Page 13 - RENJ Sept.21

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REDEVELOPED SUMMIT OFFICE BUILDING FETCHES $12.6 MILLION
An investor has acquired a boutique office building in downtown Summit for more than $12.5 million, in a newly announced transaction by Marcus & Millichap.
Brokers say the property, 40 Beechwood Road, comprises 19,971 square feet of redeveloped space and serves as the headquarters of Energy Capital Partners, a private equity firm focused on the energy sector. The undisclosed buyer paid $12.57 million for the property.
“Transit-oriented downtowns are experiencing significant demand from the investment community,” Marcus & Millichap wrote in a news release. “40 Beechwood is a best- in-class boutique office building two blocks from the Summit train station.”
Alan Cafiero, Ben Sgambati and David Cafiero, investment specialists in the firm’s New Jersey office, represented the seller in the deal.
Purchased in 2017 by an affiliate of Saxum Real Estate, 40 Beechwood is part of a limited stock of Class A office space in downtown Summit. The investment firm and its partner, MRY Associates, overhauled the
previously vacant property to create modern building systems, features and finishes and incorporated energy efficiencies, along with additional space in the building.
The project was a finalist for last year’s NAIOP New Jersey Deal
of the Year Award in the office category. Saxum worked alongside Mancini Duffy and MRY for the redevelopment, securing Energy Capital Partners as a tenant and adding amenities such as a rooftop conference space and a high-end fitness and wellness center.
40 Beechwood Road in Summit
Acquisitions for $5.1 million. Cushman & Wakefield’s Brian Whitmer, Ryan Dowd and Peter Welch represented the seller, a joint venture of The Hampshire Cos. and Diversified Realty Advisors.
A private investor acquired 1001 First Ave., a 1.31-acre property in Asbury Park that is approved for 80 apartments, two ground-floor retail spaces and 94 parking spaces, for $2.175 million. Chez Eider, Fahri Ozturk and Richard D. Gatto of Marcus & Millichap represented both parties.
RETAIL
NORTHBRIDGE PARTNERS acquired 493 Route 38 West, a 72,625-square-foot property in Maple Shade, for $9.85 million. Cushman & Wakefield’s Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the seller.
An undisclosed LLC purchased 175 Route 35, the site of a net-leased, 60,000-square-foot Ashley Furniture
HomeStore in Eatontown, for $5.96 million. Marcus & Millichap’s Alan Cafiero brokered the deal.
ARLINGTON NORTH ASSOCIATES sold Arlington Plaza, a 37,603-square-foot property at 1-29 Schuyler Ave. in North Arlington, for $13.5 million. Seth Pollack, Brian Whitmer, Max
Helfman, Andrew Merin, David Bernhaut and Gary Gabriel of Cushman & Wakefield represented the seller.
An investor acquired 1 West Main
St., an 11,350-square-foot mixed-use property in Somerville, for $3 million. Marcus & Millichap’s Alan Cafiero, Brent Hyldahl and Ben Sgambati brokered the transaction.
An investor purchased 756 Route 206, a 9,832-square-foot child care center building in Hillsborough, for $3.805 million. Marcus & Millichap’s
Alan Cafiero, Brent Hyldahl and Ben Sgambati represented both parties.
An undisclosed buyer purchased
13-14 River Road, the site of a net- leased, 4,216-square-foot Bank of America branch in Fair Lawn. Marcus & Millichap’s Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz represented the seller, while Alan and David Cafiero and Moroz also represented the buyer.
PLAZA 23 STATION LLC leased 2,510 square feet at Plaza 23, a shopping center at 500 Route 23 North in the Pompton Plains section of Pequannock, to Popeyes Louisiana Kitchen. Rob Murphy of Philips Edison & Co. and Chris Conway of The Goldstein Group represented the landlord and tenant, respectively.
JERSEY MIKE’S SUBS leased 1,200
square feet at St. Georges Crossing,
a 343,000-square-foot property in Woodbridge. E.J. Moawad of Levin Management Corp. and Gary Krauss of Pierson Commercial represented the landlord and tenant, respectively.
FINANCE
CAPITAL ONE provided $42 million in financing to The Stro Cos. and Kushner Real Estate Group, the owners of 174 Delawanna Ave. in Clifton, to refinance the 220,000-square-foot cold storage facility.
METROPOLITAN BANK closed a $19.54 million construction loan to Hero
Construction, the developer of a 119- unit luxury apartment building at 45 South Grove St. in East Orange. Brad Domenico of Progress Capital sourced the financing.
NATIONWIDE originated a $13 million loan to Point Capital Development LLC for Esjay Apartments, a 40-unit building at 104 Bright St. in Jersey City. JLL’s Matthew Pizzolato sourced the 10-year, fixed-rate financing on the borrower’s behalf. RE
Courtesy: Marcus & Millichap