Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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10 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com N E W J E R S E Y WEISS REALTY CO. SECURES LONG-TERM LEASE FOR CVS/PHARMACY BERKELEY HEIGHTS, N.J. — Weiss Realty Co. has arranged a long-term, 25-year ground lease for CVS/phar- macy at Berkeley Heights Shopping Center in Berkeley Heights. Locat- ed at 400 Springfeld Ave., the new 13,000-square-foot property features a drive-thru pharmacy and is situ- ated on 1.2 acres at the entrance to the 62,000-square-foot shopping center. Weiss Realty Co. represented the de- veloper, First Hartford Realty Corp. and the landlord, Berkeley Develop- ment Co., in the lease transaction. MARCUS & MILLICHAP BROKERS $9.1 MILLION SALE OF WALGREENS PROPERTY FRANKLIN, N.J. — Marcus & Mil- lichap has brokered the sale of a re- cently constructed Walgreens prop- erty in Franklin. Located at 245 State Route 23, the 14,820-square-foot prop- erty sold for $9.1 million, or $617 per square foot. Dean Zang and Mark Taylor represented the seller, a limited liability company, while Karly Iacono, also of Marcus & Millichap, represent- ed the buyer, a Brooklyn-based private investor, who acquired the property in a 1031 exchange. J.D. Parker of Marcus & Millichap's Manhattan offce served as the broker of record for the transac- tion. COLLIERS ARRANGES SALE OF 22,744 SF MEDICAL OFFICE MOUNT LAUREL, N.J. — An affliate of Princeton, N.J.-based IBIS Plaza has acquired Larchmont I, a medical of- fce building located at 204 Ark Road in Mount Laurel, for an undisclosed price. Situated on 1.8 acres, the build- ing was constructed in 1981. The buyer plans to renovate the common areas and two of the vacant suites for its IBIS business. Evan Zweben and Marc Is- lander of Colliers International repre- sented the undisclosed seller. TREVIAN CAPITAL FUNDS $16.5 MILLION BRIDGE LOAN FOR SELF-STORAGE, WAREHOUSE PROPERTY BELLEVILLE, N.J. — Trevian Capi- tal has funded a $16.5 million frst- mortgage bridge loan secured by a fully occupied self-storage and ware- house facility in Belleville. The loan proceeds are being used to pay off an existing defaulted CMBS loan, fund the build-out of an additional 510 self- storage units, and provide the bor- rower cash out refnancing. The prop- erty is primarily occupied by Safe & Secure Self Storage, which occupies 300,000 square feet, with an addition- al 100,000 square feet of warehouse/ storage space leased on a long-term basis to Essex County and Ecuadorian Rainforest. Additional terms of the fnancing, including the name of the borrower, were not released. CRONHEIM ARRANGES $35 MILLION LOAN FOR INDUSTRIAL PROPERTY ELIZABETH, N.J. — Cronheim Mort- gage has arranged $35 million in f- nancing for an industrial property located at 102 Bay Ave. in Elizabeth. The loan was structured with a fve- year term and a 30-year amortiza- tion schedule for the borrower, Hartz Elizabeth Inc., an affliate entity of Hartz Mountain Industries Inc. Built in 1990, the 509,093-square-foot fa- cility features 26-foot clear heights, 61 loading docks and approximately 9,000 square feet of mezzanine offce space. Andrew Stewart and Dev Mor- ris of Cronheim secured the fnancing for the borrower. TULFRA AND HAMPSHIRE COS. TO REDEVELOP BELLEVILLE PROPERTY BELLEVILLE, N.J. — Tulfra Real Es- tate and Hampshire Cos. have com- pleted their acquisition of the former Roche Diagnostics property, a 20-acre parcel at Franklin Avenue and Mill Street in Belleville. The partners plan to redevelop the site and are in the process of considering redevelopment options and plans for the property. The Township of Belleville has con- ditionally designated Tulfra as the re- developer of the site under the state's redevelopment laws. Tulfra Real Es- tate and its affliates currently own and manage 4 million square feet of industrial and commercial real estate, encompassing more than 50 buildings with 200 public and private tenants in Northern and Central New Jersey. KPMG LEASES 54,341 SF OF OFFICE SPACE SHORT HILLS, N.J. — KPMG, a global accounting frm, has signed a long-term lease for 54,341 square feet of offce space at 150 John F. Ken- nedy Parkway in Short Hills. The 247,476-square-foot property, which is owned by Mack-Cali Realty Corp., recently underwent renovations that included the lobby and an enhanced entryway. With the signing of KPMG, 150 John F. Kennedy Parkway is now 100 percent leased. Jeffrey Babikian, Patrick Murphy and Kenneth Boland of CBRE represented the tenant. BRANDYWINE TO BUILD 10,000 SF RETAIL CENTER MOUNT LAUREL, N.J. — Brandy- wine Realty Trust plans to develop a 10,000-square-foot retail center at 7000 Midlantic Drive in Mount Laurel. Pre-leased tenants include Anthony's Coal Fired Pizza, Jimmy John's Gour- met Sandwiches and Qdoba Mexican Grill. The project is slated for delivery in May 2016. The retail property is be- ing paired with an adjacent Springhill Suites Marriott, also developed by Brandywine. MSC Retail is providing site selection representation for the property, as well as pre-development consulting and leasing services. HFF ARRANGES $23.7 MILLION LOAN FOR OFFICE COMPLEX WALL TOWNSHIP, N.J. — Holliday Fenoglio Fowler (HFF) has arranged $23.7 million in refnancing for a four-building offce complex in Wall Township. Located at 1800 Route 34, the 189,836-square-foot complex is occupied by French & Parrello, First Credit Union, The Earle Companies, KMB Design Group, Secova Securities and Eckman Recycling. Constructed between 2001 and 2007, the property is 95 percent leased. Michael Klein led the HFF debt placement team that arranged the 10-year, fxed-rate loan through CIBC World Markets for the borrower, The Donato Group. NGKF BROKERS LEASE EXPANSION ROCKAWAY, N.J. — Newmark Grubb Knight Frank (NGKF) has represented owner Lexington Realty Trust in the leasing of its property at 333 Mount Hope Ave. in Rockaway. The three- story, 92,000-square-foot building is now occupied entirely by Atlantic Health System. The 12-year lease was brokered by David Simson, Jamie Drummond and Tim Greiner of NGKF. Bryn Cinque of Colliers International represented the tenant. Atlantic Health System initially leased 64,000 square feet at the property but outgrew the space and chose to expand. Weiss Realty Co. has arranged a 25-year ground lease for CVS/pharmacy at Berkeley Heights Shopping Center in Berkeley Heights. The new 13,000-square-foot store, located at 400 Springfeld Ave., features a drive-thru pharmacy. An affliate of IBIS Plaza has acquired Larchmont I, a 22,744-square-foot medical offce building located at 204 Ark Road in Mount Laurel, N.J. IBIS Plaza plans to use a portion of the property for its IBIS business.

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