Parsippany, NJ — What was once a 3-building office complex nestled in a former Mack-Cali corporate campus in Parsippany will soon become one of the hottest places to “live, work and play,” thanks to a $4.5 million capital improvement program and new state-of-the-art building upgrades and upscale amenities.
Bergman Real Estate Group, in partnership with Time Equities, Inc. announced its plans to introduce nearly a dozen trendsetting amenities to 4, 5 and 6 Century Dr., now kn
Salem, NJ – Warner Real Estate & Auction Company, a full service real estate brokerage and auction marketing firm will be selling a 2-unit, 13,879 +/- s/f retail complex for the County of Salem. The property is located at 110 5th St. in Salem, NJ and has a gross annual income of $83,835.00. Family Dollar leases 7769 +/- s/f and 6000 +/- s/f is currently vacant. The building sits on 1.47± acres and has parking for 75 vehicles.
According to Rich Warner, president and founder
West Orange, NJ — SELA Realty Investments, the Fort Lee based investments and property management company announced its recent acquisition of Crest Ridge Apartments, 178 unit class A property located in West Orange. The complex offers beautiful Manhattan skyline views, Pool and many more amenities, and is located in one of the nicest areas in Essex County.
At 5.4% going in cap rate the purchase price was $40.5 million with over 98% occupancy at time of acquisition. Tal Stei
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lindenwold, NJ — In the second largest of the Greater Philadelphia Metro Apartment Market’s 28 distinct submarkets – Camden West – Gebroe-Hammer Associates has arranged the $7.5 million sale of 148 units at Summit Place, a recently renovated garden-style community located at 411 E. Gibbsboro Rd., in Lindenwold. Vice president Adam Zweibel represented the seller, ARD Lindenwold LLC, and procured the buyer, a private investor, in the transaction.
“Known as a friendly, close-
EDISON, NJ — Zimmel Associates, the Edison, NJ based corporate real estate services firm, reports recent leases in Edison and Clark, NJ.
In the first transaction, EOS Energy Storage signed a 10-year lease for 3920 Park Ave., a 63,500 s/f freestanding brick building located in Edison. EOS Energy Storage provides energy storage solutions for utilities and commercial and industrial facilities.
The owner of the building is United States Land Resources of Morristown. David Zimme
Sixty-eight years. That’s how long I’ve been a commercial real estate broker in New Jersey. And I’ve operated my own company – Sheldon Gross Realty – for 55 years.
I’ve seen trends come and go; I’ve watched the market rise, tumble, and rise again. Everything I’ve learned is now making me bullish about where industrial real estate is heading – and I’m passing this confidence along to my clients and customers.
Available smaller spaces, increasingly rare
For years, businesse
As suburban revitalization comes to the forefront, young families and young professionals are continuing to populate suburbs throughout the nation. With this comes a need for innovative commercial real estate developments that can serve as activity hubs for its community members. In turn, suburban and “commuter towns” are now becoming alternative destinations to the hustle and bustle of city life. A perfect example of this scenario is Jersey City, New Jersey. Over the years,
New Jersey — Lee & Associates has announced that Brian Lynch, president of Lee & Associates New Jersey, has been named Chief Strategy Officer in charge of East Coast expansion. “After continued successful U.S. expansion and growth into Canada and Europe, Lee & Associates is committing additional resources to continue expanding our East Coast presence,” said Jeffrey Rinkov, CEO of Lee & Associates. “Brian brings an excellent understanding of the landscape and a keen eye on the
NEW JERSEY — Gary Cohen, senior vice president/managing director of NorthMarq Capital’s New Jersey-based regional office, arranged the $80 million refinance of a portfolio of five affordable properties, containing a combined 519 units. The properties are located throughout Hoboken. The transaction was structured with a 12-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower, Applied Housing Management, through its correspondent relations
Pine Brook, NJ — The Azarian Group, L.L.C. announced the completed renovation of the Pine Brook Plaza located on Rte. 46 West in Pine Brook. The Pine Brook Plaza measures 7,942 s/f and has seven stores, 940 s/f is available. It is located fronting on Rte. 46 West (100,000 cars per day) with convenient access and visibility. The Pine Brook Plaza also has rear access onto old Bloomfield Avenue and is located between two major jug handle access points. The Azarian Group was for
NEW JERSEY — Bill Farkas and Steve Battista completed a deal with Little Caesars in 1,200 s/f on Main St. (shopping center with Food Basics) in Belleville, NJ.
