Page 10 - RE-NJ May 2020

8 MAY 2020
DEAL SHEET
INDUSTRIAL
ENDURANCE REAL ESTATE GROUP LLC and PCCP LLC acquired a seven-building, 553,548-square-foot portfolio at 600 and 601 Delran Parkway in Delran, 820 East Gate Drive and 116 Gaither Drive in Mouth Laurel and 603 Heron Drive, 614 Heron Drive and 1 Killdeer Court in Swedesboro for $42.925 million. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller.
ICS CORP. INC. sold 100 Friars Blvd., a 183,000-square-foot property in West Deptford, to the Clarion Partners Real Estate Income Fund Inc. for $20.2 million. JLL’s John Plower, Jim Cadranell, Ryan Cottone and Zach Maguire represented the seller.
SECOND STREET ASSOCIATES sold
a 135,668-square-foot property straddling 1711 South Second St. in Piscataway and 1700 South 2nd St. in Plainfield to the Saadia Group. Jonathan Glick of Sheldon Gross Realty represented the buyer.
BAILARD leased 120,113 square feet at 1200 Highland Drive in Westampton to McCollister Transportation Group. David M. Ricci and Tony Rod of The Flynn Co. represented ownership, while Scott Mertz of NAI Mertz represented the tenant.
A private investor sold 670 Passaic Ave., a 108,000-square-foot self- storage and warehouse building in West Caldwell, for $19.25 million.
Marcus & Millichap’s Alan Cafiero, Ben Sgambati and Nicholas Bocchi represented both parties.
E.G.L. CO. sold 100 Industrial Road, a 77,000-square-foot building in Berkeley Heights, to Camber Acquisitions for $8.4 million. Tom Consiglio and Bill Pastuszak of Resource Realty of Northern New Jersey represented the seller.
ROSS INDUSTRIES leased 57,722 square feet at 125 Jackson Ave. in Edison
to Izzy Trucking and Rigging Inc. Jonathan Glick and Matthew Leonelli represented the landlord, while
Greg Irving of Bussel Realty Corp. represented the tenant.
PURATOS CORP. sold 8000 National Hwy., a 29,418-square-foot building in Pennsauken. Colliers International’s Ian Richman and Marc Isdaner represented the seller.
SOUTH JERSEY GLASS AND DOOR sold 2732 South West Blvd., a 22,920-square- foot flex property in Vineland, for $1.275 million. Andrew Johnson
and Johnathan Klear of NAI Mertz represented the seller.
A local manufacturer acquired 9 Oak St., a 9,000-square-foot manufacturing building in Paterson. Dan Whitehead of Resource Realty of Northern New Jersey represented both parties.
OFFICE
MACK-CALI REALTY CORP. sold One Bridge Plaza, a 206,500-square-foot building in Fort Lee, for $36 million. Kevin Welsh, Brian Schulz and Jason Emrani of Newmark Knight Frank represented the seller and procured
the buyer.
A private investor acquired Allwood Medical Campus, a three-building, 160,349-square-foot medical office campus at 2, 4 and 6 Brighton Road in Clifton, for $45 million. Fahri Ozturk and Richard Gatto of Marcus
& Millichap represented the seller and procured the buyer.
NEW YORK COMMUNITY BANK sold 622 Eagle Rock Ave., a 48,000-square- foot office and medical building at 622 Eagle Rock Ave. in West Orange, to 622 Eagle Rock Avenue Realty. Matt Weilheimer of The Kislak Co. Inc. represented the seller, while Mitch Katz of Marcus & Millichap represented the buyer.
ATKINS COS. sold Atkins Medical Plaza, a 38,500-square-foot medical office building at 1500 Pleasant Valley Way in West Orange, to a private investor. Alan Cafiero, Ben Sgambati and David Cafiero of Marcus & Millichap represented the buyer.
PARTNERSHIP SELLS HOPEWELL CAMPUS FOR $95 MILLION
An investment group has reaped $95 million from the sale of a well-known, three-building office campus in Hopewell that is fully occupied by Merrill Lynch.
The joint venture, American Real Estate Partners and Independencia Asset Management, on April
29 announced the sale of the 380,417-square-foot complex at 1100-1200 American Blvd. An undisclosed buyer purchased the
property, which was built in 2000 as a campus for the financial services firm and what would become its parent company, Bank of America.
AREP will continue to lease and manage the property.
“We were particularly impressed with everyone’s commitment to work through this transaction
in one of the most complicated environments any of us have experienced,” said Brian Katz, co-founder and president of AREP. “It was certainly a deal worth doing and the fact we
got it done, particularly in this
climate, is testament to the working relationship of all parties involved. We are proud of our team for executing the transaction, extremely pleased with the outcome for our investors, and excited to work in partnership with the new ownership going forward.”
Cushman & Wakefield’s East Rutherford-based capital markets team brokered the sale.
“The property is an exceptional asset in the fifth-largest market in the country and represented a strong acquisition for the buyer,”
said David W. Bernhaut, an executive vice chairman with C&W. “The deal offered positive cash flow from an investment-grade tenant for several years, desirable real estate centrally located between New York City and Philadelphia, and an opportunity to ensure management continuity by leveraging AREP’s operating platform.
“From our perspective, what made this deal work was the quality of the real estate and its tenancy as well as the manner in which AREP maintained the asset over their ownership tenure.”
The property, which is just north of Interstate 295, sits within the Princeton and Route 1 Corridor submarket. AREP and C&W touted the highway access, its proximity to major universities, a highly educated workforce and surrounding amenities.
“This transaction not only represented a win-win for all parties but further evidenced the strength and attractiveness of the New Jersey market even in challenging environments,” Bernhaut said.
1100-1200 American Blvd. in Hopewell
Courtesy: American Real Estate Partners