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10 NOVEMBER 2020
DEAL SHEET
INDUSTRIAL
SIMMONS PET FOOD sold 6851 River Road, a 201,000-square-foot building in Pennsauken, to KB Furniture for $10.6 million and 9130 Griffith Morgan Lane, a 189,498-square-foot building in Pennsauken, to Kenover Marketing for $7.4 million. Chris Pennington of Binswanger Commercial Real Estate Services represented the seller in the transactions.
IVY RIVER PROPERTY LLC sold 1 Riverview Drive, a 114,368-square-foot building in the Somerset section of Franklin, to Jack Imir for $11.9 million. Brian Dudzinski of Atlantic Real Estate Services brokered the transaction.
WESTERN CARRIERS leased 113,623 square feet at 5905 Westside Ave. in North Bergen. Greg Sholom and David Cantor of Team Resources Inc. represented ownership, while Stephen Elman of Cushman & Wakefield represented the tenant.
SOUTH MIDDLESEX ASSOCIATES LLC sold 21 Commerce Drive, a 100,920-square- foot property in South Brunswick, to Premier Accessory Group for $13.12 million. Brian Dudzinski of Atlantic Real Estate Services brokered the transaction.
URMSTON REALTY CORP. sold a five- building, 100,000-square-foot portfolio at1,2,3,6and9MarsCourtin
Montville to an affiliate of Diversified Properties and HLF Montville LLC. Gregory J. Sabato and Scott Peck of Resource Realty of Northern New Jersey represented both parties.
A retail distributor leased 78,585 square feet at 2555 Kuser Road in Hamilton. CBRE represented ownership, while Michael Witko of Chilmark Real Estate Services worked in conjunction with Ken Morris of Morris Southeast Group on behalf of the tenant.
THE STRO COS. purchased 140-142 Clinton Road, a 77,983-square-foot property in Fairfield, for $8.75 million.
Sheldon Gross Realty’s Robert Nathin represented the undisclosed seller, while Charles J. Wilkes of Murphy Schiller & Wilkes LLP served as lead counsel for the buyer and Anibal Badim and Len Carlucci of Lakeland Bank oversaw financing.
COHEN ASSET MANAGEMENT leased 65,000 square feet at 19 Chapin Road in the Pine Brook section of Montville to Doosan Machine Tools. Newmark’s Kevin Murphy and Trevor Patterson represented the tenant, a manufacturer.
LINK INDUSTRIAL PROPERTIES leased 44,478
square feet at 1501 West Blancke St., a 115,935-square-foot complex in Linden, to a food-related tenant. Jordan Metz of Bussel Realty Corp. brokered the transaction.
WORLD CLASS SALES LLC acquired 465 Industrial Way West, a 43,676-square- foot building in Eatontown, for $4.25 million. Joe Soos of Preferred Industrial Properties represented the seller, while Zev Steinmetz of Gramercy Real Estate LLC represented the buyer. Valley National Bank financed the acquisition.
A moving and logistics company leased 35,000 square feet at 100 Industrial Road in Berkeley Heights. JLL represented the landlord, while Michael Witko of Chilmark Real Estate Services represented the tenant.
TREE REALTY leased 28,900 square feet at 475 Division St., a 175,000-square- foot building in Elizabeth, to Motion Express. NAI James E. Hanson’s Barry Cohorsky and John Koch represented ownership, while Robin Ritter-Ceriello represented the tenant.
TURNBRIDGE EQUITIES leased 27,838 and 31,359 square feet at the Ballantine Industrial Center, a 726,525-square- foot complex at 397-447 Ferry St. in Newark, to One Stop of Newark LLC and Prime Building and Maintenance Supply, respectively. NAI James E. Hanson’s Russell Verducci and Eric Demmers represented ownership.
TURABDIN sold 105-111 State St.,
a 22,526-square-foot building in Hackensack, to Advance Fashion for $3.25 million. NAI James E. Hanson’s
Pat Lennon represented the seller, while Steven N. Muller of Equity Real Estate Brokerage LLC represented the buyer, a fashion supplier.
MB CABLE sold 46-48 Liberty St.,
a 13,800-square-foot property in Metuchen, to Galactic Tiles for $1.67 million. Jordan Metz of Bussel Realty Corp. represented the seller.
A toy company leased 427 Lincoln Blvd., an 11,000-square-foot flex building in Middlesex Borough. Todd Gannet and Joe Boniakowski of The Boniakowski Commercial Real Estate Group represented both parties.
RFP 18 FAIRFIELD ASSOCIATES LLC leased 10,400 square feet at 18 Commerce Road in Fairfield to Trible’s. NAI James
E. Hanson’s Scott Perkins and Chris Todd represented the tenant.
LARJIL REALTY HOLDING CORP. sold 11 Leuning St., a 4,400-square-foot building in South Hackensack, to Premier Group Holdings. Justin Allessio of NAI James E. Hanson represented both parties.
OFFICE
I VISION PROPERTIES and THE BIRCH
GROUP acquired 180 Park Ave., a 228,000-square-foot building in Florham Park. JLL’s Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver represented the seller alongside
JOINT VENTURE INKS $85 MILLION INDUSTRIAL SALE
Ajoint venture has sold a Parsippany industrial building for more than $85 million, marking the culmination of a two-year investment and turnaround for the 550,000-square-foot property.
The sellers, Turnbridge Equities
and Harbor Group International LLC, originally acquired 100 Jefferson Road in October 2018 as part of a sale-leaseback with PNY Technologies. The investment group paid $60.3 million at the time, going on to spend $4 million to transform the property into a Class A industrial building, which included demolition of a former Pfizer lab space, an HVAC overhaul and other substantial
enhancements.
In late October, the joint venture announced that it had sold the property to an undisclosed buyer for $85.25 million. The JLL brokerage team of Jose Cruz, Marc Duval, Jordan Avanzato, Michael Oliver, Kevin O’Hearn and Steve Simonelli represented the seller.
“The sale of 100 Jefferson Road completes our business plan and showcases Turnbridge’s successful value-add investment strategy,” said Jason Davis, managing director with the investment and development firm. “The northern New Jersey market continues to be attractive
to industrial investors because of its ideal location combined with a lack of new warehouse supply and continued strong demand drivers. The buyer recognized this as a unique opportunity to
acquire a newly renovated, Class A asset that offered stable cash flow with significant upside given the remaining vacancy.”
Turnbridge noted that 100 Jefferson Road was only 28 percent occupied at the time of its acquisition but is now nearly 64 percent leased to PNY Technologies and Vitaquest International. PNY occupies 155,000 square feet for its global headquarters, while Vitaquest maintains 200,000 square feet and
is completing construction of a manufacturing facility for its global vitamin and supplement businesses.
“We are very pleased with the outcome of this transaction,”
Cruz said. “Demand for suburban industrial continues to be very strong and the remaining lease up of this asset gives the buyer significant upside on which to capitalize.”
100 Jefferson Road in Parsippany
Courtesy: Turnbridge Equities