24 Hour Local Real Estate News

Middle Market Digest - The Northeast

Here is a roundup of smaller deals and executive moves announced recently.

Deal Tracker

MORRISTOWN, NJ—Circle Squared Alternative Investments and the Hampshire Companies have acquired an industrial property in Carteret, NJ. The investment property provides an opportunity to develop into a Class-A industrial property in a market where new industrial product is limited. The 1500 Blair Road property is a 156,000 square foot Class-A warehouse/distribution facility. The project will be constructed on a six acre parcel of land which will be ground leased for a term of 50 years with two renewal options consisting of 20 and 25 years each.

ASBURY PARK, NJ—A 28,369-square-foot former warehouse at 810 Sewall Avenue in Asbury Park, NJ has been purchased by Asbury Park Brewery. Sheldon Gross Realty vice president Glenn Jaffe was engaged as exclusive marketing representative by the warehouse owner, Flexcraft Company. After multiple interested parties were considered, Asbury Park Brewery was selected to lease the location as a tenant. Then, with its business growing, Asbury Park Brewery optioned to purchase the building during the lease term.

SWEDESBORO, NJ—510 Heron Drive in Swedesboro has traded for $3.52 million, in a sale orchestrated by Colliers International’s Parsippany, NJ, office. Amerco Real Estate Company, an affiliate of U-Haul, purchased the three, multi-tenant flex buildings, comprised of 126,251-square-feet, from Starwood Property Trust with LNR Property as manager. The investment sales team led by Jacklene Chesler, senior managing director, advised the seller and secured the buyer for 510 Heron Drive. The Colliers brokerage team included Jonathan Schlussel, Evan Zweben and Christina Del Duca.

930-Riverview200x127

TOTOWA, NJ—Tulfra Real Estate has closed on the sale of a 27,000-square-foot office condominium at 930 Riverview Drive, announced Sonny Jumani, president and managing member. The unit was acquired by Passaic County, a longtime tenant of the mixed-use building. 930 Riverview Drive is a 225,000-square-foot, class A mixed-use property, known as Totowa Business Center. Tom Consiglio and Greg Sabato of Resource Realty were the brokers on the transaction.

WissahickonApts200x150

PHILADELPHIA, PA—Marcus & Millichap brokered the sale of 58 multifamily units in the Germantown neighborhood of Philadelphia, PA. The contiguous properties, Wissahickon Apartments and 5228-5232 Laurens Street, sold for $3.8 million. Fred Paisley and Jonathan Massaro, investment specialist in the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller.  Wissahickon Apartments is comprised of 52 one, two and three-bedroom units located at 5215 Schuyler Street in Philadelphia, PA. The historically registered property was constructed in 1910 and operated as a hotel before renovations in mid-1980s.

CurtisInterior200x151

PHILADELPHIA, PA—Philadelphia Magazine has signed a long-term lease at The Curtis, Keystone Property Group’s mixed-use office property at 601 Walnut Street in the Washington Square section of Philadelphia. Colliers International’s Sandy Richardson and Liz Morrow represented Keystone Property Group. Philadelphia Magazine was represented by Josh Haber of Binswanger Company.

PHILADELPHIA, PA—Post Brothers, a leading-edge real estate company specializing in the creation of innovative residential communities in key metropolitan markets, today announced that is has tapped internationally renowned architect Philippe Maidenberg to design the lobby and model residences at The Adams, the fourth and final building to be redeveloped at Presidential City. This marks first foray into the United States market for Maidenberg, who specializes in bringing innovative hospitality design concepts to life in luxury buildings across Paris. His most high profile projects to-date include Paris’ Hotel 34B, Joke Hotel, and the Hotel 123 Sebastapol – which was previously named the number-one hotel in Paris by TripAdvisor.

HOBOKEN, NJ—Less than three months after opening its doors to renters, Advance Realty’s Harlow has leased more than 50 percent of its 140 luxury apartments. The seven-story building is located approximately one mile from the Lincoln Tunnel entrance and Route 495, which provides access to the New Jersey Turnpike as well as Routes 3 and 1-9. Several public transportation options are also available in the area including the Hudson-Bergen Light Rail, Hoboken Ferry, PATH trains and NJ Transit lines.

Notables

CommitoPaul200x194

RADNOR, PA—Brandywine Realty Trust named Paul J. Commito senior vice president of development and Gina Alm-Myers vice president of human resources and diversity & inclusion. Commito joined Brandywine in 2012 and has more than 30 years of experience in the real estate development and construction industry. Alm-Myers joined Brandywine in 2007.

Gerber

MOUNT LAUREL, NJ—The Bloom Organization says its senior leasing executive, Beverly J. Gerber, has been appointed to the Businesses Committed to South Jersey Board of Directors.  An active member of BCSJ for more than 10 years, Gerber succeeds Bloom COO and former board president, K.C. Isdaner, who is stepping down from the organization’s board. A member of The Bloom Organization since 1989, Gerber is a New Jersey licensed Real Estate Salesperson with more than 30 years of industry expertise.

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.