Page 14 - RENJ Combo 0220

12 FEBRUARY 2020
EDGE SALON BLOW DRY BAR leased
a combined 5,600 square feet at Hartford Corners, a 215,000-square- foot shopping center in Delran. Sidney Singer and Andrea Kyriacou of Levin Management Corp. represented ownership, while Stan Brown of MSC Retail and Damon DiPlacido of Arrow Real Estate Services represented Five Guys and Smoothie King, respectively.
GUZZO DEVELOPMENT leased 4,725 square feet at 328 Cross Keys
Road in Williamstown to Sherwin Williams. Vantage Real Estate Services’ Corinne Giletto and Aran Ploshansky represented ownership.
7-ELEVEN leased 2,700 square feet at Central Avenue and Route 139 in Jersey City and 2,500 square feet at 2637 Paterson Ave. in Carlstadt.
Urszula Zoltek of Zoltek Commercial Real Estate Services represented both parties in the Jersey City deal. She and Alicja Jakubiec represented both parties in Carlstadt.
A SLICE OF BROOKLYN leased 2,400 square feet at Hamilton Plaza, a 175,500-square-foot property at
Route 33 and Whitehorse-Hamilton Square Road in Hamilton. Sidney Singer of Levin Management Corp. represented ownership.
WELLS FARGO sold 8 Second St., a 0.52-acre lot in South Orange, to 8 Second Street LLC. NAI James E.
Hanson’s Joan Cenicola represented the seller.
HOSPITALITY
A private ownership group sold
the Holiday Inn Hasbrouck Heights Meadowlands, a 244-room hotel at 283 Route 17 in Hasbrouck Heights, to an institutional investor for $18.8 million. Jerry Swon and Daniel Zagoria of Marcus & Millichap brokered the transaction.
FINANCE
An undisclosed lender provided $43 million for Verde Capital Corp., Kushner Real Estate Group and Oxford Realty Group to refinance Deer Creek, a 288-unit apartment complex at 305 Deer Creek Drive in Plainsboro. Robert Falese of Berkadia arranged the financing.
atmosphere in which businesses
can thrive,” Recine said. “The
brand new building pairs dynamic contemporary architecture and
loft ceiling heights with visually desirable materials — corrugated metal, spanning plate glass windows, exposed ceilings, and more. It offers a unique environment only afforded by new construction.
“Combine the design of the building with the cool, new, mixed-use district of North Market, and you’re really part of something dynamic and special. North Market is bringing the feel of a city neighborhood to the
PRIME FINANCE closed on $31.12 million in bridge financing for
PAG Investments, the buyer of a 330,631-square-foot office building at 5 Wood Hollow Road in Parsippany. Michael Klein and Andrew Zilenziger of JLL represented the borrower in arranging the three-year, floating- rate loan, which has two one-year extension options.
MUTUAL OF OMAHA closed on a
$5.7 million loan for Watchung Commons, a retail strip center at 1680 Route 22 in Watchung. David Fryer, Al Raymond, Wesley Wilcox and Bridget Wilcox of G.S. Wilcox & Co. secured the financing, while also sourcing a $5.5 million loan for an entertainment facility on Route 22 in Mountainside.
suburban Montvale submarket.”
The 12-year commitment represents a milestone for the high-profile, $150 million redevelopment of
the former Mercedes campus off the Garden State Parkway. The automaker announced in 2015 that it would move its U.S. headquarters to Atlanta, leaving Montvale with the prospect of an obsolete office campus.
Hekemian won approval to redevelop the campus early last year. Plans now call for a walkable, urban- style district with a total of 302,500 square feet of retail space, including an available 71,500 square feet, along with 308 residential units, up to 91,300 square feet of office space and a 133-room luxury boutique hotel under the Tapestry by Hilton flag.
The project’s first phase, The Shoppes at DePiero Farm, was built on the former site of the adjacent DePiero Farm and encompasses half of North Market. The complex is anchored by northern New Jersey’s first Wegmans and 20 other eateries, retailers and fitness studios.
Workplace North Market, which is located between West Grand Avenue and Philips Parkway, will include 40,500 square feet of office space on the second through fourth floors, with 11,500 square feet of retail on the ground floor. The mixed-use building is expected to be completed in the fourth quarter.
Beattie Padovano is relocating to the building from nearby 50 Chestnut Ridge Road in Montvale. RE
JLL: LAW FIRM COMMITS TO MIXED-USE MONTVALE SITE
The redeveloper of the former Mercedes-Benz campus in Montvale has lured its first office tenant to the site, inking a 20,000-square-foot lease with an area law firm.
The owner and developer, The S.Hekemian Group, secured the commitment from Beattie Padovano LLC as part of the mixed-use project known as North Market, according to JLL. The law practice will occupy
the fourth and a portion of the third floor of what’s known as Workplace North Market, a 52,000-square-foot office and retail building under construction at 200 Market St.
JLL Executive Managing Director Frank Recine represented The S. Hekemian Group.
“Workplace North market is a soon- to-be-constructed office building that will offer a sophisticated, modern
A rendering of Workplace North Market, a 52,000-square-foot office and retail building under construction in Montvale, where The S.Hekemian Group is redeveloping the former Mercedes-Benz USA campus into a new mixed-use destination known as North Market
Rendering by Serious Work/Courtesy: The S. Hekemian Group