Page 11 - Issue 46 Oct2020

One Holtec Drive, a 32,571-square- foot building in the Marlton section of Evesham. Wolf Commercial Real Estate’s Jason Wolf represented the buyer.
ATKINS COS. AND CAPITAL SOLUTIONS INC. leased 37,030 square feet at the Bridgewater Medical Building, a 95,620-square-foot property at 1125 Route 22 West in Bridgewater, to Atlantic Health System. Colliers International’s Bryn Cinque and Jim Bailey represented the tenant.
ANDALEX leased 30,000 square feet
at Sylvan Corporate Center, a four- building, 240,000-square-foot complex at 940 Sylvan Ave. in Englewood Cliffs, to OwnBackup Ltd. JLL’s Frank D. Recine and Nicolas DeCotiis represented ownership, while Jason Fray and Harlan Hollander of Savills represented the tenant, a data backup and restoration provider.
An unnamed LLC sold the Ironstone Medical & Professional Building, a 26,249-square-foot property at 520 Stokes Road in Medford, for $2.075 million. Marcus & Millichap’s Lawrence Gariano and Michael A. Hinchman represented the seller, while also representing the buyer alongside Jeremy Berinson and Brian Hosey.
USALLIANCE FINANCIAL FEDERAL CREDIT UNION sold 1 Corporate Drive, an 18,000-square-foot building in Wayne, to The Retina Center of New Jersey. JLL’s Frank D. Recine and Derek DeMartino represented the seller, while Philip J Kreizer & Associates represented the buyer.
VAN BRUNT REAL ESTATE LLC sold
210 North Ave., a 14,061-square-
foot building in Cranford, to Esha Farms LLC for $2.3 million. Zeustra represented the seller, while Suzanne Tharaldsen and James Hodgkins of Bussel Realty Corp. represented the buyer.
CIG PROPERTIES leased 3,243 square feet at 180 Mount Airy Road, a 100,000-square-foot complex in Basking Ridge, to Mendham Capital Management. Rick Genthe and Sean O’Brien of Lincoln Property Co. represented ownership, while Lee Barnes of the Woodman Group LLC represented the tenant.
DPS GROUP INC. and TYCO ELECTRONICS SUBSEA COMMUNICATIONS leased 2,388 square feet and 2,269 square feet, respectively, at 4814 Outlook Drive in Wall. Sheldon Gross Realty’s Glenn Jaffe and Matthew Leonelli represented ownership.
RESIDENTIAL
WESTBANK APARTMENTS LLC/AVALON APARTMENT LLC sold West Bank Apartments, a 108-unit apartment building at 181 River Road in Nutley, to River Gardens NJ LLC for $19 million. Gebroe-Hammer Associates’ Niko Nicolaou and Ken Uranowitz represented the seller.
An undisclosed buyer acquired Ashton Arms Apartment Complex, a 20-unit property at 526 East Second St. in Bound Brook, for $3.1 million. CBRE’s Charles Berger, Elli Klapper and Jeremy Wernick represented the seller.
An undisclosed buyer acquired Willow & Laurel, a 12-unit apartment complex at 708-718 Laurel Place and 681-691 Willow Ave. in North Brunswick, for $1.7 million. CBRE’s Charles Berger, Elli Klapper and Jeremy Wernick represented the seller.
RETAIL
SCOTT CENTER LLC sold Scott Center, an 18,900-square-foot property at 439-455 Route 23 South in Pompton Plains, to Forlenza Partnership. The Goldstein
Group’s Lew Finkelstein and CJ Huter brokered the sale.
A private investor acquired 315
East Main St., an 11,585-square-foot property in Wrightstown, for $1.3 million. Marcus & Millichap’s Michael Lombardi represented the buyer.
SHERWIN-WILLIAMS leased 4,725
square feet at Crossings at Monroe, a shopping center at 328 Berlin Cross Keys Road in the Williamstown section of Monroe. Jeffery Realty’s Connor Vanderbeek and Chandler Vanderbeek represented the tenant.
BERSID COMPANY LLC leased 4,680 square feet at 695 Route 17, a 13,000-square- foot property in Paramus, to Overstock Appliance Corp. The Goldstein Group’s Chuck Lanyard
and Marc Palestina represented both parties.
FINANCE
NEW YORK LIFE REAL ESTATE INVESTORS
originated a $65 million loan to Seagis Property Group, the developer of a 415,533-square-foot distribution center in Kearny.
PROCIDA FUNDING completed a $52.5 million construction loan to the Demetrakis family, the developer
of a planned 214-unit apartment development between 49th and 51st streets in North Bergen. Cole Schotz P.C. was the lender’s counsel on the closing.
INVESTORS BANK provided $31 million in construction financing for a mixed- use, 172,000-square-foot project in Jersey City with 198 residential units and one commercial space.
HARTFORD INVESTMENT MANAGEMENT CO.
provided a $25 million loan to 500 Meadowland Parkway LLC, the owner of a 706,487-square-foot industrial building at 500 Meadowlands Parkway
REALESTATENJTM 9 in Secaucus. JLL’s Thomas Didio
represented the borrower in securing the loan, which will be used to refinance existing debt.
PROCIDA FUNDING provided $9.525 million in construction financing to Charles Florio, a developer, for a
40-unit building at 185 Broadway and 12 units at 326 East 16th St., both in Paterson.
A life insurance company provided an undisclosed amount of financing to The Frassetto Cos., the owner
of four industrial buildings totaling 257,949 square feet at 9-11 Chapin Rd. and 9-15 Riverside Drive in Pine Brook and 707 and 709 Executive Blvd. in Valley Cottage, New York. JLL’s Michael Klein represented
the borrower in sourcing the loans, which were used to refinance existing debt.
SPENCER SAVINGS BANK provided an undisclosed amount of financing to the owner of a 31-unit apartment building in Union County. RE
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SJP PROPERTIES leased 12,800 square feet at 200 Wood Ave. South, a 270,000-square-foot property in the Iselin section of Woodbridge, to Crédit Agricole CIB. CBRE’s Jonathan Meisel and Wes Moore represented ownership, while Charlie Dillon of JLL represented the tenant, a global banking firm.
L+M DEVELOPMENT PARTNERS, PRUDENTIAL FINANCIAL INC. and GOLDMAN SACHS URBAN INVESTMENT GROUP leased 4,811 square feet at Walker House, a mixed-use building at 540 Broad St. in Newark,
to Scotch Porter. JLL represented the landlord, while Newmark Knight Frank represented the tenant, a boutique men’s grooming line.