Shane Wierks and Farkas completed three deals with Spirit Halloween in 5,000 s/f (North Plainfield, NJ), 20,000 s/f (Totowa, NJ) and 5,600 s/f (Phillipsburg, NJ).
Wierks completed a deal with Popeye’s Chicken on a 3/4 acre ground lease at 437 Rte. 46 East, Rockaway, NJ. The ground lease is with Urban Edge Propertie
NEW JERSEY — Janet Proscia and David Turley arranged a total of $17.8 million in two Northern New Jersey office transactions. The first was a $7 million acquisition loan for a class A, 63,830 s/f building in Chatham Borough, followed by a $10.8 million refinance for a 137,304 s/f property located in Secaucus. The Chatham property was financed with a life company for 15-years on a 25-year amortization schedule with a rate locked for the entire term at 3.9%. The building locate
Inventory remains tight and demand continues to increase for quality New Jersey industrial space, according to Transwestern’s Second-Quarter 2015 Industrial Market report. As a result, industrial properties east of Interstate 287 are experiencing a surge of activity, with an intensified interest in outer regions with accessibility to the port markets.“We expect that potential redevelopment properties could see tenants in place even before construction is complete,” said Alex
FORT LEE, NJ — HFF has closed the $120 million sale of The Crest at Fort Lee, a 351-unit multi-housing community. HFF marketed the property on behalf of the seller, Capri Capital Partners, LLC. Pantzer Properties purchased the asset for $120 million, or approximately $341,880 per unit, free and clear of any existing debt. The Crest at Fort Lee is situated on 13.09 acres at 900 Crest Lane in eastern Bergen County and is minutes from the New Jersey Turnpike/George Washington Br
KEARNY, NJ — First Niagara’s Commercial Real Estate Group has closed on a $30 million loan with DVL Kearny Holdings, LLC, a wholly-owned subsidiary of DVL, Inc., for the redevelopment of an industrial site in Kearny. The site will be anchored by an 88,000 s/f BJ’s Wholesale Club with an additional 52,000 s/f of retail space. The site at 132-144 Passaic Ave. and is part of the Passaic Avenue Redevelopment Plan, is expected to be completed in the fourth quarter of 2015. "We hav
SOMERS POINT, NJ — Marcus & Millichap announced the sale of The Gates at Somers Point, a 202-unit garden-style apartment complex in Somers Point, NJ. The commercial real estate investment asset sold for $11,400,000 or $56,436 per unit. The property is located on almost five acres at 555 Shore Rd. in Somers Point near Shore Medical Center. The complex is composed of five buildings with mature landscaping and a desirable unit mix of mostly two-bedroom units. Nat Gambuzza, vice
NEWARK, NJ — The Berger Organization added 58 Park Place to its Newark portfolio in a year-end acquisition from PPSJ Corporation. The 30,000 s/f colonial-style office property, which served as the founding headquarters of Feist & Feist Realty Corp., sits next door to Berger’s Military Park Building at 60 Park Place. Located directly opposite Military Park in the heart of downtown Newark, 58 Park Place is 50% occupied by headquarters operations for the Garden State Ballet and
NORTHERN, NJ — The Kislak Company, Inc. announced seven recent investment and commercial sales throughout northern New Jersey totaling $18.625m. Vice president Scott Davidovic represented or co-represented the seller in all of the transactions, which include the $7.1m sale of 1.033 acres of land in Hoboken; the $4m sale of 0.34 of an acre of land in Hoboken; the $3.9m sale of a 55-unit multifamily property in Elizabeth; the $1.3m sale of a 26-unit multifamily property in Irvi