Page 14 - RENJ May 2021 Issue 53
P. 14

12 MAY 2021
DEAL SHEET
 INDUSTRIAL
HELLER INDUSTRIAL PARKS leased 1.17 million square feet at 40 Sigle Lane in South Brunswick to Williams Sonoma. Brian Knowles of Lee & Associates of Eastern Pennsylvania represented the tenant, a home goods retailer.
INDUSTRIAL REALTY GROUP leased 338,954 square feet at Midpoint Logistics Center, a multiphase development
at 152 Route 206 in Hillsborough, to National Distribution Centers LLC. Cushman & Wakefield’s Chuck Fern represented the tenant.
TRANSWESTERN DEVELOPMENT CO. and QUADREAL PROPERTY GROUP leased 297,748 square feet at 330 South Randolphville Road, a two-building development in Piscataway, to General Plumbing Supply Inc. Avison Young’s Tim Cadigan, Matthew Turse and Grant Otto represented ownership, while Ed English and Ron Ganter of Avison Young, along with Michael Schipper of The Blau & Berg Co., represented the tenant.
The Piperno family sold 14 Sbar Blvd., a 272,682-square-foot distribution center in Moorestown, to NorthBridge Partners for $23.25 million. Cushman
& Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema represented the seller, with assistance from local leasing specialists John Gartland and Jonas Skovdal.
SCOUT CAPITAL PARTNERS leased 234,000
square feet at 450 Swedesboro Ave., a 332,000-square-foot property in East Greenwich, to Freshly.
PALMER TERRACE REALTY ASSOCIATES sold 2 Palmer Terrace, a 60,400-square- foot building in Carlstadt, to Legacy Capital. JLL’s Jose Cruz, Jordan Avanzato, Marc Duval and Mark Belenky represented the seller, while Matthew Pizzolato and Thomas E. Didio Jr. sourced acquisition financing with Sound Point Commercial Real Estate Finance.
EMBY HOSIERY CORP. sold 6 Shirley Ave., a 45,300-square-foot property in the Somerset section of Franklin, to CustomPictureFrames.com. Bussel Realty Corp. represented the seller,
while CBRE’s Christopher Griffith and Bill Waxman represented the buyer.
SITEX GROUP acquired 440 Florida Grove Road, a roughly six-acre site in Perth Amboy, and a 23,000-square- foot warehouse at 629 Henry St. in Elizabeth.
An unnamed party sold 1001 Lincoln Blvd., a 16,000-square-foot flex industrial building in Middlesex Borough. Joseph Boniakowski and Todd Gannet of The Boniakowski Commercial Real Estate Group brokered the deal.
An e-commerce company leased 12,818 square feet at 5030 Shafto Road in Tinton Falls. Marcy Gross of Sheldon Gross Realty brokered the transaction.
Moshe Katz sold 217 East Highland Parkway, an 11,800-square-foot building in Roselle, to A Pita Pocket for $1.326 million. Jordan Metz and Eric Koons of Bussel Realty Corp. represented the seller, while Eli Harari represented the buyer.
OFFICE
P3 PROPERTIES sold Broadacres Office Park, a four-building, 380,000-square- foot complex at 200, 300 and 400 Broadacres Drive and 1445 Broad St. in Bloomfield, to ERCT Capital Group and MAVeCap LLC. Dennis
Gralla, James J. Scancarella and Jonathan Marks of Cresa New
Jersey represented the buyer, while Brad Domenico of Progress Capital arranged a $40 million acquisition loan for the buyer through Natixis Real Estate Capital.
BERGMAN REAL ESTATE GROUP sold 1099 Wall Street West, a 118,465-square- foot building in Lyndhurst, to BHN Associates. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers International represented the seller.
PRINCETON INSURANCE CO. sold 742 and 746 Alexander Road, a two-building, 110,000-square-foot complex in West Windsor, to Strategic Funding
Alternatives LLC. JLL’s Kevin O’Hearn, Jose Cruz, Thomas Romano, Michael Oliver and Steve Simonelli represented the seller.
ALFRED SANZARI ENTERPRISES leased 49,577 square feet at Glenpointe,
a 670,000-square-foot complex at 300/400/500 Frank W. Burr Blvd. in Teaneck, to Phibro Animal Health Corp. Newmark’s David Simson, Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian represented ownership, while Susan Mason and Tom Reilly of JLL represented the tenant, an animal health company.
TENBE REALTY sold 6 Powder Horn Drive, a 37,000-square-foot flex commercial building in Warren, to Emerald Green Estates LLC, for $3.9 million. Rick Gelmetti of Lee & Associates New Jersey brokered the transaction.
SAXUM REAL ESTATE and the BECKER ORGANIZATION sold 66 Park St., a 15,500-square-foot building in Montclair. Marcus & Millichap’s Alan Cafiero brokered the sale.
KUSHNER REAL ESTATE GROUP leased 12,000 square feet at 981 Route 22, a 23,736-square-foot building in Bridgewater, to JAG-ONE Physical Therapy.
HX2 DEVELOPMENT leased 9,000 square feet at the former Roebling Center complex along Route 129 in Trenton to Princeton Hydro. Roby Bull of JLL represented ownership, while William Barish of Commercial Property Network Inc. represented the tenant, a water resources engineering and natural resources management firm.
2490 PENNINGTON ROAD LLC sold 2490
   FORT LEE RENTAL TOWER SELLS FOR $55 MILLION, KISLAK SAYS
The developer of a new 142-unit apartment tower in Fort Lee has sold the property for more than $55 million, under a transaction arranged by The Kislak Co. Inc.
Completed last year, the 15-story building at 69 Main St. is a mix of homes ranging from studios to three-bedrooms, with a location overlooking the Hudson River and
across from New York City. Kislak represented the seller, 69 Main Street Fort Lee Urban Renewal, in the $55.35 million sale to a joint venture of Blue Diamond Equities and Skywood Properties.
“Our assignment began in the middle of the pandemic and lease-up of the building,” Kislak’s Scott Davidovic said. “The transaction had several complex issues that we had to resolve over a several-month period. Ultimately, all issues were resolved, which enabled us to close relatively quickly. It was a classic example of
a tough deal making brokers even more resilient.”
Davidovic, a senior vice president, marketed the property known as The Pinnacle on an off-market basis. Kislak Senior Vice President Justin Lupo procured the buyer.
The building was still in lease-up and was 70 percent occupied at the time of the deal.
“The Gold Coast market continues to command the attention of
both private and institutional investors nationwide,” Lupo said. “This sale exemplified two private investors’ ability to execute on an otherwise institutional acquisition. The purchasers demonstrated an unbelievably high level of skill and professionalism while working to close, and the parties appreciated Kislak’s unparalleled regional expertise and network of seasoned professionals necessary to close a deal of this type and complexity.”
The Woodbridge-based brokers noted that The Pinnacle has upscale apartment design and finishes, along with amenities such as a lounge. The tower is also minutes from the borough’s downtown and from New York City via the George Washington Bridge or ferry.
David Singer of Calloway Capital arranged financing, which was provided by MF1 Global. Brian Shemesh of Giordano Halleran & Ciesla PC and Neil Fink of Fink & Zelmanovitz PC served as counsel to the buyers.
 The Pinnacle at 69 Main St. in Fort Lee
Courtesy: The Kislak Co. Inc.





















































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