Page 16 - RE-NJ

14 OCTOBER 2022
DEAL SHEET
INDUSTRIAL
PROLOGIS INC. signed a renewal for more than 400,000 square feet at 100- 400 Nixon Lane, an 850,000-square- foot complex in Edison, with Dotcom Distribution. Marc Petrella of KBC Advisors worked with ownership on the deal, while Avison Young’s Ed English, Paul Errigo and Ron Ganter represented the tenant.
WAITEX sold 153 Linden St., a 330,000-square-foot building in Passaic, to Thor Equities Group for $52 million. Rick Marchisio, Brian Lynch and Drew Maffey of Lee & Associates New Jersey represented the seller.
568 CENTRAL AVENUE LLC sold 568 Central Ave., a 220,000-square-foot complex in Bridgewater, to Central Avenue Corp. for $37 million. Anthony Rittwager, Matthew Phillips and Jordan Metz of Bussel Realty Corp. represented both parties.
SAFEWAY FRESH sold 215 North Mill Road, a 217,540-square-foot building in Vineland, in a $22.5 million sale- leaseback with Provender Partners. Newmark’s Ryan Guittare and Kurt Montagano brokered the transaction.
ARIZONA NATURAL RESOURCES sold 10 Cliffside Drive, a 144,025-square- foot building at 10 Cliffside Drive in Cedar Grove, in a sale-leaseback with MAG Capital Partners.
VRX REALTY LLC sold 6 and 8 Vreeland Road, a 125,421-square-foot complex in Florham Park, to Commercial Land Development Inc. for $22.5 million. James McNerney and John D’Amato
of McBride Corporate Real Estate represented both parties.
SITEX GROUP sold a 113,743-square- foot portfolio at 119, 175 and 182A and B Hill St. and 43 Hickory St. in Orange to affiliates of Westbrook Partners and Camber Real Estate Partners. Cushman & Wakefield’s
Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin represented the seller.
KESSLER-SCHWARTZ Associates sold 31-35 Styertowne Road, a two-building, 98,000-square-foot complex in Clifton, to Longpoint Realty Partners LP. Josh Krantz of Lee & Associates New Jersey represented the seller.
BROOKRACE PROPERTIES LLC sold
a two-building, 80,000-square-foot portfolio at 256 and 270 Sheffield St. in Mountainside for $16.2 million, to Snowball Development Inc. Avison Young’s Jeff Heller and Steven Geltzeiler represented both parties.
MANASQUAN BANK sold 2231 Landmark Place, a 38,762-square-foot property in Wall Township, to Shore Property No2 LLC for $7.7 million. Douglas Sitar and Robert JanTausch of Sitar Realty Co. arranged the sale.
REALTERM acquired 74 Avenue L, a 1.7- acre property in Newark that’s home to a 33,500-square-foot building. Cushman & Wakefield’s Torsten Thaler, Steve
Shoemaker and Tom Tucci brokered the deal.
MIDDLETOWN PLUMBING AND SUPPLY CO. CORP. sold 70 Apple St., a 33,000-square-foot building in Tinton Falls, to F.W. Webb for $5.4 million. Zimmel Associates’ David Zimmel and Jordan Zimmel represented the seller.
MM NJ REALTY LLC leased 4,000 square feet at 169 East Highland Parkway, a 16,500-square-foot property in Roselle, to P & I Global Tire. Steve Jaynes of Bussel Realty Corp. represented both parties.
THE ARC OF SOMERSET COUNTY sold three contiguous, 5,000-square-foot industrial condominium units at 161 Industrial Parkway in Branchburg for $2.7 million. Tim Deluccia of Deluccia Commercial Group represented the seller.
IDI LOGISTICS acquired development parcels totaling nearly 13 acres at 195 and 215 Davidson Ave. in the Somerset section of Franklin. CBRE’s Elli Klapper, Kevin Dudley, Chad Hillyer, Mark Silverman, Jeremy Wernick, Charles Berger and Nick Klacik represented the buyer.
