CBRE announces $85 Million sale of Signature Place in Morris Plains, New Jersey

Morris Plains, NJ — Representatives of CBRE, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer of CBRE Institutional Properties, in partnership with Roland Merchant and Tom Pryor of CBRE’s Investment Banking team, announced the sale of Signature Place, a class A multifamily community in Morris Plains. CBRE advised the owner, Veris Residential, on the sale.

Built in 2018, Signature Place consists of 197 spacious apartments averaging over 1,000 s/f. The property features luxury finishes and an expansive amenity package, including a resort-style pool, fitness center with a yoga studio, golf simulator, private movie theater, conference rooms, a pet spa, a clubroom with a fireplace and game tables, and more.

The property is situated within a 10-minute drive of downtown Morristown, one of suburban NJ’s premier 24/7 downtowns characterized by countless retailers, restaurants, and other entertainment options. Morris County is New Jersey’s top destination for employers, home to the state’s highest concentration of Fortune 500 companies.

“We are pleased to have advised Veris Residential on the disposition of this exceptional asset,” said Dunne. “Signature Place benefits from its location in affluent Morris County, only a few minutes from downtown Morristown, which bodes well for the purchaser’s investment.”

In a transaction arranged by CBRE, Wieland Metal Services, a global, value-added metal service center and distribution network, has inked an 85,100 s/f lease renewal at 150 Lackawanna Ave. in Parsippany. Known for offering the most extensive selection of metal products in the industry, Wieland will continue to house its northeast operations in the entire facility owned by FAO Realty, LLC.

The CBRE team of Thomas Mallaney and Denise Kokulak, in conjunction with the CBRE suburban Chicago office, negotiated the lease renewal on behalf of Wieland. FAO Realty was represented by Scott Perkins of NAI Hanson.

“We worked closely with our colleagues from CBRE’s suburban Chicago office and reviewed several space options in the market that would fit our client’s specific requirements,” said Mallaney. “After a targeted analysis Wieland elected to remain at 150 Lackawanna for a long-term leasehold and improve the existing space to better facilitate their occupancy.”

The industrial property was built in 1974 and is conveniently located within 30 minutes of Newark Liberty International Airport and the Port of Elizabeth.

Also in the Garden State, SRZ Properties LLC acquired 9218 Ventnor Ave. in Margate for $3.15 million, while 109 34th St. in Ocean City was sold to 109 34th Street TT ZZ LLC for $2.2 million. Both properties house Berkshire Hathaway Fox & Roach Realtors offices.

Michael Shover and Matthew Gorman, who lead the CBRE Net-Lease Property Group Mid-Atlantic Team, spearheaded the marketing campaign and represented the sellers, New Castle Avenue LLC and Berkshire Margate LLC in the negotiations.