JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 238-242 Garfield Ave. in Jersey City. A limited liability company purchased the 44-unit property for $4.4 million. Built in 1928, the four-story building was 95 percent occupied at the time of sale. Steven Matovski of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction.
SPRINGFIELD AND SUMMIT, N.J. — NAI James E. Hanson has brokered two deals along the Route 124 commercial corridor in the northwest section of New Jersey’s Union County. In the first transaction, Gary Sauerborn and Jill Gordon of NAI Hanson represented the seller, Colvin-Friedman Realty LLC, in the sale of a 5,000-square-foot industrial facility located at 697 Morris Turnpike in Springfield. Brixmor Operating Partnership purchased the facility for an undisclosed price. In the second deal, Gordon and Thomas Ryan, also of NAI Hanson, represented landlord, Paul Schmidt, in the leasing of space to Tide Dry Cleaners at 26 Morris in Summit. The tenant, which has 12 locations throughout the county, will occupy 2,763 square feet at the location, which was previously occupied by Bank of America.
PARSIPPANY, N.J. — Colliers International has expanded and relocated its New Jersey headquarters to Morris Corporate Center 1 in Parsippany. The firm signed a long-term lease for 10,414 square feet of office space at 300 Interpace Parkway. The headquarters are relocating from 119 Cherry Hill Road in Parsippany. Robert Martie of Collier International represented the firm in-house, while CBRE Group Inc. represented the landlord, an affiliate of Brookwood Financial Partners LLC, in the transaction. Terms of the lease were not released.
CARLISLE, PA. — Prologis has broken ground for construction on a distribution facility at its Prologis Carlisle site. Situated on 105 acres off Allen Road in Carlisle, the 1.02 million-square-foot building is Prologis’ first speculative development in the market since 2007. The property also includes an additional build-to-suit site fully approved for 398,840 square feet. Slated for occupancy in August, the facility will feature 36-foot ceiling heights and 7-foot concrete floors to provide tenants with greater efficiency and increased cubic capacity for racking and stacking. Cushman & Wakefield is the leasing agent for Prologis Carlisle industrial park.
NEW YORK CITY — Meridian Capital Group has arranged a $30 million loan for the refinancing for a mixed-use property in New York City. The borrower is BLDG Management. The five-year loan, which was provided by a regional balance sheet lender, features a 2.85 percent fixed-rate. Located at 330 Bleecker St., the property features 199 apartments and 3,800 square feet of retail space. Carol Shelby and Dani Sabesan of Meridian Capital arranged the financing.
MONROE TOWNSHIP, N.J. — NorthMarq Capital has arranged $18 million for the refinancing of Concordia Shopping Center, a 135,090-square-foot retail property in Monroe Township. Located at 1600 Perrineville Road, the property is anchored by a Stop & Shop. The loan features a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq Capital secured the financing through NorthMarq’s correspondent relationship with a life insurance company.
FLEMINGTON, N.J. — CBRE Group Inc. has brokered the sale of Turntable Junction & Fulper Center in Flemington. The 5.3-acre retail and multifamily property sold for $3 million. Charles Berger and Elli Klapper of CBRE represented the seller, a private family, while James Gunning, Donna Falzarano and Evan Kleppe of CBRE Group Inc. secured the financing for the deal. The new owner, an out-of-state buyer, plans to hold the property, which is nearly 100 percent occupied, for investment purposes with the possibility for redevelopment in the future.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 469 Harman St. in Brooklyn. The six-unit apartment property sold for $1.3 million. Shaun Riley, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller and the buyer, both private investors, in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $40 million loan for the acquisition of an office property located at 145 West 45th St. in New York City. The five-year loan, provided by a regional balance sheet lender, features a 3.5 percent fixed-rate and interest-only payments for the full term. A partnership led by the Aini family acquired the 12-story, 90,000-square-foot office building from an undisclosed seller. Rael Gervis and David Hayum of Meridian’s New York City office arranged the financing.
SADDLE BROOK, N.J. — A fund sponsored by CBRE Global Investors, an independently operated affiliate of CBRE Group Inc., has acquired Park 80 West, a two-building office complex in Saddle Brook, for an undisclosed price. Located at the junction of Interstate 80 and Garden State Parkway, the 507,480-square-foot asset features a full-service cafeteria, fitness center, boardroom, dry cleaning service, on-site property management and 90-percent covered parking. The property was 73 percent leased at the time of sale; the diverse tenant roster includes several investment-grade companies. The seller was a joint venture between Pearlmark Real Estate Partners and L&L. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group Inc. represented the buyer and worked closely with the seller to ensure an expedient transaction prior to a debt maturity for the transaction.
