Northeast Real Estate Business

MAY 2018

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

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12 • May 2018 • Northeast Real Estate Business www.REBusinessOnline.com N E W J E R S E Y CUSHMAN & WAKEFIELD ARRANGES SALE OF MONMOUTH SHORES CORPORATE PARK WALL TOWNSHIP, N.J. — Cushman & Wakefield has arranged the sale of Monmouth Shores Corporate Park, an eight-building office/flex complex totaling 400,000 square feet in Wall Township. Andy Merin, David Ber- nhaut, Gary Gabriel, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp. The buyer was Monmouth 2 LLC, an affiliate of BHN Associates. Monmouth Shores Corporate Park is one of the largest business parks in the region, accord- ing to Cushman & Wakefield, and it was 88 percent leased to 24 tenants at the time of sale. The park is comprised of five single-story flex buildings and three office buildings. MARCUS & MILLICHAP NEGOTIATES $6.3 MILLION SALE OF MIXED-USE BUILDING IN RED BANK, NEW JERSEY RED BANK, N.J. — Marcus & Milli- chap has brokered the $6.3 million sale of the Kislin Building, a 23,000-square- foot mixed-use property in Red Bank, four miles south of Middletown. Mi- chael Lombardi and Charles Loccisa- no of Marcus & Millichap represented the seller, a private investor, and the buyer, also a private investor. Located at 8 East Front St., the Kislin Building is the former home of a sporting goods store, which closed in 2005 after a century of continuous operation. The property was renovated in 2007 and the upper two floors were converted into eight, two-bedroom apartments and two, one-bedroom apartments. The ground floor features 7,500 square feet of retail space. The purchase also included a 6,000-square-foot parking lot across the street. GEBROE-HAMMER ASSOCIATES ARRANGES $50 MILLION SALE OF 452- UNIT APARTMENT COMPLEX NEWARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Forrest Hill Terrace Apartments, a 452- unit apartment complex in Newark, for $50 million. The 1940s-era proper- ty is located at 325 Grafton Ave. in the Forest Hill neighborhood of Newark's North Ward. The complex includes 94 studios, 297 one-bedroom and 60 two-bedroom units. Also included in the sale is a four-bedroom home that is on the property. Gebroe-Hammer represented the seller in the trans- action, Kamson Corp., and procured the buyer, a private family-office enti- ty. Allen Popowitz of Brach Eichler served as legal counsel for the seller. 424 MADISON AVENUE | NEW YORK, NY 10017 | PHONE: 212.223.2200 | FAX: 212.223.0004 | www.zelnikco.com L O Y A L T Y . I N T E G R I T Y . D I S C I P L I N E . F O C U S . R E T A I L . THE LANDSCAPE MAY CHANGE... ...YET CERTAIN FUNDAMENTALS HOLD CONSTANT. DUKE REALTY SIGNS RAB LIGHTING TO 264,085 SF INDUSTRIAL LEASE CRANBURY, N.J. — Duke Realty has signed RAB Lighting to a 264,085-square-foot industrial lease in Cranbury. RAB Lighting will relocate and expand its distribution center operations in the Northeast at the newly developed build- ing, which was acquired by Duke Realty in October. RAB Lighting is a manufacturer of indoor and outdoor LED lighting and controls. The facility, located at 10 Broadway Road, features a 36-foot clear height, 42 dock doors and two drive-in doors. The property also includes a 130-foot trailer court and parking for 89 automobiles and 11 trail- ers. Chuck Fern of Cushman & Wakefield represented both parties in the transaction. BERGMAN, GOTTESMAN ACQUIRE 94,000 SF OFFICE BUILDING IN ROSELAND, NEW JERSEY ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Living- ston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square- foot office property was purchased from Mack-Cali Real- ty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 mil- lion in capital improvements to the building over the next 24 months.

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