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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8 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com N E W J E R S E Y 763-UNIT RESIDENTIAL TOWER TOPS OUTS ON JERSEY CITY WATERFRONT JERSEY CITY, N.J. — Mack-Cali Re- alty Corp. and Ironstate Development Co. have topped out Urban Ready Life (URL) Harborside 1, a multifam- ily tower on the Jersey City water- front. With views of the Manhattan skyline, the 69-story, 763-unit tower, which reaches 713 feet, is the tallest residential building in New Jersey. The tower is the frst of three phases of a $330 million development, which will bring 2,358 residences to Jersey City upon completion. The frst phase is expected to open for leasing in the fourth quarter of 2016. Dutch-based architectural frm Concrete is provid- ing architectural services for the proj- ect. WEISS ARRANGES PURCHASE OF WALGREENS DEVELOPMENT SITE TEANECK, N.J. — Win Development plans to build a new 10,737-square- foot Walgreens drive-thru pharmacy location in Teaneck. Weiss Realty Co. Inc. assembled three properties — previously occupied by a gas station at 520 Cedar Lane and several defunct stores and restaurants — for the new development on behalf of Win Devel- opment. "Walgreens adds an impor- tant asset to Teaneck's central busi- ness district and introduces a new use on a site that has been underutilized for many years," says Jaime Weiss, president of Weiss Realty Co. Inc. Win Development closed on the purchase of the property in October. The new Walgreens is slated to open next sum- mer and the property will feature on- site parking and exits on both Cedar Lane and Alma Terrace. WOODMONT BREAKS GROUND FOR TRANSIT-ORIENTED APARTMENT COMMUNITY METUCHEN, N.J. — Woodmont Prop- erties has broken ground for Wood- mont Metro at Metuchen Station, a transit-oriented apartment commu- nity located in downtown Metuchen. The 273-unit property will feature an open piazza, 11,500 square feet of re- tail space and a six-level parking deck with 750 parking spaces. The frst phase of construction will consist of the parking deck, which will be built and managed by Nexus Properties. MARCUS & MILLICHAP BROKERS SALE OF 48-UNIT MULTIFAMILY PROPERTY ELIZABETH, N.J. — Marcus & Millic- hap has brokered the sale of an apart- ment building located at 321-325 Cher- ry St. in Elizabeth. The 48-unit property sold for $2.6 million. The property features 39 studio units, eight one- bedroom units and one two-bedroom unit. Nat Gambuzza and Jeffrey Myers of Marcus & Millichap represented the seller, a multi-generational owner, and the buyer, a private investor. NOTTINGHAM CENTER SELLS FOR $6.4 MILLION HAMILTON, N.J. — Mercer Realty LLC has completed the disposition of Nottingham Shopping Center in Ham- ilton. An affliate of PAG Investments purchased the 24,396-square-foot retail center for $6.4 million. Situated on ap- proximately six acres at 2021 Notting- ham Way, three-building property is occupied by a freestanding Walgreens, Dunkin' Donuts and Aromaz Carpet. Chris Munley and Jose Cruz of HFF represented the seller, while Chaim Dahan of The Dahan Law Firm repre- sented the buyer. DELCO DEVELOPMENT SELLS WILLINGBORO TOWN CENTER SOUTH IN NEW JERSEY WILLINGBORO, N.J. — Delco Devel- opment LLC has completed the sale of Willingboro Town Center South, a retail shopping center located at 4364 U.S. 130 in Willingboro. Circle F Capital purchased the 29,246-square- foot property free and clear of exist- ing debt for $7.8 million. Situated on four acres, the center is 93.7 percent leased to a variety of tenants includ- ing Ruby Tuesday, Rita's, Bagel Café, Credit Union of New Jersey, Verizon, GNC, Subway, Hardee's, Panda Gar- den, Hair Cuttery, Nail Splash and The Laundry Experience. Chris Mun- ley and Jose Cruz of HFF represented the seller in the transaction. SUNGARD FINANCIAL SYSTEMS LEASES 41,061 SF AT HARBORSIDE PLAZA 3 JERSEY CITY, N.J. — SunGard Finan- cial Systems LLC has signed a long- term lease for 41,061 square feet of space at Harborside Plaza 3 in Jersey City. The leading global fnancial soft- ware company will occupy the offce space through 2023. Harborside offers 3.1 million square feet of Class A offce space and frst-class amenities, includ- ing retail, restaurants, a waterfront walkway and a Hyatt Regency hotel. Aaron Ellison and Tyler Vandergrift of Jones Lang LaSalle represented Sun- Gard Financial, while Tom Savoca of Mack-Cali and Mark Ravesloot, Peter Turchin, David Opper, Gerry Miovski, Arkady Smolyansky and Suzanne Macnow of CBRE represented the landlord, Mack-Cali Realty Corp., in the transaction. CUSHMAN & WAKEFIELD BROKERS SALE OF TWO MULTIFAMILY BUILDINGS UNION CITY, N.J. — Cushman & Wakefeld has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two- bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefeld represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer. REDWOOD REALTY ADVISORS BROKERS SALES OF THREE APARTMENT BUILDINGS DUMONT, PALISADES PARK AND BELLEVILLE, N.J. — Redwood Real- ty Advisors has brokered the sales of three apartment buildings, totaling 49 units in New Jersey, for and $6.5 mil- lion. In Dumont, a 22-unit apartment building sold for $3 million and a cap rate of 5.9 percent. In Palisades Park, an 11-unit property sold for $2 million, or $184,000 per unit, and a cap rate of 5.7 percent. In Belleville, a 16-unit gar- den complex property sold for $1.4 million and a cap rate of 6.5 percent. Michael Scrima and Jeremy Wernick of Redwood Realty Advisors handled the transactions. The names of the sell- ers and buyers were not released. T.J. MAXX OPENS NEW LOCATION AT ST. GEORGES CROSSING IN NEW JERSEY WOODBRIDGE, N.J. — T.J. Maxx has opened a new location at St. Georges Crossing in Woodbridge. Levin Man- agement constructed the freestanding 23,000-square-foot store on an under- utilized parcel of land adjacent to the original St. Georges Crossing site. Levin spearheaded the off-market land purchase, secured the T.J. Maxx lease and obtained site plan approval for the new building, which enabled the frm to bring the nationally rec- ognized tenant to the 340,000-square- foot shopping center. Current tenants include ShopRite, P.C. Richard & Son, PetSmart, Pier 1 Imports, Golf Galaxy, Shannon Rose, AutoZone, Bertucci's, Wine Country, Verizon Wireless, Eu- ropean Wax Center, Visionworks and Taco Bell, among others. Redi-Dock ® Provides Instant Drive-In Access to Your Facility • Modular • Minimal site prep • Low maintenance • Delivered & set • Easily relocated • Lengths to 50' • Infnite widths • Heavy duty rating • No future demolition • ADA ramps available Call: 800-724-4881 www.ReadingPrecast.com anthony@readingprecast.com Call for an immediate consultation. Visit REBusinessOnline.com and subscribe to the daily e-newsletter.

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