Page 10 - RE-NJ

8 JUNE 2024
DEAL SHEET
INDUSTRIAL
TRANSWESTERN DEVELOPMENT CO.
sold 3091 Route 22, a 311,000-square- foot facility in Branchburg, to Abaline Supply Co. Avison Young’s Matthew Turse, Tim Cadigan, Judy Troiano, John Gianis and Stephen Gianis represented the seller, while Randy Eigen of CBRE represented the buyer, a medical supplies company.
MARCUS PARTNERS sold a 192,000-square-foot portfolio at 75 Wood St. and 90 6th Ave. in Paterson to Eagle Cliff Real Estate Partners. Cushman & Wakefield’s Gary
Gabriel, Kyle Schmidt, Ryan Larkin, Seth Zuidema and Bill Baunach represented the seller, while the firm’s John Alascio, Chuck Kohaut, TJ Sullivan and Jason Blankfein sourced a $22.5 million acquisition loan with GID Credit.
URBAN EDGE PROPERTIES sold 370 Essex St., a 169,205-square-foot building in Lodi, to AAA Wholesale Group for $29.2 million. CBRE’s Brian Fiumara, Elli Klapper, Kevin Dudley, Jeremy Wernick, Mark Silverman, Chad Hillyer, Nicholas Klacik and Kate Granahan represented the buyer.
CHEFLER FOODS LLC leased 59,000 square feet at 74 Kenny Place in
Saddle Brook. Jason Crimmins, Alessandro (Alex) Conte and Peter Murano of The Blau & Berg Co. represented ownership.
BINYAN REALTY CORP. leased 70 East Willow St., a 53,500-square-foot facility in Millburn, to Piece of Cake Moving & Storage. Steve Bussel and
David Blitt of Bussel Realty Corp. represented the landlord, while Pinn Realty represented the tenant.
MORGAN STANLEY and SAXUM REAL ESTATE signed a 42,716-square-foot lease renewal at 905 Murray Road, a 197,840-square-foot building in East Hanover, with Givaudan Fragrances Corp. Tom Consiglio and Scott Peck of Resource Realty of Northern New Jersey represented ownership, while Cushman & Wakefield’s Steve Sander represented the tenant, a fragrance company.
SEAGIS PROPERTY GROUP leased 26,000 square feet at 27 Engelhard Ave. in the Avenel section of Woodbridge to ZEMS Logistics. Jordan Metz, Ben Abbate and
James Friel of Bussel Realty Corp. represented the seller, while Galaxy Fortune Realty represented the tenant.
An undisclosed business leased 14,800 square feet at 1111 Jefferson Ave. in Elizabeth. William F. Connors III of the William F. Connors Agency brokered the transaction.
SRS DISTRIBUTION signed a 7,000-square-foot lease expansion at 1480 Route 22, a 73,218-square-foot building in Bridgewater. Sheldon Gross Realty’s Jonathan Glick represented ownership, while Ryan Buerkle of JLL represented the tenant, a building products company.
RESIDENTIAL MANAGEMENT leased 4,000 square feet at 4 Crossroads Drive, a 35,000-square-foot flex building in Hamilton, to CrossFit Jungle Gym. Fennelly Associates’ Jerry Fennelly and Matt Fennelly represented the landlord.
DEUGEN INVESTMENT GROUP and DEVLI REAL ESTATE acquired 449 Doremus Ave., a seven-acre parcel in Newark. Cole Schotz PC and Town Title provided legal and transactional services.
CRITERION GROUP leased seven acres at 79 Hartford Road in Delran to Transmaster. Anthony Rittwager and Matthew Phillips of Bussel Realty Corp. represented the tenant, an auto repair business.
HFC HOLDINGS LLC sold 10-30
Fanny Road, a 3.4-acre property in Parsippany, to H.K. Truck Center Inc. for $3.68 million. NAI James
E. Hanson’s Michael Walters and Cameron Silverstein represented the seller.
OFFICE
FOUR SPRINGS CAPITAL TRUST
sold 250 Century Parkway, an 87,460-square-foot property in Mount Laurel, to 250 Century Parkway LLC and Needleman Management Co. Newmark’s David Dolan and Angelo Brutico represented the seller, with support from John Cook.
ALTICE USA subleased 74,356
square feet at 494 Broad St., a 178,794-square-foot building in Newark, to New Jersey Institute
of Technology. Avison Young’s
Drew Persson and Frank Pagano represented the master tenant, while Paul Profeta of Paul V. Profeta & Associates facilitated the transaction.
EASTMAN COS. and P3RE leased a combined 10,200 square feet at The Eisenhower, a 384,000-square-foot complex at 290 West Mount Pleasant Ave. in Livingston, to Sobel Tinari, The Learning Experience, the Cystic Fibrosis Foundation and Caerus
1 US Inc. CBRE’s Jon Meisel, Erin Wenzler and Dan Casey represented
ownership, while Mark Richardson of JLL represented Caerus 1 US.
EVERGREEN THERAGNOSTICS leased 5,000 square feet at 51 Commerce
St., a 10,000-square-foot property
in Springfield. Todd Gannet of The Boniakowski Commercial Real Estate Group and Sheldon Gross Realty represented the respective parties.
CORE ASSOCIATION OF REALTORS sold 1428 Brunswick Ave., a 4,500-square- foot building in Trenton, to 4334 Court Square Realty Holding Corp. Todd Gannet of The Boniakowski Commercial Real Estate Group represented the seller, while David DePaola of DePaola Real Estate procured the buyer.
ALFRED SANZARI ENTERPRISES leased 3,429 square feet at Glenpointe Centre West, a 350,000-square-foot building at 500 Frank W. Burr Blvd. in Teaneck, to MSG Risk Management & Insurance Consulting. Newmark’s Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson
MATRIX SNAGS $93 MILLION LOAN FOR INDUSTRIAL PROJECT
Aventure led by Matrix Development Group has landed $93 million in financing for a project that will bring more than 780,000 square feet of new industrial space to Mount Olive.
According to JLL, which arranged the deal, Bank OZK provided the loan in connection with the two- building development known as Matrix Logistics Park – Mount Olive. The announcement comes
with construction underway at the project site, located less than a mile from Interstate 80, where plans call for buildings of 196,748 and 585,000 square feet with modern features and abundant parking.
JLL’s Thomas Didio, Jim Cadranell, Thomas E. Didio Jr., Michael Lachs and Olivia Doody led the debt placement team representing the borrower.
“We continue to see very strong interest for to-be-built speculative industrial from a range of debt capital sources,” Didio said. “Ultimately, Bank OZK stepped up
to the plate to deliver an attractive solution for Matrix and their development partner. Thank you
to the Matrix team for entrusting JLL to help bring to life this Class A industrial park.”
In a news release, JLL noted that the smaller facility will occupy
a roughly 13.6-acre site at 2000 International Drive. Key building features include single-side loading capabilities, 36-foot clear ceiling heights, 34 loading docks, two drive-in doors, 110 parking spaces and 43 trailer parking spaces.
The second building, located at 3000 Continental Drive, will occupy the former site of BASF’s U.S. headquarters, the news release said. The building totals 585,000 square feet and includes 40-foot clear ceiling heights, cross-dock configuration, 107 loading doors, four drive-in doors and parking for 306 cars and 142 trailers.
Plans call for Matrix Logistics Park – Mount Olive call for buildings of 196,748 and 585,000 square feet at 2000 International Drive and 3000 Continental Drive, respectively, both with modern features and abundant parking at locations just off Interstate 80.
Rendering courtesy: JLL