Page 12 - Issue 45 Sept2020

10 SEPTEMBER 2020
DEAL SHEET
INDUSTRIAL
THE BLOOM ORGANIZATION sold Twinbridge Industrial Park and Veterans Industrial Park, a 32-building, 1.2 million-square-foot portfolio in Pennsauken, to a joint venture of Wharton Industrial and an investment fund affiliated with Walton Street Capital LLC. Colliers International’s Ian Richman and Marc Isdaner brokered the sale.
VINELAND CONSTRUCTION sold 3100 North Mill Road, a 432,000-square-foot building in Vineland, to High Street Logistics Properties for $23.2 million. CBRE’s Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki represented the seller, with assistance from local brokers Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green.
TULFRA REAL ESTATE sold 10 Kingsland Road, a 122,400-square-foot, 925-
unit self-storage facility in Clifton and Nutley, to Columbia Storage Group for $24.5 million. Kevin Welsh, Brian Schulz and Jason Emrani of Newmark Knight Frank brokered
the transaction. ConnectOne Bank provided construction financing, with Bob Cusick, Leo Faresich and Mark Zurlini representing the lender.
VELOCITY VENTURE PARTNERS leased
120,000 square feet at Pennsauken Logistics Center, a 355,000-square- foot building at 8600 River Road in Pennsauken, to Utopia Fulfillment. Binswanger Commercial Real Estate Services’ Mike Torsiello and Chris
Pennington represented ownership, while NAI Mertz represented the tenant.
BEE DIC REALTY leased 119,366 square feet at 75 Lackawanna Place in Parsippany to Commercial Furniture Transport. NAI James E. Hanson’s Scott Perkins represented the owner, while Howard Weinberg of JLL represented the tenant.
EUS IMPORTS LLC leased 71,922 square feet at 225 Willow Brook Road
in Freehold. Douglas J. Sitar and Robert JanTausch of Sitar Realty Co. represented ownership, while Glenn Jaffe of Sheldon Gross Realty represented the tenant, an importing company.
LONGPOINT REALTY PARTNERS leased 67,430 square feet at 60 East Halsey Road in Parsippany to Linemart NJ Inc. Tom Consiglio and Bill Pastuszak
of Resource Realty of Northern New Jersey represented ownership, while Resource Realty’s Scott Peck represented the tenant, a fulfillment vendor.
MAYA CAPITAL PARTNERS LLC purchased
19 and 32 White Lake Road, a 58,000-square-foot, 505-unit self-storage facility in Sparta, for $6.85 million.
RMD REALTY ASSOCIATES leased 52,370 square feet at 500 Hadley Road in South Plainfield to Arcade Beauty. Scott Lesh, Andrew Zezas, Chad Hillyer, John Buckley and Tyler Baker represented the tenant, a cosmetics industry supplier, which also leased 56,000 square feet at neighboring 550 Hadley Road from Alfieri Property Management.
MENLO EXECUTIVE ASSOCIATES I LLC leased 50,392 square feet at 80 Executive Ave. in Edison to Weee! Inc. Brian Lynch and Kyle Janoczkin of Lee & Associates New Jersey and Chris Schofield of Lee & Associates Oakland represented the tenant, an online grocer.
TREETOP DEVELOPMENT leased 42,507 square feet and 24,630 square feet at 10-50 Charles St., a 120,000-square-foot building in Westwood, to Mavi Jeans and Digital Lizard, respectively. CBRE’s Kevin Dudley, Bill Waxman, Nick Klacik and Elli Klapper represented ownership.
SITEX GROUP acquired 600 South River St., a 4.7-acre property in Hackensack that is home to a 40,000-square-foot
maintenance building. CBRE’s Tom Monahan, Larry Schiffenhaus and Steve D’Amato brokered the sale.
NORTH JERSEY DEVELOPMENT leased 40,000 square feet at 5 Aspen Drive in Randolph to Armstrong Relocation Co. Resource Realty of Northern New Jersey’s Brian Wilson represented both the landlord and tenant, a moving and logistics firm.
PROLOGIS leased 26,486 square feet
at 125 Asia Place, a 52,192-square- foot building in East Rutherford, to United Business Environments. NAI James E. Hanson’s Scott Perkins,
Ken Lundberg, Chris Todd and Pat Lennon represented ownership, while JLL’s Michael Palmeri represented the tenant, an office furniture and systems supplier.
74 GREEN ST. LLC leased 7,400 square
feet at 74 Green St. in Hackensack to AGL Development LLC. NAI James E. Hanson’s Dominic Fittizzi represented both the landlord and tenant, a servicer of cell phone towers.
OFFICE
ALFRED SANZARI ENTERPRISES leased 36,000 square feet at Glenpointe, a mixed-use complex at 300/400/500 Frank W. Burr Blvd. in Teaneck, to Cognizant. Gregg Najarian and Nate Brzozowski of Savills represented the tenant, a global information technology firm.
GALIL MANAGEMENT LLC leased 21,062 square feet at Park 80 West Plaza I,
a 200,000-square-foot building at 250 Pehle Ave. in Saddle Brook, to Symrise Inc. CBRE’s Donald Sperling and Robert Norton represented ownership,
while Andrew Zezas and Scott Lesh of JLL represented the tenant, a global supplier of fragrances, flavors and other products.
VISION PROPERTIES leased 15,486 square feet at 123 Tice Blvd. in Woodcliff Lake to ID Systems. Garrett Rioux of CBRE represented ownership, while JLL’s Scott Lesh, Andrew Zezas and Derek DeMartino represented the tenant, a wireless logistics tracking company.
EASTMAN COS. leased 5,200 square
feet at 354 Eisenhower Parkway in Livingston to Antonelli Kantor. CBRE’s Jonathan Meisel, Dan Casey and Erin Wenzler represented ownership, which also leased 4,600 and 1,200 square
feet at 651 Old Mount Pleasant Ave.
APARTMENT OWNER LANDS $20.5 MILLION REFI LOAN, JLL SAYS
The owner of a new 80-unit apartment building in Jersey City has refinanced the property for $20.5 million, under a transaction arranged by JLL.
Brokers with the firm represented
the borrower, Point Capital Development LLC, in securing the loan for the six-story complex at 121 Garabrant St. Freddie Mac is providing the 10-year, fixed-rate conventional loan, which the developer will use to refinance the existing construction loan and pay off the preferred equity in the deal.
“I was excited to assist my client in securing and closing this financing
during a challenging capital markets environment,” said Matthew Pizzolato, a director with JLL, who led the debt placement team representing the borrower.
Known as Garabrant, the property is located in Jersey City’s historic Bergen-Lafayette neighborhood and is
a block from Hudson-
Bergen Light Rail service, JLL said. It’s also less than a mile from Interstate 78 and offers residents easy access to the Hudson waterfront and Lower Manhattan.
The year-old property is home
to units ranging from studios to two-bedroom apartments, with amenities such as a roof deck with views of the Manhattan and Jersey City skylines, a fitness center, sauna, on-site parking, bike storage and cooking grills.
“Coming to market for permanent financing on a recently stabilized multifamily project in the midst of a global pandemic had its challenges but JLL stepped in and did an excellent job getting this deal across the finish line,” said John Fio Rito, founder of Point Capital Development.
JLL, a Freddie Mac Optigo lender, will service the loan.
Garabrant at 121 Garabrant St. in Jersey City
Courtesy: JLL