BERNARDSVILLE, N.J. — Denholtz Associates has acquired a 56,000-square-foot, Class A office building at 150 Morristown Rd. in Bernardsville. The building was acquired in a joint venture partnership that included Becker Brothers. Located in the desirable I-287 corridor just outside Morristown in Somerset County, the facility offers units from 800 to 1,500 square feet and recently underwent substantial upgrading by its former owners. The building features a two-story lobby, 24/7 access, executive covered parking and award-winning property management. The building is directly off of Route 202/206 and is in close proximity to Routes 78, 287, public transportation, shopping, restaurants, banking, and hotels.
NEW YORK CITY — Peter Berk and Michael Sonnabend, formerly affiliated with AFC Realty Capital, recently formed PM Realty Capital and its subsidiary PM Hotel Finance Group. The firm, which is headquartered at 845 Third Ave. in Manhattan, New York City, will offer real estate investment banking services on a nationwide basis. Together, the duo brings a combined 40 years of experience to the marketplace. Berk, who will spearhead the firm’s hotel practice, has financed more than $5 billion of hotels representing more than 20,000 rooms in his career.
PITTSBURGH — Five Below, a value retailer geared toward teens and pre-teens, has signed a lease for its 100th store and its first in the Pittsburgh market. The new store, which will be located in the Waterworks Shopping Center on Freeport Road, is slated to open in November. The retailer also has plans to open three more locations in Butler, Cranberry and Altoona, Pennsylvania, next year. With the signing of the lease for its 100th store, Five Below will operate in nine states on the East Coast, from New Hampshire to Virginia. The company plans to open 10 to 15 additional stores in the Pittsburgh market and grow to more than 200 total locations over the next 2 years. In addition, Five Below is evaluating new markets from New York, Ohio and North Carolina, among others, for entry.
SADDLE BROOK, N.J. — CB Richard Ellis' (CBRE) Patrick Murphy, Donald Sperling, Greg Barkan and Scott Larson have negotiated three lease transactions at Metropolitan Center in Saddle Brook. Corporate Synergies Group, a global provider of software and consulting solutions to IT infrastructure, signed a 13,545-square-foot lease. The firm relocated its operations from Paramus. The tenant was represented by Curtis Foster from Cushman & Wakefield and John Gillespie from Newport Commercial Real Estate Advisors. Cambrex Corp., a leading supplier of products and services for the life sciences industry, signed a 10-year, 10,486-square-foot lease renewal agreement. Cambrex was represented by Jay Garibaldi, Matt Kirby and Michael Witko of The Garibaldi Group. Children's Place, a national clothing retailer, completed a 31,000-square-foot lease renewal and short-term extension within this Class A property. The tenant was represented by Thomas Consiglio of Resource Realty. Murphy, Sperling, Barkan and Larson of CBRE represented the landlord, CBRE Investors, in all three of these transactions. Situated at Exit 16W off the New Jersey Turnpike at the junction of routes 3 and 120, the 422,000-square-foot Metropolitan Center is conveniently located just 15 minutes from the Lincoln Tunnel. Both Newark Liberty International Airport and Teterboro Airport are within 10 miles, and …
PHILADELPHIA — Target has opened five new stores in the Philadelphia area totaling more than 650,000 square feet of retail space. The stores are located Cheltenham Square in Cheltenham; Upland Shopping Center in Pottstown; Exeter Commons in Exeter; Lower Nazareth in Easton; and Airport Plaza in Allentown. Each of the new stores will feature expanded grocery sections, a Starbucks Coffee and a Target Pharmacy. Steve Niggeman, Tom Londres and Mark Gerlach of Metro Commercial Real Estate negotiated the leases for all five locations.
BERNARDSVILLE, N.J. — New Jersey-based Denholtz Associates has purchased a 56,000-square-foot office building located in Bernardsville. The building, a Class A property situated at 150 Morristown Rd., was acquired by Denholtz in a joint venture with Roseland, N.J.-based Becker Brothers. The sellers, RAIT Financial Trust and NPV Direct, recently completed substantial renovations to the property. Terms of the transaction were not released.
DEDHAM, MASS. — The grand opening has been held for a new L.L. Bean retail location at Legacy Place in Dedham. The two-level store totals 30,000 square feet and has received LEED-Gold certification. Legacy Place is a 675,000-square-foot shopping center that officially opens at the end of August. Additional tenants at the center include Whole Foods Market, Showcase Cinema de Lux, Borders, and more. The project is being developed by Chestnut Hill, Mass.-based WS Development.
HERSHEY, PA. — Camp Hill, Pa.-based CAMPBELL Commercial Real Estate has brokered the sale of a 39,600-square-foot office building, located at 1135 E. Chocolate Ave. in Hershey. The building was acquired by American Dental Care, which plans to renovate and occupy the first floor of the building. Art Campbell and Derek Bicksler of CAMPBELL represented the seller, Verizon North. The buyer was represented by Joe Gallo of the Hershey office of ReMax. The acquisition price was not disclosed.
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a 54,000-square-foot sublease at Grand Central Square, a 921,370-square-foot, Class A office building located at 485 Lexington Ave. in New York City. The subtenant, EdisonLearning, will be leasing the space, which is located on the building’s second floor, from Advance Magazine Publishing. Daoud Awad, Derek Trulson and William peters of JLL’s New York office represented EdisonLearning in lease negotiations. David Hollander, Ken Meyerson and Gregory Tosko of CB Richard Ellis represented the sublessor.
FARMINGDALE, N.J. — Palisades Safety and Insurance Management Corp. has signed a long-term lease for the entire 26,683-square-foot office building located at 5006 Belmar Blvd. in Farmingdale. The auto insurance provider is moving approximately 100 employees from its commercial auto underwriting and Southern New Jersey claims operations currently located at Four Paragon Way in Freehold to the new location. The building is located on the highly visible northwest intersection of Highway 34 and Belmar Boulevard, within the 28-acre Allaire Corporate Campus that is owned by Bollerman Development Corp. Robert Bull and Philip Lipper of Studley represented the new tenant in the transaction, and Bollerman was represented in-house.