Page 12 - RE-NJ

10 MARCH 2025
DEAL
SHEET
INDUSTRIAL
HELLER INDUSTRIAL PARKS signed a
409,792-square-foot lease renewal
at 207 Meadow Road in Edison with
Distribution Management Group Inc.
Brian DiPinto of The Blau & Berg Co.
represented both parties.
COMMERCIAL DEVELOPMENT CO. sold
861 Sloan Ave., a 138,851-square-
foot building in Hamilton, to Lincoln
Property Co. and Ullico Investment
Advisors.
BROOKFIELD PROPERTIES, DH HOLDINGS
and ELBERON DEVELOPMENT leased
103,912 square feet at Elizabeth
Metropolitan Logistics Center, a
two-building complex at 865 Newark
Ave. in Elizabeth. Jason Crimmins,
Alessandro (Alex) Conte, Peter
Murano Jr., Dylan Meade and Troy
Schaafsma of The Blau & Berg Co.
represented ownership.
M. DIETZ SONS sold 490 Hillside Ave., a
33,000-square-foot property in Hillside,
JCP&L TAKES 58,000
SQ. FT. AT MORRIS
PLAINS BUILDING
J CP&L has found a new
headquarters in the region
after agreeing to lease some
58,000 square feet in Morris Plains,
marking the latest addition to a
former Honeywell International
campus.
A spokesman for FirstEnergy
Corp., the utility’s parent company,
said the space at 115 Tabor Road
will house roughly 150 employees.
He added that JCP&L, which
signed the lease late last year,
expects to transition to the facility
once renovations are complete.
The deal brings another major
tenant to the 465,133-square-foot
property, which Manhattan-based
Argent Ventures LLC acquired
File photo/Courtesy: CBRE
115 Tabor Road in Morris Plains
to Longpoint Realty Partners. IPRG’s
Andrea Nestico represented the seller
with assistance from the fi rm’s Yanni
Marmarou.
A private business acquired 2 Johnson
Ave., a 20,230-square-foot portfolio in
Matawan. KBC Advisors represented
the seller, while Marcy Gross and
Joshua Glussky of Sheldon Gross
Realty represented the buyer.
SEAGIS PROPERTY GROUP signed a
16,209-square-foot lease renewal at
1001 Roosevelt Ave., a 93,286-square-
foot property in Carteret, with
Nirwana Foods LLC. Jordan Metz,
Ben Abbate and James Friel of Bussel
Realty Corp. represented ownership.
RARITAN ASSOCIATES LLC acquired a
6,250-square-foot condominium at 161-
in 2020 after the departure of
Honeywell in 2018. And it comes
after JCP&L confi rmed last year
that it would look to sell its current
regional headquarters at 300
Madison Ave. in Morris Township,
which spans some 210,000 square
feet, reportedly noting that much
of its workforce is mobile or
working remotely.
The company also has an offi ce at
Holmdel’s Bell Works campus.
“As part of our ongoing facility
optimization plan, we are
working to sell our Morristown
General Offi ce at 300 Madison
Ave. and have submitted a fi ling
with the New Jersey Board of
Public Utilities for approval
of the contemplated sale,”
the FirstEnergy spokesman,
Christopher Hoenig, wrote in
an email. “JCP&L maintains
A Industrial Parkway in Branchburg.
Alex Dombrowski of The Blau & Berg
Co. brokered the sale.
RLM VENTURES sold a 1,846-square-
foot condominium at 6604 Delilah
Road in Egg Harbor Township
to National Restoration. Wolf
Commercial Real Estate’s John
Mazurie represented the seller, while
the fi rm’s Ryan Barikian represented
the buyer.
OFFICE
An affi liate of MANULIFE US REAL
ESTATE INVESTMENT sold 500 Plaza
Drive, a 466,440-square-foot building
in Secaucus, to Signature Acquisitions
for $50 million. JLL’s Jose Cruz,
Jeremy Neuer and Bradley Wachenfeld
represented the seller.
KEYSTONE DEVELOPMENT +
INVESTMENT sold 17-17 Route 208, a
151,339-square-foot building in Fair
Lawn, to Atkins Cos. for $22 million.
CBRE’s Jeff Dunne, Doug Rodio,
Travis Langer and Dan Blumenkrantz,
in collaboration with Brannan Knott
and Chris Bodnar, represented the
seller and procured the buyer.
headquarters in both our northern
and central regions.”
Located off Route 202 and minutes
from downtown Morristown,
115 Tabor Road had served as
Honeywell’s headquarters since
2015, following a high-profi le move
from nearby Morris Township.
The technology giant at the
time had considered a move to
Pennsylvania, but opted to stay
after Gov. Chris Christie famously
stepped in and secured a $40
million tax credit to keep the
company in New Jersey.
After moving in, Honeywell
announced in late 2018 that it was
shifting its front offi ce to Charlotte,
North Carolina, though it pledged
at the time to keep some 800
employees in Morris Plains. Argent
Ventures acquired the property as
part of a sale and partial leaseback
with the company, subsequently
rebranding the campus as The
Crossing at Tabor Road.
In 2021, health services company
Cigna Corp. announced that it
had leased a major portion of 115
Tabor Road. The space today is
home to hundreds of employees
from Evernorth Health Services,
the company’s health services line.
OFFICE PROPERTIES INCOME TRUST sold
One Jefferson Road, a 100,010-square-
foot building in Parsippany, to
Signature Acquisitions. JLL’s Jose
Cruz, Jeremy Neuer, Ryan Robertson
and Bradley Wachenfeld represented
the seller and procured the buyer.
A partnership led by RED RIVER ASSET
MANAGEMENT sold 299 Cherry Hill
Road, a 79,766-square-foot building in
Parsippany, for $10.2 million. CBRE’s
Charles Berger and Thomas Mallaney
represented the seller and procured
the buyer.
LARKEN ASSOCIATES leased a
combined 20,217 square feet at
Greenwich Commons, a 42,896-square-
foot property at 1 Greenwich St. in the
Stewartsville section of Greenwich
Township, to Hunterdon Health
and Tri County Care Management
Organization.
A private investor acquired Echo Hill
Plaza, a 16,000-square-foot building
at 1128 Route 31 in Lebanon, for
$1.275 million. Sara Soliman of Kislak
Commercial Real Estate Services Inc.
represented the seller and procured
the buyer.
ALFRED SANZARI ENTERPRISES leased
13,160 square feet at Elmwood Park
Plaza, a 68,000-square-foot building
at 475 Market St. in Elmwood Park,
to Beauty Plus Trading Co. Inc.
MRH Real Estate Services’ Glenn
Dulmage, Max Troast and Conor Ryan
represented the landlord, while Fred
Fisher of F. Fisher & Co. represented
the tenant.
Funds managed by ARES
MANAGEMENT leased a combined
8,759 square feet at 3 Second St., a
600,000-square-foot tower in Jersey
City, to DNV Energy USA and
Northwestern Mutual. Cushman &
Wakefi eld’s David DeMatteis, Mina
Shehata, Robert Rudin and Dirk
Hrobsky represented the landlord.
CORT EAGLE LLC leased 1,105 square
feet at 414 Eagle Rock Ave., a
54,799-square-foot property in West
Orange, to Elite Concierge Medicine.
NAI James E. Hanson’s Darren Lizzack
and Randy Horning represented
ownership.
RESIDENTIAL
INGERMAN GROUP sold The Forge at
Glassworks, a 170-unit apartment and
townhome property at 118 Glassworks