Page 10 - 2021 Spotlight NJ's Top Law Firms
P. 10

8 MARCH 2021
DEAL SHEET
 INDUSTRIAL
BLACK CREEK GROUP leased 300,700 square feet at 839 Railroad Ave. in Florence to DNA Motoring. Tony Rod of Lee & Associates represented the landlord, while Scott Mertz of NAI Mertz represented the tenant.
THE STRO COS. leased 220,000 square feet at 174 Delawanna Ave. in Clifton to Weee! Inc. CBRE represented ownership, while Lee & Associates of Oakland, California, represented the tenant, an online specialty grocer.
CARAVAN INGREDIENTS INC. sold 66-96 East Union Ave., a 102,224-square- foot building in East Rutherford, to Duke Realty Corp. NAI James E. Hanson’s Scott Perkins and Chris Todd brokered the sale.
MEROLA SALES CO. acquired 10
Ruckle Ave., a 102,000-square-foot warehouse, and an adjacent parcel in Farmingdale. Sheldon Gross Realty’s Jonathan Glick brokered the deal.
J.G. PETRUCCI CO. INC. sold 1151 Commerce Center Blvd., a 95,872-square-foot property in Logan Township. JLL’s Dean Torosian and Kellen Murphy of Murphy Schiller & Wilkes LLP represented the seller, while Irene Tang of GD Commercial Real Estate represented the buyer.
DART SEASONAL sold 4 American Way,
an 80,000-square-foot building in Spotswood, to LPBS Corp. for $9.2 million. Jordan Metz, Eric Koons and Wellern Yu represented the seller.
DATASCOPE CORP. sold 15 Law Drive, a 77,000-square-foot building in Fairfield, to The Stro Cos. for $8.4
million. Howard Weinberg of JLL represented the seller, while Evan Glanz of E Glanz Associates served
as lead counsel in closing the deal for the buyer. A Prudential Bank team led by John Bailey originated financing for the deal.
STAVOLA REALTY CORP. leased 14,829 square feet at 1511 Wayside Road,
a 29,440-square-foot building in Tinton Falls, to HAP Marketing Inc. JLL’s Peter Ladas and Gary Politi represented the tenant, a marketing and public relations company.
STAMP HOLDINGS LLC acquired 417 Route 17, a 24,000-square-foot building in Carlstadt. CBRE’s Nicholas Klacik represented the seller, while Tony Nabhan of
Keller Williams City Views Realty represented the buyer. A ConnectOne
Bank team led by Jose Rosario provided financing for the deal.
PAPER BAGS USA leased 23,000 square feet at 594 Jersey Ave. in New Brunswick. Eric Koons of Bussel Realty Corp. represented the buyer.
OFFICE
THE SILVERMAN GROUP sold Littleton Office Center, a 24,708-square-
foot building at 160 Littleton Road
in Parsippany, to Sirivarsha LLC. Cushman & Wakefield’s Andrew Schwartz, Gary Gabriel, Jordan Sobel and Frank DiTommaso represented the seller.
ATLANTIC FEDERAL CREDIT UNION
INC. acquired 45 Springfield Ave.,
a 20,000-square-foot building in Springfield, for $3.35 million. Cushman & Wakefield’s Sean Brady and Joseph Harkins represented the buyer.
COBERT REALTY LLC sold 39-53 East
34th St., an 18,660-square-foot school building in Paterson, to Paterson Charter School for Science and Technology for $2 million. Mitch Roman of Cresa represented the seller, while Lindsay Ornstein and Stephen Powers of Transwestern Real Estate Services, along with Arthur Skelskie and Leslie Florio, formerly of the firm’s New Jersey office, represented the buyer.
TROY CORP. leased 17,265 square feet at 6 Vreeland Road, a 58,000-square-foot property in Florham Park, to Option
Care Health. JLL’s Peter Ladas and Chris Conklin represented the tenant, a provider of home infusion therapy services.
CROSSSTATE CREDIT UNION ASSOCIATION
sold 299 Ward St., a 16,000-square- foot building in Hightstown, to IBEW Local 94. Wolf Commercial Real Estate’s Kevin Coleman and Victor DeJesus represented the buyer.
2482 PENNINGTON ROAD LLC sold 2482 Pennington Road, a 15,000-square- foot building in Pennington, to Greater Princeton Investments LLC, for $1.2 million. Al Toto of Commercial Property Network Inc. represented the seller.
HEITMAN GROUP leased 7,199 square feet and 1,362 square feet at Penn Medicine Princeton Medical Center Medical Arts Pavilion, a medical office building at 5 Plainsboro Road
in Plainsboro, to Penn Medicine Princeton Health and Princeton Infectious Disease Associates, respectively. Colliers International’s Charlie Hatfield, Brett Incollingo and Joseph Fetterman brokered the transactions.
HIGHSTONE EQUITY GROUP leased 7,000 square feet at 500 North Franklin Turnpike, a 141,000-square-foot building in Ramsey, to Radius Global
   DUKE, FURNITURE CHAIN DETAIL 620,000 SQ. FT. INDUSTRIAL LEASE
Duke Realty Corp. has preleased more than 600,000 square feet of speculative industrial space in
Piscataway, securing a commitment from a well-known furniture chain.
The real estate investment trust announced in mid-February that Bob’s Discount Furniture has signed a full-building,
622,230-square-foot lease at 150 Old New Brunswick Road. Currently under construction, the project is slated for delivery this summer and will provide the national retailer with modern distribution space and a location less than 10 miles from the New Jersey Turnpike.
CBRE’s Scott Belfer represented Bob’s Discount Furniture, while Chuck Fern, Thomas D. Tucci, Frank Truesdell, Jason Barton and Stephen Shoemaker of Cushman &
Wakefield represented Duke Realty alongside the in-house team of Cait English and Ben Rosen.
“We are thrilled that this premier development project will meet
the distribution needs of Bob’s Discount Furniture,” said Rosen, the REIT’s vice president of leasing and development in New Jersey. “This lease transaction is another example of why Duke Realty continues to invest in developing state-of-the-art industrial distribution facilities in strategic, high-demand locations along the New Jersey Turnpike corridor.”
Located off Interstate 287, 150 Old New Brunswick Road will feature 40-foot clear ceiling heights, 125 dock doors, 302 parking spaces and 127 trailer spaces, according to a news release. It will be among the latest additions to Duke’s growing industrial portfolio in the Garden
State, which now spans more than 8 million square feet across 21 properties.
The REIT also noted that its New Jersey portfolio remains 100 percent occupied.
“At Duke Realty, we remain laser- focused on a growth strategy
that includes the acquisition
of infill properties and land for redevelopment in New Jersey and markets across the country,” said Art Makris, senior vice president of Duke Realty’s Northeast region. “We have successfully completed redevelopments by working closely with local government officials. In this case, Piscataway Mayor Brian Wahler and township staff were instrumental in helping us move forward with a smart approach to the redevelopment of a site that had remained vacant for more than 30 years.”
 A rendering of 150 Old New Brunswick Road in Piscataway
Courtesy: Duke Realty Corp.













































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