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Preview: Northern New Jersey Commercial Real Estate News From CoStar Group

Northern New Jersey Commercial Real Estate News From CoStar Group

CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of


SnowJoe to Open New 271,000-SF Distribution Ctr. in Mahwah

Fri, 16 Mar 2018 04:25:41 GMT

After living through back-to-back nor'easters this month, New Jersey residents may be happy to learn a manufacturer of lawn and garden tools that offers a full line of what it calls "smart winter solutions" will open a new distribution center in Mahwah, NJ. SnowJoe leased the entire 271,195-square-foot distribution center recently developed by Sitex Group at 100 Performance Drive in the Stateline Business Park. The new facility, which is part...

NJ Governor Details Plans for 4M-SF Site in New Brunswick

Tue, 20 Mar 2018 07:57:30 GMT

New Jersey Governor Phil Murphy unveiled plans Monday for The Hub, a proposed research and start-up company incubation site with up to 4 million square feet of mixed-use development space slated for downtown New Brunswick, NJ. The property, owned by the City and being managed by DevCo, is envisioned as a redevelopment that will help reinvigorate the Garden State’s science and technology industries and revive its past as a life-science innovator...

Prudential Raising up to $2 Billion for US CRE Debt Fund

Tue, 20 Mar 2018 02:24:44 GMT

PGIM Real Estate, the asset management arm of Prudential Financial Inc. (NYSE: PRU), is in the market raising money for its PGIM Real Estate US Debt Fund. PGIM said it expects to raise about $2 billion over a three-year period. Once fully invested, PGIM expects the fund to hold about 65 debt investments at any given time. Target strategy returns are in the range of 7% to 8% gross, which translatse to 6.25% - 7.25% target net returns, according...

Hampshire Cos. Executive Anderson Dies at 58

Mon, 19 Mar 2018 07:08:48 GMT

In a death that shocked many in North Jersey’s commercial real estate community, Hampshire Cos. executive Todd Anderson died unexpectedly this weekend at his home in Bernardsville, NJ. He was 58 years old. Anderson, who was a Hampshire principal, executive vice president of acquisitions and leasing director partners funds, had appeared to be in good health, according to his associates. Only last Thursday he participated in a ribbon-cutting ceremony...

Newark's Pavilion Apts Sold for $70.5M

Fri, 16 Mar 2018 03:58:02 GMT

In a the single largest sale for a multifamily property in Newark, NJ, The Pavilion apartments has fetched $70.5 million, or about $104,000 per unit, according to Woodbridge, NJ-based Kislak Co., which brokered the sale. InterCoastal sold the property at 108 Martin Luther King Jr. Blvd., comprised of two adjacent 22-story buildings with 680 residential units, to Salman Capital, a regional investor. Kislak senior vice president Joni Sweetwood...

Hampshire Cos. Adds Carteret Facility to Self-Storage Assets

Thu, 15 Mar 2018 08:16:25 GMT

Hampshire Cos., bullish on the self-storage market, is continuing to expand its portfolio in that commercial real estate category, opening a new facility in Carteret, NJ, this week and undertaking 15 other such developments. The Morristown, NJ-based firm held a ribbon-cutting ceremony Thursday at its new 81,745-square-foot self-storage center, located between Industrial Highway and Lefferts Street, which will be operated by Extra Space Storage...

Barrings Investments Completes Two-Bldg Assemblage

Wed, 14 Mar 2018 04:40:50 GMT

Barings Real Estate Advisers LLC has completed a two-building assemblage in Avenel, NJ from Sitex Group for an aggregate sales price of $65 million. In the earlier acquisition, Bldg. A at 215 Blair Rd. traded for $29.2 million, or about $167 per square foot. Bldg. A is 175,182 square feet of warehouse space and was built in 1970 and renovated in 2017. In the later, Bldg. B at 191 Blair Rd. traded for $35.8 million, or about $180 per square...

Climbzone Preleases 25,000 SF at Greenleaf at Howell SC

Wed, 14 Mar 2018 02:01:06 GMT

Climbzone, an indoor rock climbing recreation center, leased 25,000 square feet at an in-development portion of the Greenleaf at Howell shopping center at 5319 U.S. Hwy 9 in Howell, NJ. The 271,360-square-foot power center is located at the intersection of Route 9 North and Lanes Mill Road. SunEquity Partners owns the center, and Climbzone's lease is expected to commence this summer. Charles Kavanagh of Blau & Berg represented the tenant....

Bassett Furniture Leases 16,000 SF in Middletown

Wed, 14 Mar 2018 12:54:15 GMT

Basset Furniture, a high-end furniture company, leased 15,643 square feet in the Dunning Farms Shopping Center at 88 Dunning Rd. in Middletown, NY. The 270,745-square-foot retail strip was constructed in 1989 and renovated in 1992. Other tenants in the center include T.J. Maxx, A.C. Moore Arts & Crafts, PetSmart and Dollar Tree. Colleen Quinn of RM Friedland represented the landlord, Chase Enterprises, Inc.

Advance Realty, Greek Development Buy 350-Acre Tract in Linden

Tue, 13 Mar 2018 04:40:02 GMT

Advance Realty and Greek Development have purchased a 350-acre parcel in Linden, NJ, that they plan to develop into Class A warehouse space, the two companies said Tuesday. The site, located off Tremley Point Road in Union County, includes several contiguous parcels located just 10 miles from the Port of New York and New Jersey, the largest port on the East Coast and the third-largest U.S. port. The purchase price and the identity of the seller...

