Page 14 - RE-NJ

12 OCTOBER 2023
DEAL SHEET
INDUSTRIAL
SITEX GROUP acquired Zuckerberg’s Industrial Park, a 50-building, 640,000-square-foot campus at 300 North Midland Ave. in Saddle Brook.
CLARION PARTNERS sold 34 Engelhard Drive, a 203,000-square-foot building in Monroe, to GLP Capital Partners LLC for $53.75 million. CBRE’s Brian Fiumara represented the seller.
208 GLEN ROCK ASSOCIATES LLC leased 30,000 square feet at Park View 208,
a 99,508-square-foot property at 208 Harristown Road in Glen Rock, to Town & Country Living. JLL’s Derek DeMartino represented the landlord, while the firm’s Frank D. Recine, Frank Coco and Alex Friedenberg represented the tenant, a home décor company.
HUGO NEU leased a combined 160,277 square feet at 205 Campus Drive and 20 Basin Drive in Kearny to Global Courier Express. CBRE’s Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan represented ownership, while Jimo Liu of Avison Young represented the tenant.
VENEZIA SURFACES leased 40,000 square feet at 502 Jersey Ave., a 187,000-square-foot building in New Brunswick. William F. Connors III of the William F. Connors Agency represented ownership.
NOORI RUG leased 15,000 square feet at 501 Finnegans Lane, a 92,875-square- foot property in North Brunswick. Gary Caseletto of Cushman & Wakefield and RIPCO Real Estate’s Deborah Stone represented the landlord and tenant, respectively.
HILLSIDE PROPERTIES LLC sold 1112-
1116 Walnut St., a 10,303-square-foot warehouse in Roselle, to Superfine Printing. Steve Bussel and Jeffrey Goldfinger of Bussel Realty Corp. represented the seller.
PREMIER GROUP HOLDINGS INC. sold 11 Leuning St., a 5,300-square-foot building in South Hackensack, to Bana-AO LLC. NAI James E. Hanson’s Justin Allessio represented the seller.
108 EGEL AVE LLC leased 4,741 square feet at 106-110 Egel Ave.,
a 13,500-square-foot building
in Middlesex Borough, to J&R Construction. Michael Costa of Bussel Realty Corp. represented the tenant, a utility line contractor.
SUZANNE JARRELL sold 299-369 Old Water Works Road, a 6.9-acre parcel in Old Bridge, to Dalfen Industrial for $7.6 million. Kassin Sabbagh Realty’s Shaya Nisnevitz and Bunny Escava brokered the deal.
OFFICE
DENHOLTZ PROPERTIES sold 1090
King Georges Post, a 12-building, 122,000-square-foot complex in Edison, to Federal Business Centers for $49.75 million. Zimmel Associates’ David Zimmel represented the seller.
NUVEEN REAL ESTATE leased 53,000 square feet at Princeton Point, a 244,153-square-foot building at 600 College Road East in Plainsboro, to Dr. Reddy’s Laboratories. Cushman & Wakefield’s Kevin Carton and Todd Elfand represented ownership, while the firm’s Shawn Straka represented the tenant.
THE SILVERMAN GROUP sold 10 James St., an 18,000-square-foot property in Florham Park, to Desai Holdings for $4.62 million. Cushman & Wakefield’s Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented the seller and procured the buyer.
THE HAMPSHIRE COS. leased 16,903 square feet at 21 South St., a 43,691-square-foot property in Morris- town, to Sanofi Consumer Healthcare.
CROSS ROAD EQUITY leased 9,584 square feet at 225 Brae Blvd., a 224,413-square-foot building in Park Ridge. Chilmark Real Estate Services’ Mike Witko, Ed Flanagan and Michael Marchese represented ownership.
VALVANO INSURANCE AGENCY
and LEAPS AND BOUNDS acquired
a combined 6,000 square feet of condominium space in Holmdel for a total of $925,000. Jonathan Glick and Matt Leonelli of Sheldon Gross Realty arranged the transactions, with Jaime Zimmel of Zimmel Associates co- brokering the latter deal.
