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tenant, a biotechnology firm.
DIVERSIFIED-AC LLC leased 6,073
square feet at 1300 Atlantic Ave., a multitenant building in Atlantic City, to South Jersey Legal Services. Wolf Commercial Real Estate’s Jason Wolf represented the tenant.
Joseph Retcho Jr. sold 308 Harrington Ave., a 4,535-square-foot building
in Closter, to James Susan Realty LLC. NAI James E. Hanson’s
Randy Horning and Darren Lizzack represented the seller, while Weichert Commercial Brokerage’s Cynthia La Terra represented the buyer.
A physician acquired 591 Franklin Ave., a 3,050-square-foot medical office building in Nutley, for $1.125 million. Midtown Commercial Realty’s Cheryl Darmanin represented both parties.
A professional services firm leased 3,000 square feet at 39 Jackson Road in Medford. Vantage Commercial’s Ken Richardson and Emily Stein brokered the transaction.
ALFRED SANZARI ENTERPRISES leased 2,569 square feet at Glenpointe, a three-building, 670,000-square-foot complex at 300/400/500 Frank W. Burr Blvd. in Teaneck, to Cherrystone Auctions Inc. Newmark’s Jeff
Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson represented both parties.
RESIDENTIAL
AMS ACQUISITIONS LLC sold Gillette Towers, a two-building, 136-unit senior housing complex at 100 and 110 Kennedy Drive in Sayreville, to A&RW Properties LLC and affiliates listed as JYW Holdings LLC and Nadlan Capital Inc. for $28 million.
A developer sold an undisclosed 130- unit apartment complex in Somerset County for $35 million. Julie Gralla of The Kislak Co. Inc. brokered the transaction.
A longtime owner sold Evergreen Village Apartments, a 98-unit apartment complex at 962 High St. in Alpha. David Simon of NAI DiLeo- Bram & Co. represented the seller alongside Jerry Zaro and Jeffrey Meltzer of Sills Cummis & Gross PC.
FALCON PARTNERS LLC sold The Village at Falcon Point, a 56-unit multifamily complex off Port Reading Avenue in Woodbridge. David A. Simon, Robert V. DiLeo, Matthew DiLeo and Kyle Gerace of NAI DiLeo-Bram & Co. represented the seller.
BENNETT REALTY & DEVELOPMENT and EDEN PROPERTY COMPANY LLC sold
803 South Ave., a fully approved development site for 104 apartments in Plainfield, to West of Hudson. Jeffrey Dunne, Jeremy Neuer, Gene Pride, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers.
RETAIL
SECOND WAYNE LLC leased 12,500 square feet at 491 Route 46 West in Wayne to
The Tile Shop. The Goldstein Group’s Neil Goldstein and John Ostrowski represented ownership.
PERFORMANCE STRENGTH ACADEMY
leased 10,940 square feet at Dover Park Plaza, a 56,222-square-foot shopping center in Hamilton. Peter Miller of R.J. Brunelli & Co. represented both parties.
DOLLAR TREE leased 9,200 square
feet at Riverdale Crossing, a 260,000-square-foot center on Route 23 in Riverdale. Ryan Starkman of Pierson Commercial represented ownership, while Danielle Brunelli
and Pete Nicholson of R.J. Brunelli & Co. represented the tenant.
NORMAN’S HALLMARK leased 6,000 square feet at the Somerset Shopping Center at the junction of routes 202/206 and 28 in Bridgewater. Vanessa Fernandez- Kelty of Levin Management Corp. represented ownership.
ATKINS COS. and WOODMONT PROPERTIES leased 5,400 square feet at Washington Square Town Center, a mixed-use development on Hurffville- Cross Keys Road in Washington Township, to Mid Atlantic Retina.
SEOULVILLE leased 2,170 square feet
at the mixed-used Gaston Building
at 58 West Main St. in Somerville. Robert V. DiLeo and Matthew DiLeo of NAI DiLeo-Bram & Co. represented ownership.
KEEP GLOWING MEDICAL SPA leased 1,435 square feet at Tinton Falls Centre at 4057 Asbury Ave. in Tinton Falls. Etan Tammam of Midtown Commercial Realty represented both parties.
FINANCE
ACORE CAPITAL provided a $65 million construction loan to Capodagli Property Co., the developer of a planned 325-unit multifamily project
at 10 Westfield Ave. West in Roselle Park. Drew Fletcher, Miryam Kops and Bryan Grover of Greystone Capital Advisors sourced the financing.
JOHN HANCOCK originated $60 million in financing to Tidewater Real Estate Co., the owner of Excelsior II, a 267- unit apartment tower Hackensack. JLL’s Greg Nalbandian and Michael Lachs sourced the 30-year, fixed-rate loan on behalf of the borrower.
PROCIDA FUNDING & ADVISORS closed a $5.45 million construction loan to Charles Florio, the developer
of a project in Paterson with 27 apartments and 2,263 square feet of retail space.
An undisclosed lender provided a $4.565 million loan to Walnut Realty Associates LLC, the owner of the 100-unit Berkshires I Apartments on West Walnut Road in Vineland. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10- year financing. RE
MORRIS COUNTY OFFICE PORTFOLIO SELLS FOR $77 MILLION
An investment firm has made another high-profile addition
to its Morris County portfolio, acquiring three office buildings near downtown Morristown for $77 million.
The buyer, The Birch Group, has added 411,737 square feet with its purchase of 60 Columbia Drive, 100 Southgate Parkway and 1200 Mount Kemble Ave. It’s now planning a series of upgrades at each property, seeking to complement the
recent $6.7 million in renovations completed by the seller, Lincoln Equities Group, to help drive leasing at the buildings.
The portfolio is home to tenants such as Morgan Stanley, Verizon and LG Electronics.
“We strongly believe in the vitality and viability of the suburban New Jersey office market, which has been hampered by the pandemic but is positioned for a strong rebound,” said Mark Meisner,
founder and president of The
Birch Group. “Morristown offers
a thriving downtown with access
to various restaurants, local
retail and an abundance of newly constructed residential apartments. The region has historically attracted corporate interest from prominent organizations hoping to tap into the highly educated, top-tier workforce, and we’re confident we’ll continue to build on our track record of success.”
Cushman & Wakefield represented LEG in the sale, which marks The Birch Group’s latest investment
in Morris County. The firm also owns 350 and 360 Mount Kemble Ave., a nearby 230,000-square-foot office campus, which it acquired in 2018 and has brought to 98 percent
100 Southgate Parkway in Morris Township
occupancy.
The landlord will look to attract tenants that are seeking to locate
or expand in Morristown, but have been unable to find space in the ever- tightening submarket, according to a news release.
“Morris County is known for its major corporate presence and
for having the state’s highest concentration of Fortune 500 firms,” said David W. Bernhaut,
an executive vice chairman with Cushman & Wakefield. “There has been increased interest and leasing velocity in the region recently, and we’re confident The Birch Group will build upon this momentum and the firm’s recent leasing success at 350-360 Mount Kemble.”
Courtesy: The Birch Group