represented the sellers of 110 Halsted St., ABS9 110 Halsted LLC in the $5.6 million sale. The buyer was Saket Properties & Management LLC. The properties at 25 Van Velsor Place and 103 Chancellor Ave., which include a total of 191 units, sold for a combined $19.3 million. The buyer and seller were not disclosed.

May 1, 2018

Loans New York Northeast Retail

Meridian Capital Arranges $28M in Refinancing for Commercial Portfolio in Brooklyn

by David Cohen May 1, 2018

NEW YORK CITY — Meridian Capital Group has arranged $28 million in cash-out refinancing for seven commercial properties in Brooklyn. The seven-year loan, which was provided by New York Community Bank, features a rate of 3.85 percent and a 30-year amortization schedule. Bryan Geffen of Meridian represented the undisclosed borrower in the transaction. The properties are located at 1010-1032 Nostrand Ave., 330 Empire Blvd., 1500-1506 Fulton St., and 1917-1921, 2819 and 2828 Church Ave. The tenant roster includes Rite Aid, Subway, and H&R Block. All seven buildings are located throughout Brooklyn’s Crown Heights, Flatbush and East Flatbush neighborhoods.

May 1, 2018

Acquisitions Industrial New Jersey Northeast

Stro Companies Acquires 45,000 SF Industrial Building in Elmwood Park

by David Cohen May 1, 2018

ELMWOOD PARK, N.J. — The Stro Companies has acquired 475 Mola Boulevard, a 45,000-square-foot industrial building in Elmwood Park for $4.1 million. SB One Bank provided the acquisition financing. The seller was an owner occupant. Stro plans to relaunch the asset with a complete reposition and upgrade program, including interior and exterior improvements that will subdivide the existing two units into four. Currently 32,000 square feet of the building sits vacant.

May 1, 2018

Leasing Activity New Jersey Northeast

CBRE Secures 20,000 SF Lease for Cyber Security Company in Roseland

by David Cohen May 1, 2018

ROSELAND, N.J. — CBRE has secured a 20,000-square-foot lease at 5 Becker Farm Road in Roseland for Comodo CA, a global leader in cyber security. The company will move its U.S. headquarters to the location. Daniel F. Casey and Joseph A. Sarno of CBRE represented the building owner, a joint venture between Soma Capital Partners and Northlight Capital Partners, in the lease negotiations. Remy deVarenne and Kadeem Goodall-Reid of CBRE acted on behalf of Comodo CA.

May 1, 2018

Acquisitions Industrial New Jersey Northeast

Marcus & Millichap Negotiates $1M Sale of Industrial Building in Hackensack

by David Cohen May 1, 2018

HACKENSACK, N.J. — Marcus & Millichap has negotiated the sale of a 7,200-square-foot industrial property in Hackensack for $1 million. The building is located at 174 Lodi St. in Hackensack, 14 miles northeast of Manhattan. The sole tenant of the building is a laundry services company. Steve Lim of Marcus & Millichap represented the seller in the transaction, a private investor and the buyer, also a private investor.

May 1, 2018

Leasing Activity New York Northeast Office

Law Firm Latham & Watkins Signs 407,000 SF Lease in Midtown Manhattan

by Jeff Shaw April 30, 2018

NEW YORK CITY — Rockefeller Group has signed Latham & Watkins LLP to a 407,000-square-foot office lease at 1271 Avenue of the Americas. The law firm will occupy floors 25-34 in the 48-story building with an anticipated move-in during the second half of 2020. Built in 1959, the building was originally designed by Harrison & Abramovitz & Harris, the architects for all of Rockefeller Center. Scott Gamber and Craig Reicher of CBRE represented Latham & Watkins in the transaction. 1271 Avenue of the Americas is currently undergoing extensive renovations designed by the architectural firm Pei Cobb Freed & Partners. The project began in 2016 and is slated to be complete by the end of 2019. Major League Baseball and Mizuho Americas have also recently signed leases at the building.

April 30, 2018

Loans Multifamily New Jersey Northeast

Cronheim Secures $3M in Permanent Financing for Apartment Community in New Jersey

by Jeff Shaw April 30, 2018

NORTH PLAINFIELD, N.J. — Cronheim Mortgage has negotiated $3 million in permanent financing for Mountain View Gardens in North Plainfield. The 43-unit garden style apartment community, located at 470 West End Ave., is comprised of six, two-story walkup buildings and has 24 one-bedroom and 19 two-bedroom units. The seven-year loan amortizes over a 30-year period and has a fixed rate, which was locked five months prior to closing. The borrower and lender were undisclosed. The loan was originated and placed by Allison Villamagna and Andrew Stewart of Cronheim.

April 30, 2018

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