24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

NEWARK, NJ—The Berger Organization says three of its downtown Newark properties now enjoy 100 percent occupancy: the Military Park Building, the Robert Treat Center and 58 Park Place. All three buildings are located across from the Military Park in the city’s central business district, which underwent extensive renovations in 2014 like those of Bryant Park in midtown Manhattan. It now has a carousel, restaurant, ping pong tables and free Wi-Fi amid updated landscaping. Berger said that demand to be across from the park has risen over the past three years because of the renovations.

1740 Broadway

NEW YORK, NY—Equity Office has signed a new seven-year, 13,787-square-foot lease with data and technology provider Thesys Technologies at 1740 Broadway, its 26-story Class-A office tower in Midtown Manhattan. Thesys Technologies will occupy a portion of the 14th floor, relocating its headquarters from 3 Columbus Circle in the fourth quarter of 2017.

MILFORD, NJ—Marcus & Millichap arranged the sale of Holland Center, a 10,777-square foot neighborhood shopping center located in Milford, NJ, for $2.05 million. Derrick Dougherty, Mark Krantz and Shannon Bona investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. The private buyer was secured and represented by Mark Taylor, senior managing director investments also in the firm’s Philadelphia office.

BERGENFIELD, NJ—In the Northern New Jersey suburban submarket of Bergenfield, where apartment rents have risen by four percent in the past year, Gebroe-Hammer Associates has arranged the $6.6 million sale of a three-building portfolio involving 36 multi-family units, 3 commercial units and an adjacent single-family home. Executive vice president Greg Pine and senior vice president Nicholas Nicolaou exclusively represented the seller, Lisalene Properties, and procured the buyer, a private investor. The properties are located at 1 Murray Hill Terrace and 117 and 111 S. Washington Ave. in the borough.

NEW YORK, NY—GFI Realty Services arranged the $12.5-million sale of 390 Wadsworth Avenue, a 42-unit, pre-war elevator apartment building located in the Washington Heights section of Manhattan. GFI Realty senior associate Sasha Berg represented both the buyer, Lewis Barbanel of Barberry Rose Management, and the seller in the transaction. The 50,000-square-foot building is composed of one one-bedroom unit, 18 two-bedroom units, 11 three-bedroom units, and 12 five-bedroom units, all of which are rent stabilized.

ELIZABETH, NJ—Elberon Development Group purchased a 115,000-square-foot warehouse at 919 Fairmount Avenue in Elizabeth from Hayward Industries for $9 million. Hayward has leased back a small portion (10,000 square feet) of the building while the remainder of the property is leased to Survivor Window through the end of 2017. Starting in early 2018, Elberon will implement a capital expenditure plan to re-lease the window manufacturer’s space. Improvements include new LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and all new landscaping. Cushman & Wakelfield’s Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen brokered the transaction.

MAHWAH, NJ—NAI James E. Hanson, project developer The Sitex Group, and Mayor William Laforet and Mahwah Township officials last week marked the beginning of construction at One Sharp Plaza, a 271,000-square-foot Class-A industrial building in the Stateline Business Park in Mahwah, N.J. NAI Hanson is the exclusive listing agent for the property. The assignment is being led by Ken Lundberg, SIOR, and Patrick Lennon.

CEDAR KNOLLS, NJ—The site of a long-abandoned property in the Cedar Knolls section of Hanover Township today houses affordable housing and a new shopping center. Its master planner, brownfield redevelopment specialist Key Properties of Teaneck, NJ, now anticipates a portion will be home to a solar farm providing renewable energy to its retail tenants. Key Properties purchased the property – located at the intersection of Ridgedale and East Hanover avenues – in 2004 and successfully applied for brownfield designation through the New Jersey Department of Environmental Protection. Key Properties and the former occupant, Berlex Laboratories (subsequently acquired by Bayer Pharmaceuticals), then performed in-depth site remediation to ready the campus for redevelopment. Working closely with Hanover officials, Key Properties subdivided the property, and in 2010 the municipality rezoned approximately 16 acres from office/industrial to multifamily affordable housing and 27 acres to retail. The township then approved the 16-acre parcel for 78 residential units; Key Properties sold the residential land to the Ingerman Group, which has since developed the affordable housing community.

GARDEN CITY, NY—Breslin Realty arranged a long-term lease with Doc Bresler’s Cavity Busters, one of the largest dental practices in Pennsylvania, at Whitman Plaza in Philadelphia, PA. Doc Bresler’s Cavity Busters will occupy 3,421 square feet of space at Whitman Plaza. The tenant currently operates seven other state of the art dental facilities. The transaction was arranged and negotiated for the landlord by Robert Delavale of the Breslin Organization.

MOUNT LAUREL, NJ—CBRE Debt & Structured Finance sourced $14.1 million in financing to facilitate the acquisition of Towne Square Shopping Center—an 88,265 square-foot retail center located at 872 Union Mill Road in Mount Laurel, NJ. CBRE team members Thomas Gorman and Steven Doherty represented The Westover Companies in the transaction.

Notables

SUFFERN, NY—Edmund Hannon has joined Castle Lanterra Properties as chief operating officer. Hannon is responsible for overseeing all of CLP’s non-investment related activities, including corporate policies and procedures, corporate governance, risk management, regulatory compliance, HR and information technology. Hannon previously served as chief operating officer of Quest Global Advisors. Hannon holds a Bachelor of Science degree from The Pennsylvania State University and is a CFA Charter holder.

NEW YORK, NY—Romer Debbas, a New York-based commercial and residential real estate law firm, says attorney Christian P. Daglieri has joined the firm as a partner. Previously he was a partner in the New York office of Montgomery McCracken Walker & Rhoads. At Romer Debbas he will concentrate his practice on transactional real estate, including acquisitions, sales, financing, leasing and development transactions.

BOSTON, MA—Jones Lang LaSalle senior vice president Julia Georgules has been named the New England research director. Georgules will direct the research program for the region, and strategically partner with the firm’s business lines and clients to track and analyze commercial real estate markets. She joins New England Research after 10 years with JLL. Most recently she served as Director of US Office Research, and previously she was research manager leading the Northern California Research team. Georgules holds an MBA from Dominican University of California, where she concentrated in global strategic management, and a BA degree from San Diego State University.

 

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