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Matthew Schiller of Murphy Schiller and Wilkes LLP.
VY REALTY and WATERFALL ASSET MANAGEMENT sold 7 Powder Horn Drive, a 181,210-square-foot building in Warren, to Thor Equities. Newmark’s Kevin Welsh, Brian Schulz and Jason Emrani represented the seller, with support from Steven Schultz and Dan Reider.
MACK-CALI REALTY CORP. sold 5 Vaughn Drive, a 98,500-square-foot building in West Windsor, to American Equity Partners for $7.5 million.
MANULIFE INVESTMENT MANAGEMENT
leased 54,000 square feet at 500 Plaza Drive, a 461,525-square-foot building in Secaucus, to Hartz Mountain Industries. JLL’s David Stifelman and Timothy Greiner represented ownership, while CBRE Senior Vice President Geoffrey Schubert represented the tenant.
THE BLOOM ORGANIZATION sold 1300 Route 73, a 43,000-square-foot complex in Mount Laurel, to an affiliate of Needleman Management Co. Colliers International’s Evan Zweben, Marc Isdaner and Ian Richman represented the seller.
MANULIFE INVESTMENT MANAGEMENT
leased 41,000 square feet at 500 Plaza Drive, a 461,525-square-foot building in Secaucus, to AXA Equitable Life Insurance Co. JLL’s David Stifelman and Timothy Greiner represented ownership, while Matthew Astrachan of JLL represented the tenant.
HUDSON EQUITIES leased 6,500 square feet at 300 Tice Blvd., a 240,000-square-foot building in Woodcliff Lake, to Curbngo. The Arlington Group represented ownership.
Ravi Shankar sold 30 Jackson Road, Building D, a 6,200-square-foot property in Medford, to Renee Vidal. Ken Richardson, Emily Stein and Mike Gries of Vantage Commercial brokered the sale.
L+M DEVELOPMENT PARTNERS, PRUDENTIAL FINANCIAL INC. and GOLDMAN SACHS URBAN INVESTMENT GROUP leased 4,811 square feet at Walker House, a 21-story mixed- use building at 540 Broad St. in Newark, to Scotch Porter. JLL’s Blake Goodman, Timothy Greiner and Christopher
Masi represented ownership, while Newmark’s Harrison Russell and John Crawford represented the tenant, which develops multifunctional grooming and wellness products.
ASA GROUP sold 230 Main St., a 4,100-square-foot building in Madison, for $1.65 million. Michael Marchese and Ed Flanagan of Chilmark Real Estate Services represented the seller, while
Marchese also represented the buyer.
LARKEN ASSOCIATES leased 1,832 square feet at Branchburg Commons, a 116,526-square-foot complex at 3322 Route 22 West in Branchburg, to
HF Planners LLC. Tim Deluccia of Berkshire Hathaway Home Services, Deluccia Commercial Group, represented the landlord, while Raymond F. Willer represented the tenant, a workplace consultancy.
RESIDENTIAL
A pension fund sold 80 East Milton Ave., a 160-unit multifamily property in Rahway, for $26.5 million. Jeff Squires of The Kislak Co. Inc. represented the seller.
A private investor sold 400 Highland Terrace, an 81-unit apartment building in Orange, for $14 million. Marcus & Millichap’s Richard D. Gatto and Fahri Ozturk represented both parties.
An unnamed investor acquired Morris Mews, an 18-unit apartment building at 345 Morris Ave. in Long Branch, for $2.47 million. Daniel Lanni of
The Kislak Co. Inc. brokered the transaction.
A private investor sold 178 Kearny Ave., a 17-unit multifamily property in Kearny, for $2.1 million. Ed Flanagan of Chilmark Real Estate Services represented both parties.
RETAIL
A private investor acquired Mount Olive Parkade, a 114,249-square-foot complex at 7 Naughright Road in Mount Olive, for $6 million. Marcus & Millichap’s Michael Lombardi and Steven Schiavello represented both parties.