RAILROAD CONSTRUCTION CO. sold
75 Glendale Ave., an eight-acre construction yard in Edison, in a sale- leaseback with Industrial Outdoor Ventures. NAI James E. Hanson’s Scott Perkins, Chris Todd and William Ericksen represented the buyer.
OFFICE
RAFAEL HOLDINGS INC. sold 520 Broad St., a 496,211-square-foot building
in Newark, to affiliates of The Sinai Equity Group for $49.4 million.
A private investor purchased
the Cherry Hill Office Center, a 183,731-square-foot campus at 1020, 1030, 1040, 1050 and 1060 Kings Highway North in Cherry Hill, for $21.4 million. Marcus & Millichap’s Brent Hyldahl and Alan Cafiero represented the seller and procured the buyer.
2300 RT 208 LLC sold 23-00 Route 208, a 25,944-square-foot medical office building in Fair Lawn, to TYH Acquisitions LLC. NAI James E. Hanson’s Darren Lizzack and Randy Horning represented both parties.
NEW JERSEY COMMUNITY CAPITAL
leased 24,259 square feet at 100 Albany St., a 147,716-square- foot building in New Brunswick. Cushman & Wakefield’s David DeMatteis and Mina Shehata represented the tenant.
ALFRED SANZARI ENTERPRISES signed a 22,382-square-foot lease renewal at Court Plaza South, a 160,000-square- foot building at 25 Main St. in Hackensack, with Archer & Greiner PC. Jack Fatigati of Morford & Dodds Realty represented the tenant.
SJP PROPERTIES leased 20,000 square feet at 100 Somerset Corporate Center, a 250,000-square-
foot building in Bridgewater,
to Lexicon Pharmaceuticals. Savills’ Gregg Najarian and Slava Vaynberg represented the tenant, a biopharmaceutical company.
THE KABR GROUP AND KUSHNER
leased a combined 9,365 square
feet at 26 Journal Square, a 111,000-square-foot tower in
Jersey City, to Alliance Community Healthcare, Inter-Con Security and Hanger Prosthetics. CBRE’s Mike Nieliwodski represented ownership in the deals.
GARDEN STATE TECHNICAL
INSTITUTE leased 8,739 square feet
at the Spingarn-Arcade Building, a 64,876-square-foot property at 591 Summit Ave. in Jersey City. Grid Real Estate’s Gregory D. Edgell represented ownership.
LITTLE WORDS PROJECT LLC leased 6,800 square feet at 1160 Route 22,
a 31,000-square-foot building in Mountainside. David Simon and Kyle Gerace of NAI DiLeo-Bram & Co. represented ownership.
LINDEN WAREHOUSES SOLD FOR $90 MILLION
An investment manager has purchased a two-building, 170,000-square-foot industrial
Courtesy: Bridge Logistics Properties.
portfolio in Linden, reportedly for some $90 million, completing the latest acquisition by its growing Northeast office.
The buyer, Bridge Logistics Properties, said the properties
at 3301 and 3351 Tremley Point Road include a second-generation, Class A facility with 36-foot clear heights and some cold storage space, while the latter is a Class B warehouse with a large number of dock-high and grade-level doors. The properties share a combined 14.65 acres with a large excess land component.
Leo Josephs and Joshua Meisner
of Leo Josephs & Co. Inc. brokered the off-market deal with a private seller. They did not disclose the terms of the sale, but CoStar reported that the properties traded for $89.5 million.
“We are excited to add this infill New Jersey asset to our growing portfolio of coastal gateway assets across the United States,” said Will Gilkeson, a Northeast investment officer with BLP, who is based in the firm’s East Rutherford office. “This is truly a unique property due to the functionality of the existing warehouses and sheer amount of excess yard — 3.2 acres — so close to the port.”
3301 and 3351 Tremley Point Road in Linden
LARKEN ASSOCIATES leased 5,938