Page 14 - RE-NJ

12 SUMMER 2024
DEAL SHEET
INDUSTRIAL
HERITAGE CAPITAL GROUP LLC
sold Totowa Commerce Center, a 506,723-square-foot portfolio spanning 1, 11, 20, 29, 40, 45, 60, 80-100 and 120-140 Commerce Way, 1 and 2 Center Court and 999 Riverview Drive in Totowa, to Longpoint Partners. Cushman & Wakefield’s Gary Gabriel,
Kyle Schmidt, Ryan Larkin and Seth Zuidema brokered the transaction.
DH PROPERTY HOLDINGS LLC acquired
a 10-building, 365,000-square-foot portfolio at 1001 Lower Landing Road in the Blackwood section of Gloucester Township and 1951 Old Cuthbert Road in Cherry Hill for $48.55 million. John Adderly, Roy Karden, Scott Mertz and Fred Meyer of NAI Mertz represented
both parties in the deal, while Walker & Dunlop’s Aaron Appel, Jonathan Schwartz and Michael Ianno arranged $40 million of financing.
TRAMMELL CROW CO. leased 342,371 square feet at 99 Callahan Blvd., part of the 1.08 million-square-foot Arsenal Trade Center in Sayreville, to JW Fulfillment Inc. CBRE’s Tom Monahan, Larry Schiffenhaus and Brian Golden represented ownership, while Charles Fern and Jimo Liu of Cushman & Wakefield represented the tenant, a wholesale distributor.
HELLER INDUSTRIAL PARKS INC.
leased 285,362 square feet at 10 Sigle Lane in the Dayton section of South Brunswick to Staci Group. CBRE’s Chad Hillyer, Kevin Dudley, Nicholas Klacik and Kate Granahan represented the tenant, a logistics firm.
TWENTY FOUR 7 CONTRACTING
leased 213,806 square feet at 720 South Front St. in Elizabeth. Jason Crimmins, Alessandro (Alex) Conte and Peter Murano of The Blau & Berg Co. represented the landlord, while Michael Schaible of Lee & Associates – WBE LLC represented the tenant, a commercial furniture installer.
SEAGIS PROPERTY GROUP leased 202,490 square feet at 13 Manor Road in East Rutherford. CBRE’s Tom Monahan, Larry Schiffenhaus and Brian Golden represented ownership, while the firm’s Stephen Shoemaker and Cushman & Wakefield’s Chuck Fern and Gary Casaletto represented the undisclosed logistics firm.
THOR EQUITIES GROUP acquired 556- 600 Progress St., a 111,500-square- foot facility in Elizabeth, in a sale- leaseback valued at $18.3 million.
PIONEER COMMODITIES USA LLC
subleased 109,000 square feet at 1665 Jersey Ave., a 547,333-square-foot building in North Brunswick, to Meiya Capital Inc. Cushman & Wakefield and Eric Koons of Bussel Realty Corp. represented the respective parties.
BEAUTY PLUS sold 210 West Commercial Ave., a 105,000-square- foot building in Moonachie, to Dora’s Naturals, for $31 million. CBRE’s Kevin Dudley, Chad Hillyer, Nicholas Klacik, Elli Klapper, Kate Granahan and Brian Fiumara represented the buyer.
A private business acquired 100 Fairway Court, a 97,760-square-foot manufacturing facility in Northvale. NAI James E. Hanson’s Andrew Somple and Jessica Curry represented the buyer.
300 SMITH STREET ASSOCIATES leased 53,550 square feet at 300 Smith St. in
the Keasbey section of Woodbridge to Major Tempered Glass LLC. David Blitt, Eli Harari and David Paster
of Bussel Realty Corp. represented the landlord, while the firm’s Jordan Metz, Benito Abbate and James Friel represented the tenant.
NORTHBRIDGE PARTNERS and RICHELIEU AMERICAN LTD signed a 48,650-square-foot lease renewal at 132 Beaver Brook Road in Lincoln Park. CBRE’s Kevin Dudley, Chad Hillyer, Nicholas Klacik, and Kate Granahan represented the landlord.
SEAGIS PROPERTY GROUP acquired 333 Veterans Blvd., a 19,974-square-foot warehouse in Carlstadt. Resource
Realty’s Tom Nuara represented both parties.
936 SOUTH ELMORA AVENUE LLC
sold 936-940 South Elmora Ave.,
an 18,200-square-foot property in Elizabeth, to Heaven Investments LLC for $3.2 million. Steve Bussel and Jeffrey Goldfinger of Bussel Realty Corp. represented both parties.
OFFICE
LEFRAK signed a 184,961-square-foot lease renewal at 499 Washington Blvd., a 550,000-square-foot building in Jersey City, with Fidelity Investments. CBRE’s Howard Fiddle, Greg Barkan, Erin Wenzler and Ben Joseph represented ownership, while the firm’s Patrick Cavanagh and Matthew Saker represented the tenant.
A group led by IRON ORE PROPERTIES LLC purchased 80 Main St., a 101,000-square-foot office building in West Orange. Sheldon Gross Realty’s Marcy Gross, Jonathan Glick, Barbara Gross and Eric Weston brokered the transaction, while Brad Domenico
and Jack Subers of Progress Capital Advisors procured financing from First Commerce Bank. Roger J. Desiderio of Bendit Weinstock PA provided legal representation to the seller, while Matthew Schiller and Holly Burke
of Murphy Schiller & Wilkes LLP represented Iron Ore.
ALEXANDER PROPERTIES signed an 82,763-square-foot lease extension at 200 Crossing Blvd., a 297,379-square- foot building in Bridgewater,
with Brother International Corp. Avison Young’s William McCaffrey represented ownership, while JLL’s Scott Lesh, Jonathan Ortiz and Callie
408-UNIT JERSEY CITY PORTFOLIO TRADES FOR $222 MILLION
Agroup advised by J.P. Morgan Asset Management has sold 408 apartments across two properties in Jersey City for nearly $222 million, brokers with CBRE announced.
According to a news release, the portfolio includes 225 units at
207 Van Vorst St. and 153 units
at 197 Van Vorst St., known as Lenox and Quinn, respectively. Both are luxury rental properties built within the last seven years, offering a location within the city’s popular Paulus Hook neighborhood with easy access to the downtown and mass transit.
CBRE’s Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz represented the seller, institutional investors advised by J.P. Morgan
Asset Management, touting the $221.5 million deal as the single- largest multifamily transaction in New Jersey in nearly five years. They also procured the buyer, Hines.
“This marks our team’s latest significant multifamily sale in metro New York in the past few months,” said Dunne, a vice chairman with CBRE. He noted that, since late 2023, the group has completed a series of deals across New Jersey, New York and Connecticut with a combined value of more than $825 million.
Built in 2017, the Lenox also includes a 257-space automated parking garage, CBRE said. The Quinn was built a year later, while the properties offer upscale units and amenities such as rooftop space with gas grills and pools, lounges, fitness centers and playrooms.
The buildings are also a short walk from the Grove Street and
Exchange Place PATH stations, allowing commuters to reach New York City in under 15 minutes.
“Over the past several years, Jersey City has attracted exceptional demand from renters and investors alike,” said MacKenzie, a first vice president with CBRE. “New Jersey’s waterfront should continue to outperform with Manhattan rents hitting all-time highs, compelling renters
to seek more value outside of the city.”
Lenox at 207 Van Vorst St. in Jersey City
Courtesy: CBRE