Page 11 - RE-NJ

REALESTATENJTM 9
ALFRED SANZARI ENTERPRISES leased
a combined 9,727 square feet at Elmwood Park Plaza, a 68,000-square- foot building at 475 Market St. in Elmwood Park, to United Food and Commercial Workers Union Local 888 and OneMain Financial. Larry Martin, Tom Reilly and Brendan McBride of JLL and represented ownership in
the UFCW deal, while Brian Leary
and James O’Neill of Bridge Property Advisors and Nicole Nannola of CBRE represented the respective tenants.
BLACK CREEK GROUP leased 3,574 square feet at Harborside Plaza 10, a 577,575-square-foot building in Jersey City, to Denham Capital Management. Cushman & Wakefield’s Robert Rudin, Dirk Hrobsky, David DeMatteis
and Mina Shehata represented the landlord, while The Garibaldi Group’s Jackie Madden represented the tenant.
11-18 SADDLE RIVER REALTY LLC sold 11-18 Saddle River Road, a 2,650-square- foot building in Fair Lawn, to Anshei Lubavitch Outreach Center. Josh Krantz of Lee & Associates New Jersey represented both parties.
RESIDENTIAL
MANULIFE INVESTMENT MANAGEMENT
sold Plaza Square, a collection of 415 luxury apartments at 1 Richmond St. in New Brunswick, to Renaissance Management for $173.45 million. CBRE’s Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel represented the seller.
MMH II LLC – MARSHALL & MORAN INC.
sold Elizabeth Towers, a 193-unit apartment building at 315 West Grand St. in Elizabeth, to Elizabeth Towers TG LLC for $14.3 million. Joseph Keenan and Jeff Squires of The Kislak Co. Inc. represented the seller and Kislak’s Joni Sweetwood procured the buyer, while New York Community Bank providing financing.
ONEWALL COMMUNITIES sold a two- building, 191-unit multifamily portfolio at 103 Chancellor Ave. and 25 Van Velsor Place in Newark for $30 million. CBRE’s Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale represented the seller.
HAWTHORNE TOWERS LLC sold Hawthorne Towers, a 133-unit apartment building at 36 Hawthorne Place in Montclair,
to Rockledge Ventures LLC, for
$38 million. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer Associates represented the seller,
while David Oropeza procured the buyer. Brad Domenico of Progress Capital arranged financing.
An investor purchased Old Bridge Town Center, a property with 27 apartments and 19,000 square feet of commercial space, and Geick Park Residency, a new 33-unit age-restricted complex at 4143 Route 516, both in Old Bridge, for $24.5 million. Jeffrey Otteau and Adam Zweibel of Hudson Atlantic Realty brokered the sales.
JENN & ANN CALDWELL REALTY LLC sold 412-416 Bloomfield Ave., a 15-unit multifamily property in Caldwell, to 412-416 Bloomfield Avenue LLC for $3.465 million. Robert Squires and Michael Kossak of The Kislak Co. Inc. represented the seller and procured the buyer, respectively.
RETAIL
BROAD STREET NEWCO LLC sold 56-
64 Broad St., a 37,000-square-foot property in Elizabeth, to Broad Holdings LLC for $3.7 million. Kenneth Kaplan of KenKap Realty Corp. represented both parties.
BOW TIE CINEMAS sold 409 14th St.,
a 20,000-square-foot former movie theater in Hoboken, to Hoboken Grace Community Church for $13 million. Jonathan Greenberg of Katz & Associates represented the seller, while JLL’s Jon Compitello and Dan Spero represented the buyer.
ORANGE THEORY FITNESS, FREEDOM BANK, & PIZZA AND MAMOUN’S FALAFEL leased
a combined 10,945 square feet at Rutherford Commons, a shopping center at 150 Route 17 in East Rutherford. The Goldstein Group’s Lew Finkelstein, CJ Huter and Roy Paret represented ownership. Brian Battista of Jeffery Realty represented Orange Theory and Tony Ursillo of Ursillo Realty represented Freedom Bank, while Newmark’s Dean Tselepis and Pierson Commercial’s Gary Krauss represented & Pizza and Mamoun’s, respectively.
FORTUNOFF BACKYARD STORE leased 9,400 square feet at the Somerset Shopping Center, a 219,000-square- foot complex at 345B Route 202/206 in Bridgewater. Vanessa Fernandez- Kelty of Levin Management Corp. and Jake Frantzman of Ripco Real Estate represented the landlord and tenant, respectively.
KUSHNER COS. leased a combined
5,080 square feet at Pier Village, a mixed-use property in Long Branch with more than 130,000 square feet of retail space, to Phorm, aXd by Alba and Baldy Art Gallery. Ryan Starkman of Pierson Commercial represented ownership.
FIVE GUYS leased 2,500 square feet
at Blue Star Shopping Center, a 420,000-square-foot property at
1701 Route 22 in Watchung. E.J. Moawad of Levin Management Corp. represented ownership, while Stanton Brown at MSC Retail Inc. represented the tenant.
PLAYA BOWLS franchisee Robert Howell leased 2,000 square feet at 10 North Park Place in Morristown. Blake Shanaphy of JLL and Marta Villa represented ownership,
while David Hellman of Kraft Development II represented the tenant.
FINANCE
FRANKLIN BSP REALTY TRUST INC. provided a $105 million loan to The Hampshire Cos., Claremont Development
and Circle Squared Alternative Investments to refinance Rivet and Rivet 26, a two-building, 362-unit multifamily portfolio at 23 and 26 University Place in Jersey City. JLL’s Jon Mikula, Michael Klein and Gerard Quinn represented the borrower.
PROVIDENT BANK provided a $6 million loan to Tulfra Real Estate for Totowa Business Center, a 225,000-square- foot commercial building at 930 Riverview Drive in Totowa. Janet Proscia and David Turley of Cronheim Mortgage sourced the loan. RE
PROLOGIS PLANS 185,000 SQ. FT. WAREHOUSE AT MT. LAUREL OFFICE SITE
Prologis has purchased a Mount Laurel office building that it now plans to redevelop as nearly
185,000 square feet of modern industrial space, in a deal arranged by CBRE.
Located at 112 West Park Drive, the property spans nearly 17 acres adjacent to the New Jersey Turnpike and Interstate 295. That made it an attractive site to the logistics real estate giant, which purchased it from Veritas Real Estate for an undisclosed price.
The CBRE Tristate Investment Properties team of Elli Klapper, Jeremy Wernick, Mark Silverman and Charles Berger, in conjunction with CBRE’s Kevin Dudley and Brian Fiumara, represented Prologis in the negotiations.
“The acquisition of a Class A office property for repositioning and developing a warehouse reinforces the strength of the industrial market in New Jersey and the need for more modern
112 West Park Drive in Mount Laurel
logistics facilities,” Wernick said. “Across the region, several office buildings are being purchased with the intent to convert to industrial use. Towns throughout New Jersey are supportive to this type of redevelopment as it helps alleviate supply chain pain points and meets the insatiable demand by companies for industrial space.”
In a news release, CBRE said
the existing office building spans 114,676 square feet. Prologis’ plans call for a 184,500-square-foot logistics facility.
“More than ever, companies recognize the critical role that logistics real estate plays in their supply chains and how being in the right location impacts operations,” said Chi Osu, a vice president and investment officer at Prologis. “As such, we plan to develop a high- quality industrial facility that can accommodate businesses from different industry sectors with varying needs.”
Courtesy: CBRE