Located along the New Jersey Turnpike (I-95) in the geographic center of the Boston-Washington, D.C., corridor, the Exit 8A industrial market is situated 45 miles southwest of Manhattan and 60 miles northeast of Philadelphia. This location enables distributors to reach more than 130 million consumers, one-third of the northern American population, within a one-day drive. With currently 67.48 million square feet, it is the largest submarket in Northern New Jersey. The vacancy is currently dramatically down from the double digits of the recession to 8.4 percent. Asking rents are inching up to the mid-$4 range, NNN, due to the tightening of the market and a shortage of attractive development sites at 8A. National and international tenants are drawn to the submarket’s superior highway access and proximity to the New York/New Jersey ports and Newark Liberty International Airport. The Exit 8A submarket is home to national and international distributors, manufacturers, and logistics firms. Companies with a major presence at Exit 8A include The Home Depot, Pearson Education, ConAgra, Crate & Barrel, FedEx, Costco, William Sonoma, Staples, Iron Mountain, Kellogg’s, Petco, Volkswagen, Ford, LG Electronics, Wakefern, L’Oreal, and Raymour & Flanigan among many others. The 8A industrial market’s desirability is best illustrated …
Northeast
ELIZABETH, N.J. — Embassy Suites Hotels has opened the 189 two-room Embassy Suites Elizabeth-Newark, which is located at 95 Glimcher Realty Way in Elizabeth. Owned and operated by Sun Development and Management Corp., the property features three all-purpose meeting spaces, an open lobby, complimentary breakfast, a fitness center, an indoor pool, a whirlpool and the Liberty Grille Restaurant.
UNIONDALE, N.Y. — The Boulder Group has brokered the sale of a triple-net leased Walgreens property in Uniondale. Located at 603 Uniondale Ave., the 12,827-square-foot retail building sold for $12.4 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a New York-based development firm, in the transaction. The buyer was an undisclosed New York-based private partnership.
BOSTON — HFF has arranged construction financing for Twenty Two Liberty, a 14-story, luxury residential tower at Fan Pier in Boston. HFF secured the loan for the borrower, a venture between Boston-based The Fallon Co. and Massachusetts Mutual Life Insurance Co. (MassMutual), through Wells Fargo Bank. Slated for completion in late 2015, the new property will feature 15,025 square feet of ground-floor retail space and a 282-space, below-grade parking structure. Designed by CBT Architects, Twenty Two Liberty will feature condos ranging from studio pieds-a-terre to three-plus bedroom homes. John Fowler, Anthony Cutone and Toby Banta of HFF represented the borrower, and Shelly Gouin led the Wells Fargo team.
FAIRFIELD AND LITTLE FALLS, N.J. — Prologis has sold its Fairfalls Industrial Portfolio, which comprises 989,200 square feet in 28 buildings. Morristown, N.J.-based Hampshire Cos. acquired the property for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Wildenstein & Co. Inc. has completed the sale of its Horace Trumbauer-designed gallery space, which is located at 19 East 64th St. in New York City. The State of Qatar acquired the 20,000-square-foot property for an undisclosed price. The off-market transaction, which is slated to close in April, will allow The State of Qatar to open a permanent New York City consulate at the property. Oren Alexander and Tal Alexander of Douglas Elliman represented the buyer in the transaction.
WATERBURY, CONN. — NorthMarq Capital has arranged an $8.6 million loan for the refinancing of Scott Gardens & PR Scott Apartments, a 276-unit multifamily property located at Stonefield Drive in Waterbury. The 10-year loan includes one-year of interest only payments and a 30-year amortization schedule. NorthMarq arranged the loan for the borrower, Scott Gardens LLC & P. R. Scott LLC through Freddie Mac.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $4.7 million sale of a two-property, 74-unit multifamily package in East Orange. The buildings are located at 112 Lincoln St. and 444-450 Prospect St. and include a mix of one- and two-bedroom units. Both properties feature on-site laundry facilities and parking, with 20 garages available to tenants at the Prospect Street property.David Oropeza, managing director, and Stephen Tragash, vice president of Gebroe-Hammer Associates represented the seller while Nicholas Nicolaou, vice president at the firm, procured the buyer.
MIDDLETOWN, R.I. — Marcus & Millichap has arranged the $1.9 million sale of Papa Gino’s, a 3,600-square-foot, net-leased property in Middletown, located about 34 miles south of Providence. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap marketed the property on behalf of the seller, a developer. The duo also procured the buyer, a private investor. Erected in 2006, the brick building is situated on half an acre and includes 39 parking spaces.
NEW YORK CITY — The retail condo portion of The Edge, a waterfront mixed-use property in the Brooklyn suburb of Williamsburg, has sold for $45.5 million. Madison Marquette acquired the retail portion, which totals 64,000 square feet, from Douglaston Development. Built in 2010, the property is part of The Edge project, a master-planned community that includes condominiums and residential units in four buildings. The retail component is long-term leased to Brooklyn Harvest Market, CVS/pharmacy, Ride Brooklyn and Fabbrica Cafe.