CELLTRION signed a 1,207-square-
foot renewal and expanded by 4,597 square feet at 1 Evertrust Plaza, a 314,503-square-foot building in Jersey City. Steven Muller of Equity Real Estate Brokerage LLC represented ownership.
THE NEW JERSEY INDEPENDENT
ELECTRICAL CONTRACTOR ASSOCIATION leased 5,000 square feet at 20 Worlds Fair Drive, a 30,000-square-foot building in Franklin’s Somerset section. Sheldon Gross Realty’s Marcy Gross and Eric Weston brokered the lease.
BROAD U.S.A. signed a 2,851-square- foot renewal at 401 Hackensack Ave., a 167,537-square-foot property in Hackensack. Cushman & Wakefield’s David DeMatteis, Patrick Dean and Christina Magill represented the tenant, an HVAC contractor.
BCG VALUATIONS LLC leased 1,429 square feet at Pennington Point, a 30,000-square-foot building at 23 Route 31 in Hopewell. Al Toto of Commercial Property Network Inc. represented both parties.
PHILLY PRETZEL FACTORY leased 1,254 square feet at Allendale Town Center, a 90,000-square-foot complex at 49 West Allendale Ave. in Allendale. Kevin Pelio of Azarian Realty Co. represented both parties.
RESIDENTIAL
A publicly traded Canadian company sold a 184-unit apartment portfolio at 26-28 and 38-40 Chester Ave., 979- 983 Clinton Ave., 51-57 Linden Ave., 780-786 Lyons Ave., 494 Stuyvesant Ave. and 2-10 Wagner Place, all in Irvington. Joni Sweetwood of The
Kislak Co. Inc. represented the seller and procured the buyer.
A private investor acquired 60 units at 1300-1306 Palisade Ave. in Union City and 6112-6114 Palisade Ave. in West New York for a combined $10 million. Don Baxter of The Kislak Co. Inc. represented the sellers with a referral from Danny Handweiler of Raven Property Advisors.
A developer acquired 6ixBoroJC,
a 45-unit apartment building at
211 Baldwin St. in Jersey City, for $17.7 million. Marcus & Millichap’s Jonathan Zamora represented the seller and procured the buyer.
A private investor purchased 59 Garri- son Ave., a 40-unit apartment building in Jersey City. Palisade Partners’ Elliot Schechter represented both parties.
HOBART DAYTON PROUD PASSAIC LLC
sold 60 Dayton Ave. and 15 Hobart St., a 23-unit apartment building in Passaic, to Bonim Realty LLC for $2.5
MONTVALE OFFICE BUILDING SELLS FOR $15 MILLION, JLL SAYS
Nessel Development has sold a nearly 120,000-square-foot office building in Montvale for
$14.75 million, under a deal arranged by JLL’s New Jersey capital markets team.
The transaction at 5 Paragon Drive, which sits on 16.53 acres about a mile from the Garden State Parkway, marks the third sale of the property since 2011. Exclusive Management purchased the two-story, 119,089-square-foot building in the latest deal, the brokerage team said, noting that
it’s currently 76 percent leased and anchored by Flight Centre Travel Group and Balchem.
JLL senior managing directors Jeremy Neuer, Jose Cruz and Kevin O’Hearn represented the seller and procured the buyer. The team was also involved in the last two sales of the property in 2011 and 2019.
In a news release, the firm noted that 5 Paragon Drive features
an atrium lobby, a full-service cafeteria, a fitness center and
a park-like setting. The prior owner also made several energy sustainability improvements, including the installation of a rooftop solar system and electric
vehicle charging stations, capitalizing on a location near the New York State border and connectivity to the Montvale train station, the Garden State Parkway and interstates 287 and 87.
5 Paragon Drive in Montvale
Courtesy: JLL