Page 12 - Vol.5 No. 7 July 2021
P. 12

10 JULY 2021
DEAL SHEET
 INDUSTRIAL
DENHOLTZ PROPERTIES recapitalized
a 16-building, 685,781-square-foot portfolio spanning 140 and 141-147 Ethel Road West in Piscataway
and 3600-3820 Silver Star Road and 9500-9901 Satellite Blvd. in Orlando, Florida, in a transaction with an institutional investor. JLL’s Marc Duval, Jon Mikula, Michael Klein and Jordan Avanzato represented Denholtz in the equity placement, while Michael Gigliotti, Mikula, Klein and Maxx Carney secured financing with Societe Generale.
Joseph Smouha of MYNT PROPERTIES
LLC purchased a seven-building, 331,000-square-foot complex at 239- 241 Lindbergh Place, 122-128 Beckwith Ave. and 128-140 Beckwith Ave. in Paterson. Cushman & Wakefield’s David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Ryan Larkin, Seth Zuidema and Eli Milstein represented the seller.
LINCOLN EQUITIES GROUP leased 360,000
square feet at Highland Cross, a development at routes 3 and 17 in Rutherford, to Amazon. Cushman
& Wakefield’s John Alascio, Chuck Kohaut, TJ Sullivan and Zachary Kraft sourced a $115 million construction loan for the project from PCCP LLC.
CENTERPOINT PROPERTIES acquired 10 Corn Road, the site of a 295,000-square-foot warehouse
complex in the Dayton section of South Brunswick. JLL’s Marc Duval, Jordan Avanzato and Jose Cruz brokered the transaction.
LEISURE POOLS acquired 525 Orange St., a 70,000-square-foot building
in Millville. Vantage Commercial’s Ken Richardson and Corinne Giletto brokered the sale.
ELBERON DEVELOPMENT GROUP and THE AVIDAN GROUP sold 161 Meister Ave.,
a 50,400-square-foot property in Branchburg, to NorthBridge Partners. JLL’s Marc Duval, Jordan Avanzato, Mike Oliver, Jose Cruz and Mike Kavanagh represented the sellers.
EMBY HOSIERY sold 6 Shirley Ave., a 45,300-square-foot property in the Somerset section of Franklin, to CPF Somerset LLC for $5.66 million. Leo Esses and Ilan Tabbouche of Bussel Realty Corp. represented the seller, while CBRE represented the buyer.
GW INVESTORS LLC sold 400 Cooper Road, a 38,928-square-foot building in West Berlin, to Brendan Fernandes of 400 Cooper Road LLC for $2.59 million. Brett Davidoff of Rose Commercial Real Estate represented the buyer.
An investor acquired 6101 Fillmore Place, a 24,000-square-foot building in West New York, for $1.61 million. Colby Piper of Ripco Real Estate and Kristian Cichon of Deugen Realty Group represented the seller and buyer, respectively.
DENHOLTZ PROPERTIES leased 13,000 square feet at Piscataway Corporate Center, a two-building complex at 141- 147 West Ethel Road in Piscataway, to Clio. Zimmel Associates’ David Zimmel
and Jaime Zimmel represented the landlord and tenant, respectively.
475 ALFRED AVE. LLC leased 12,876 square feet at 475 Alfred Ave., a 102,045-square-foot building in
Teaneck, to EDM USA Inc. NAI James E. Hanson’s Kenneth Lundberg, Patrick Lennon, Steve Pastor and Lorenzo Lambiase represented
the landlord, while Chaus Realty represented the tenant, a marble and stone distributor.
OVER THE HILL HOLDINGS LLC leased 9,000 square feet at 30 Craig Road in Montvale to Armrkt Production Inc. Chilmark Real Estate Services’ Michael Marchese represented both parties.
ACTION CARGO TRANSPORTATION leased 8,578 square feet at 600 Hartle St.,
a 31,000-square-foot property in Sayreville. Anthony Mircovich of Bussel Realty Corp. represented the tenant.
DMP DUMONT LLC leased 1,225 square feet at 125 Washington Ave., a 22,155-square-foot property in South Hackensack, to Precast To Go. NAI James E. Hanson’s Darren Lizzack, Randy Horning and David Ukleja represented both parties.
PORTEX INC. acquired 71-89 Cordier
St., a 1.25-acre industrial parcel in Irvington, for $2.05 million. Jason Lynch of Lee & Associates New Jersey and Zev Steinmetz of Gramercy Real Estate Services LLC represented the seller and buyer, respectively.
OFFICE
GORDON PRINCETON MAB ASSOCIATES
sold 300 A and 300 B Princeton Hightstown Road, an 80,000-square- foot medical office complex in East Windsor, to Wythe Medical Properties LLC NJ and OrbVest for $20 million. Colliers International’s Kim Kretowicz brokered the transaction.
An investor acquired 690 Kinderkamack Road, a 55,317-square- foot medical office building in Oradell. Colliers International’s Jacklene Chesler, Matthew Brown and Patrick Norris represented the seller.
IVY REALTY leased 45,805 square feet at 45 Technology Drive in Warren
to Horizon Group USA. Newmark’s Jeff Schotz, Dan Reider and Harrison Russell represented ownership.
   JOINT VENTURE LANDS $76 MILLION LOAN FOR LIFE SCIENCES CAMPUS
An asset management firm
is providing $76 million in financing for an investment group’s recent purchase of a 33-building, 1.11 million-square-foot life sciences campus in Hopewell.
Brokers with Newmark represented the borrowers, HIG Realty Partners and Lincoln Equities Group, in placing the
loan with Denver, Colorado-based ArrowMark Partners. The financing is tied to the partnership’s acquisition last year of the former Bristol-Myers Squibb research, manufacturing and office complex at 311 Pennington Rocky Hill Road,
which it’s now repositioning as a multitenant campus.
Specifically, the joint venture is using the debt to fund acquisition costs, cover contractual and speculative leasing costs and capital improvements, Newmark said in a news release. The loan will also fund an interest and carry reserve.
“The exceptional track record and operational experience by the HIG and Lincoln team were imperative in getting lenders comfortable with an asset located in a market with limited data points and a ‘heavy lift’ business plan,” said Dustin Stolly, a vice chairman with Newmark and member of the firm’s New York-based debt and structured finance team.
Now known as the Princeton West
Innovation Campus, the 433-acre site includes modern clinical manufacturing space, labs, research and development support facilities, office space, parking and a data center, the news release said. The campus is less than 10 miles from Princeton and Princeton University, benefiting from the amenities and talent pool that both offer.
The property was BMS’ global R&D headquarters until early 2020, when it consolidated operations and vacated the campus after opening a new 650,000-square- foot facility nearby. It has already attracted new tenants such as PTC Therapeutics, which took 220,000 square feet before BMS’ vacancy, and Passage Bio, which leased 62,000 square feet late last year.
“HIG and Lincoln were able to
step into an attractive basis, due in part to opaque historical operating statements and a limited investment sales process,” said Jordan Roeschlaub, also a vice chairman with Newmark. “The basis, coupled with the significant amount of capital BMS invested into the space shortly before vacating, gave solace to lenders during underwriting.”
 The 1.2 million-square-foot former Bristol-Myers Squibb campus in Hopewell spans 33 buildings with research and development, pharmaceutical manufacturing and support spaces.
Courtesy: JLL















































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