Page 10 - Issue 46 Oct2020

8 OCTOBER 2020
DEAL SHEET
INDUSTRIAL
CAMBER REAL ESTATE PARTNERS acquired 601 Murray Road, an 88,220-square- foot facility in East Hanover. Cushman & Wakefield’s Gary Gabriel and Kyle Schmidt brokered the sale.
JEWISH HOME FOUNDATION sold 1 Pond Road, a 78,650-square-foot building in Rockleigh, to Alfred Sanzari Enterprises. Cushman & Wakefield’s Don Eisen and Andrew Schwartz represented the seller, while NAI James E. Hanson’s Andrew Somple represented the buyer.
HAIRZONE leased 58,896 square feet at 30 Congress Drive in Moonachie. Joseph Manganaro and Alex Rosenberg of Team Resources Inc. represented both parties.
ENDURANCE REAL ESTATE GROUP LLC and PCCP leased 57,930 square feet at 601 Delran Parkway in Delran to Monster Pets. Scott Mertz of NAI Mertz represented ownership.
VELOCITY VENTURE PARTNERS acquired 436 Commerce Lane, a 48,000-square- foot building in West Berlin, for $2.7 million. Colliers International’s Ian Richman and Marc Isdaner brokered the sale.
A private buyer purchased 1591 Route 37 West and 60 Northampton Road,
a two-building, 45,000-square-foot
flex property in Toms River. Marcus
& Millichap’s Charles Loccisano and Michael Lombardi co-brokered the sale with Rosetto Realty Group.
T FORCE LOGISTICS EAST LLC subleased 33,000 square feet at 50 Amor Ave. in Carlstadt. David Cantor, Greg Sholom and Alex Rosenberg of Team Resources Inc. represented ownership.Michael Markey of Colliers International represented the tenant.
ELKH ASSOCIATES LIMITED PARTNERSHIP sold 3 Convery Blvd., a 30,000-square-foot building in Woodbridge, to Nest Scientific
USA Inc. NAI James E. Hanson’s Randy Horning and Darren Lizzack represented the buyer, a maker of laboratory plastics.
CANAAN KOREAN COMMUNITY
CHURCH sold 80 Commerce Way,
a 30,000-square-foot building in Hackensack, to Pilgrim Mission Church. Scott Perkins and Chris Todd of NAI James E. Hanson represented the seller, while William Lee of Coldwell Banker Fort Lee represented the buyer.
THE SILVERMAN GROUP leased 30,000
square feet at 20-21 Wagaraw Road,
a 750,000-square-foot industrial complex in Fair Lawn, to Dynamic Productions Inc. David Cantor, Greg Sholom, Alex Rosenberg and David Knapel of Team Resources Inc. represented both the landlord and the tenant, a production services provider for festivals, tours, concerts and live and virtual events.
CPT NJ 30 WESLEY LLC leased 27,177 square feet at 30 Wesley St. in South Hackensack to Guardian Data Destruction Inc. NAI James E. Hanson Scott Perkins, Andrew Somple, Chris Todd, Greg James and Justin Allessio represented ownership.
PENNHILL REALTY LLC sold 265 Pennsylvania Ave., a 20,000-square- foot facility in Hillside, to Beatriz Realty LLC. William F. Connors III of The William F. Connors Agency brokered the transaction.
An undisclosed local operator acquired 110 Woodfern Road, a 12,000-square-foot flex building in Branchburg. Newmark Associates’ Helene Elbaum brokered the transaction.
CARBONITE AUTOMOTIVE leased 10,000 square feet at 11 Minneakoning Road in Flemington. The Kislak Co. Inc. brokered the transaction.
RANDAR LLC sold 737 East Elizabeth Ave., an 8,000-square-foot building in Linden, to Pollak Flavor Inc. for $1.04 million. Herb Zimmerman and Jeffrey Goldfinger of Bussel Realty Corp. represented the seller.
OFFICE
MACK-CALI REALTY CORP. sold 325 Columbia Turnpike, a 168,144-square- foot building in Florham Park, to The Birch Group. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema represented the seller.
RAFAEL HOLDINGS INC. sold 225 Old New Brunswick Road, a 65,253-square-foot property in Piscataway, for $3.875
million. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers International represented the seller.
GAIA REAL ESTATE leased 53,222
square feet at 2 Journal Square, a 325,000-square-foot building in Jersey City, to Englewood Health.
SOMERSET DEVELOPMENT leased a combined 38,762 square feet at
Bell Works, a 2 million-square-foot mixed-use complex at 101 Crawfords Corner Road in Holmdel, to Spirent Communications, Integra Advisors, Monmouth Capital Management
and Liberty Elevator. The Garibaldi Group’s Jeff Garibaldi, Tara Keating and Lindsey Florio represented ownership in all transactions,
while James Scancarella and Michael Hetchkop of Cresa Global represented Spirent.
ONE HOLTEC DRIVE GROUP LLC acquired
WHOLESALER INKS LEASE AT EX-RETAIL PROPERTY IN LODI
Adeveloper that is converting a Lodi retail building into industrial space has landed a tenant for the project, inking a 130,000-square-foot lease with a grocery wholesaler.
The landlord, Urban Edge Properties, announced Sept. 10 the
lease with AAA Wholesale Group
as it continues its renovations
at 370 Essex St. Located along Route 17, the building will serve
as a wholesale membership club supplying smaller grocery stores, delis and convenience stores, with 20,000 square feet allocated to consumers wishing to shop in store.
AAA has successful locations in the Bronx and Brooklyn, Urban Edge said. The new location will be its first in New Jersey and is expected to yield more than 100 new jobs.
Resource Realty of Northern New Jersey’s Tom Consiglio and Scott Peck represented ownership, while CBRE’s Kevin Dudley represented the tenant.
“Lodi is an ideal location for our buyers with excellent commercial access and easy loading. We are excited to open our first New Jersey location,” said Alex Almontaser, founder and CEO of AAA Wholesale Group. “We have a partner in Urban Edge Properties that is vested in our success, reconfiguring the property to meet our needs and make it possible for us to service the surrounding community through direct-to-consumer wholesale merchandise.”
Urban Edge, a real estate investment trust, announced in May that it was converting the former National Wholesale
Liquidators store into a warehouse and distribution facility. The plan calls for repurposing the first story into a 103,000-square-foot, high- bay warehouse with 26-foot ceiling clearance, seven new loading docks, LED lighting with motion detection and a new roof and parking lot.
“With the recent market challenges resulting from COVID-19, we are pleased to have identified this use and secured a terrific lease and partnership with AAA Wholesale Group,” said Chris Weilminster, executive vice president and
chief operating officer of Urban Edge. “The market remains active, especially in premier locations, and we look forward to continuing to execute on Urban Edge’s strategy of maximizing well-located, infill, transit-oriented assets that serve their surrounding community.”
A rendering of a planned industrial building on Route 17 in Lodi, where Urban Edge Properties is converting a former National Wholesale Liquidators store
Courtesy: Resource Realty of Northern New Jersey