Kristofich Joins NAI James E. Hanson Capital Markets Team

Tue, 13 Mar 2018 03:56:17 GMT

NAI James E. Hanson has hired Jonathan Kristofich as an associate director with its capital markets team, based in the real estate brokerage’s headquarters in Hackensack, NJ. In his new role, Kristofich will work closely with the expanding capital markets group to help clients source debt, equity and structured finance for commercial real estate acquisitions, dispositions and refinances, according to a press release issued Tuesday. Prior to...

Hoboken's Wonder Lofts Project Back in the Picture After Getting $120 Million Recapitalization

Mon, 12 Mar 2018 04:31:50 GMT

The stalled redevelopment of a former Wonder Bread factory in Hoboken, NJ, into a luxury condo complex has received a roughly $120 million boost that should finally get the project off the ground. The project's new developer, Prism Capital Partners, is partnering with Manhattan-based Angelo, Gordon & Co. to recapitalize and redevelop the 720 Clinton St. project, the two companies said Monday. As part of the recapitalization, Prism Capital...

Roche Site Redeveloper Preaches Office Transformation

Fri, 09 Mar 2018 05:36:49 GMT

James Hughes (pictured, left), professor and former dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, was the keynote speaker Monday night at the Suburban Revitalization Forum held by Prism Capital Partners on ON3's campus in Nutley, NJ. Gene Diaz (right), principal partner with Prism, spoke at the session.

Standard Chartered Renews 46,000-SF Lease in Newark

Tue, 06 Mar 2018 10:05:34 GMT

Standard Chartered PLC, a multi-national financial services company, renewed its 46,250-square-foot lease in the Two Gateway office building at 2 Gateway Ctr. in Newark, NJ. The 18-story building was constructed in 1972 and underwent renovations in 1994 and 2015. The building totals 832,550 square feet in the Newark submarket. Dudley Ryan and Kadeem Goodall-Reid of CBRE represented the landlord, C&K Properties.

Soulas Joins Advance Realty

Tue, 06 Mar 2018 09:37:30 GMT

Tim Soulas joined Advance Realty, a leading developer and manager of Class A office, multifamily, mixed-use and industrial properties in the Northeast, as a senior associate of asset managemnt. Based in the firm's Bridgewater, NJ office, Soulas will oversee the development and implementation of business plans for part of Advance's portfolio. Soulas was previously at The Hampshire Companies for five years, where he was an asset manager. Soulas...

Radiant Property Mgmt Sells Neptune Gardens

Tue, 06 Mar 2018 09:36:56 GMT

Radiant Property Management sold the 162-unit multifamily property at 300 Neptune Blvd. in Neptune, NJ to an undisclosed buyer for $18.38 million, or about $113,000 per unit. The Neptune Gardens apartment complex was originally constructed in 1950 and consists of 13 buildings and 162 units, including both one- and two-bedroom units. The new owner intends to complete value-add improvements at the complex. Nat Gambuzza, Brian Antognini, Spencer...

Scynexis Signs 19,000-SF Lease

Mon, 05 Mar 2018 09:55:29 GMT

Scynexis, a biotechnology company focused on the intervention of life-threatening infections, signed a lease for 19,275 square feet at the Evertrust Plaza office building at 1 Evertrust Plz in Jersey City, NJ. The 17-story building totals 314,503 square feet in the Hudson Waterfront submarket. Dolan Commercial Real Estate developed the property in 1986. Other tenants include Yellowstone Capital LLC and Evergreen Shipping Agency. Dorothy Chuang...

Bridge Development Partners Acquires Development Site, Approved Plan to Build I-78 Industrial Park

Tue, 27 Feb 2018 09:35:32 GMT

Bridge Development Partners LLC, an Illinois-based property investment firm, acquired 365 acres of fully approved land to build the I-78 Logistics Park in Phillipsburg, NJ. Vesey Capital LLC sold the entitled site at 942 Memorial Pky for $43 million, or about $118,000 per acre. Plans call for an eight-building industrial park north of I-78 in the Warren County submarket. In-place approvals would allow for development of up to 3.8 million square...

AMS Acquisitions Acquires Apts in Bayonne

Tue, 27 Feb 2018 08:54:09 GMT

AMS Acquisitions LLC, a New York-based real estate investment firm, acquired the 85-unit SilkLofts apartment building at 154 Avenue E in Bayonne, NJ for $31.1 million, or about $378,000 per unit, from Stern Capital and CSR Group. Comprised of two five-story buildings, the 148,720-square-foot multifamily community offers a mix of studios, one- and two-bedroom units. The entire property underwent a complete gut renovation in 2013. The acquired property...

F. Greek Development Buys Somerset Industrial Portfolio

Tue, 27 Feb 2018 08:33:53 GMT

F. Greek Development, a commercial developer and owner based in East Brunswick, NJ, acquired a two-building industrial portfolio at 400 and 500 Apgar Dr. in Somerset, NJ from High Street Realty, a Boston-based private equity real estate investment fund, for $15 million, or $88 per square foot. The property located at 400 Apgar totals 111, 874 square feet and has 12 loading docks and 24-foot ceiling heights. The proeprty at 500 Apgar totals 58...