Page 10 - RE-NJ Aug2020

8 AUGUST 2020
DEAL SHEET
INDUSTRIAL
J.G. PETRUCCI CO. INC. sold 140 Meister Ave., a 187,500-square-foot building in Branchburg, to Lollicup USA Inc. Joel Lubin and Brian Golden of JLL represented the seller, while CBRE’s Mindy Lissner and David Gheriani represented the buyer.
BLACK CREEK GROUP acquired 3 Applegate Drive, a 172,417-square-foot warehouse in Robbinsville, for $22.6 million.
GFI PARTNERS leased 151,600 square feet at 1 Warner Court in Logan
to Champion Services. Colliers International’s Marc Isdaner represented ownership, while Scott Mertz of NAI Mertz represented the tenant, a warehouse and trucking firm.
922 RIVERVIEW DRIVE ASSOCIATES sold 922 Riverview Drive, a 119,592-square- foot building in Totowa, to Innovative Cosmetic Concepts. NAI James
E. Hanson’s Scott Perkins and Christopher Todd represented the seller, while McBride Corporate Real Estate represented the buyer.
CT REALTY leased 95,808 square feet at 79 Thomas McGovern Drive in Jersey City to an international e-commerce company. CBRE’s Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Hageman, Gerard Monahan and Brian Fiumara represented ownership.
SADDLEBACK REAL ESTATE DEVELOPERS
sold 2 Laurel Drive, a 73,500-square- foot warehouse in the Flanders section of Mount Olive, to David
Ekstein. Robert M. Adams of Garden State Realty represented both parties.
FRAGRANCE RESOURCES INC. sold 100 and 275 Clark St., a 17-building, 73,468-square-foot manufacturing complex in Keyport, to Best Line Equipment for $5 million. Sheldon Gross Realty’s Jonathan Glick, Glenn Jaffe and Matthew Leonelli brokered the transaction.
PENFORD GROUP leased 66,375 square feet at Centennial Commerce Center, a 277,830-square-foot property at
800 Centennial Ave. in Piscataway,
to Fisher & Paykel. CBRE’s Mindy Lissner, Robert Pine and Ben Shapiro represented the landlord, while Lissner was also part of the team representing the tenant, an appliance manufacturer.
MEDFORD INDUSTRIAL PARK sold a five-building, 64,000-square-foot complex at 16 Medford-Evesboro Road in Medford, to Velocity Venture Partners. NAI Mertz’s Jonathan Klear represented the seller.
RIM LOGISTICS LTD. subleased 49,300 square feet at 560-596 Bercik St. in
Elizabeth to Z Brothers Express Inc. NAI James E. Hanson’s Eric Demmers and Russell Verducci represented the sublandlord.
SADDLEBACK REAL ESTATE DEVELOPERS
leased 32,500 square feet at
208 Passaic Ave. in Fairfield to Packageman LLC. Robert M. Adams of Garden State Realty LLC represented the landlord, while Shai Zuberman
of Wolfer Commercial Realty
Corp. represented the tenant, an e-commerce fulfillment company.
An unidentified meat manufacturer acquired 605 and 615 Washington Ave., a two-building, 21,350-square- foot industrial complex in Carlstadt. Jeff Volpi and Eric Lewin of Team Resources Inc. brokered the transaction.
An unnamed buyer acquired 967 Lehigh Ave., a 20,600-square-foot property in Union Township, for $3.25 million. The Boniakowski Commercial Real Estate Group’s Todd Gannet represented the seller, while Stu Harwood of Newmark Knight Frank procured the buyer.
DANIEL ROAD DEVELOPMENT ASSOCIATES
leased 20,000 square feet at 23 Daniel Road in Fairfield to J.D. Shehadi LLC. George Eggers and Kenneth Kaplan of KenKap Realty Corp. represented the landlord, while Tyler Baker and Chad Hillyer of JLL represented the tenant, a carpet company.
A private estate sold 246 South Salem St., an 18,729-square-foot property
in Randolph, to Salem Enterprises LLC. NAI James E. Hanson’s Jonathan Kristofich and John Schilp
represented the seller.
MILL RIDGE LANE LLC leased 12,400 square feet at 2 Mill Ridge Lane, a 32,000-square-foot building in Chester, to Ambac Assurance Corp. NAI Hanson’s Joseph Vindigni represented the tenant.
UTZ QUALITY FOODS leased 10,769 square feet at 922 Route 33, part of the Fairfield Corporate Park in Freehold. Glenn Jaffe, Jonathan Glick and Matthew Leonelli of Sheldon Gross Realty completed the transaction.
OFFICE
NESSEL DEVELOPMENT acquired Liberty Walk at East Gate, a four-building, 234,563-square-foot campus at 300, 302, 330 and 350 Fellowship Road in Mount Laurel.
NEW YORK LIFE REAL ESTATE INVESTORS
sold The Offices at Bedminster, a two-building, 194,000-square-foot complex at 500 and 550 Hills Drive in Bedminster, to an affiliate of
Northeast Capital Group. JLL’s Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and J.B. Bruno represented the seller.
CHOICE SERVICES INTERNATIONAL LLC sold 211 Benigno Blvd., a 40,000-square- foot building in Bellmawr, to Yada Property Management for $1.8 million. NAI Mertz’s Scott Mertz completed the sale.
NORTHEAST CAPITAL GROUP leased a combined 9,200 square feet at 120 Eagle Rock Ave., a 178,000-square- foot property in East Hanover, to While Access Wealth and Advanced Computer Technologies. Sam Horowitz, Chris Hovanec and Ray Iodice of Colliers International represented the landlord, while Sheldon Gross Realty’s Barbara Gross represented the tenants.
PHILIP MCAULIFFE sold 2733 Nottingham Way, a 5,700-square-foot property
in Hamilton, to My Place Ventures LLC. Wolf Commercial Real Estate’s Kevin Coleman and Victor DeJesus represented the seller.
PEN DEL REAL ESTATE leased 2,538 square feet at South Jersey Medical Center at 1401 Route 70 in Cherry Hill to O’Donnell Orthopaedics. Vantage Real Estate Services’ Emily Stein and Monica Walsh represented ownership.
ROBERT MCELROY sold 36 Main St., a
RETAIL CENTER, HOME OF NEW SHOPRITE, FETCHES $32 MILLION
Abuyer has paid $32 million to acquire a fully leased, soon- to-be-repositioned retail center
in Monmouth County that will be home to a new ShopRite location.
Located at 1500 Route 35 South
in Middletown, at the intersection of Kings Highway, the complex spans 191,230 square feet and includes two occupied pad sites leased to Wendy’s and Investor’s Bank. Brokers with JLL had been marketing the property on behalf of an undisclosed seller, noting at the time that the center was vacant but was being renovated as part of a repositioning plan.
A recent report by the Asbury Park Press noted that the project was set to transform a former Sears building that had been vacant since late 2018. According to the story, the plan called for cutting nearly 13,000 square feet to reduce its footprint to 144,523 square feet.
Saker ShopRite was slated to take 97,772 square feet, the report said, while Jeffery Realty was marketing an additional 41,196 square feet within the main building and in an adjacent pad site. The supermarket plans to relocate to the new center from across the street.
The JLL marketing team listed on the offering included Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, Mark Mahasky and Michael Kavanagh.
A retail center at 1500 Route 35 South in Middletown, which is being repositioned and will be home to a new ShopRite store
Courtesy: JLL