An undisclosed investor acquired 95-97 Broad St., a 4,935-square-foot property in Red Bank, for $1.325 million. Daniel Lanni of The Kislak Co. Inc. brokered the transaction.
BLUE FOUNDRY BANK leased 2,100 square feet at Chatham Plaza, a 31,500-square- foot shopping center on the 400 block of Main Street in Chatham. Vanessa Fernandez-Kelty and Kendal Hand- Freda of Levin Management Corp. represented ownership.
EDISON PROPERTIES leased 1,829
square feet at Ironside Newark, a 456,000-square-foot mixed-use building at 110 Edison Place in Newark, to Freshii. Jason Pierson and Ryan
Starkman of Pierson Commercial represented ownership, while Mike Testa and Matt Kenderian of Jeffery Realty represented the tenant, a fast casual restaurant chain.
CARANNATE LLC leased 1,381 square feet at 911 Route 33 in Hamilton to Kumon North America. Kyle Janoczkin of Lee & Associates New Jersey represented the tenant, a national after-school education provider.
THRIVE BEHAVIORAL HEALTH and YAJAIRA SALON & SPA leased 1,330 and 2,640 square feet, respectively, at Colonial Village Shoppes and Office Park, a 70,000-square-foot retail and office complex at Route 27 and Parsonage Road in Edison. Jaime Weiss of Weiss Realty represented the transaction.
DENHOLTZ PROPERTIES leased 565 square feet at The Rail @ Red Bank, a mixed- use project at 116-118 Chestnut St., to Melonhead. Gary Krauss of Pierson Commercial represented the tenant, a smoothie and acai bowl shop.
FINANCE
An undisclosed lender provided $277.5 million to SDK Apartments to refinance a portfolio that comprises a 1,172-unit apartment complex and a 73,394-square-foot shopping center,
REALESTATENJTM 11 both at 100 Route 46 in the Budd Lake
section of Mount Olive, along with
an 848-unit apartment complex at 1341 Blackwood Clementon Road in Clementon and 124 apartments at 380- 388 Parsippany Road in Parsippany. Meridian Capital Group’s Abe Hirsch, Judah Hammer, Zev Karpel and Sean Anderson brokered the financing, which included three 10-year loans, offering rates of 3.13 percent, five years of interest-only payments and flexible prepayment penalties.
PROCIDA FUNDING provided a $39.85 million loan through its 100 Mile Fund
to Forte Real Estate Development, the developer of a 242-unit apartment community at 36 Washington Ave. in Carteret.
PROVIDENT BANK provided permanent financing to American Landmark Development for Centurion Union, a new 80-unit apartment building at 975 Bonnel Court in Union. JLL’s Michael Klein and Max Custer brokered the long-term, fixed-rate loan. RE
MARCUS: ORANGE APARTMENTS SELL FOR $14 MILLION
Aprivate investor has sold an 81-unit apartment building in Orange for $14 million, under a newly announced transaction by Marcus & Millichap.
The brokerage firm says the property, 400 Highland Terrace, drew significant interest thanks
in part to recent development in the surrounding neighborhoods. The building also boasts a location near the Highland Avenue train station, contributing to a sale price of $172,840 per unit.
Marcus & Millichap investment specialists Richard D. Gatto and Fahri Ozturk represented both parties in the deal.
“400 Highland Terrace sold at a record price per unit for similar product type even with
the many challenges presented during the pandemic,” Gatto said. “Fortunately, our process and long-term relationships gave us the ability to get this deal across the finish line.”
In a news release, Marcus noted that 20 units at 400 Highland Terrace have undergone renovations. The collection of studio, one-bedroom and two- bedroom apartments also has a new roof and two elevators.
Additionally, the property has easy access to the Garden State Parkway, Interstate 78 and other area highways.
400 Highland Terrace in Orange
Courtesy: Marcus & Millichap