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ON THE SCENE: C&W to lease 11 Waterview, Rosewood sells Jamaica office building

AGENTS

Cushman & Wakefield has been appointed to market 11 Waterview Boulevard in Parsippany as a headquarters opportunity for sale or lease. The 120,000 s/f office asset sits immediately off Route 46, at the intersection of Interstates 287 and 80, and represents the largest, Class A user-purchase opportunity in the immediate market. Jeffrey Prezant is heading the assignment with James Frank and Dan Johnsen. The three-story building features a pre-cast concrete façade and a full-height staircase connecting its three stories. Each floor is finished with perimeter offices, an open-format collaborative core with work pods, and a bistro-style kitchenette. Building amenities include a 200-seat cafeteria, fitness center and multiple conference rooms.

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EMH Commercial Realty has been retained as the exclusive agents to facilitate the sale of 404-408 Utica Ave in the Crown Heights section of Brooklyn. President & CEO Yona

YONA EDELKOPF

Edelkopf and VP of Sales Baruch Edelkopf will represent the seller. 404, 406 & 408 Utica Ave is a package of three mixed use buildings that are fully renovated and separately metered, consisting of six residential units and three retail units with a combined frontage of 54 ft. on Utica Ave. The buildings are fully occupied and the retail spaces are fully leased with a three percent annual escalation. The properties are located 4 blocks from the Utica Ave subway station. The package includes an additional 8,999 s/f of air rights that can be used to develop in the future.

SALES

Rosewood Realty Group announced the $9.225 million sale of an office building in Jamaica, Queens at 175-20 Hillside Avenue. The mixed-use building is 16,791 sq. feet and features 30 outdoor parking spaces. This four-story elevator building was built in 1973 and is fully leased to St. Joseph’s Hospital, Labcorp and a pharmacy on the ground floor. The building sold for a 5.75 cap rate. Michael Guttman represented the seller, 175-20 Hillside LLC and Rosewood Realty’s Jacob Setton represented the NA buyer.

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Redwood Realty Advisors announced the following sales:

  • 258 Main Street in Chatham for $3,075,000. The 12,000 s/f mixed-use property includes 10 apartment units and two commercial spaces. Originally built in 1927, the property sold with a cap rate of 5.2%. Kevin McCrann and Thomas McConnell announced the sale. The buyer plans on implementing a unit-renovation program to enhance the value and performance of the building.
  • STEVE MATOVSKI

    844 Park Avenue in Hoboken, NJ, was sold for $3,300,000. The property is steps from Washington Street, Hoboken’s retail thoroughfare. It is comprised of two buildings featuring a total of 10 residential apartments with on-site parking. Steve Matovski said the well-maintained asset offers stable in-place cash-flow with strong rental upside, he added. Matovski represented both the buyer and seller in the transaction. This marked the first sale of this asset in over 50 years. The seller, a private investor, had owned and managed the property since the mid 1960’s.

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Northeast Private Client Group announced the sale of 57 Plains Road in Milford, Conn., a 17,346 s/f office building. Brad Balletto, Rich Edwards and Jeff Wright represented the seller and procured the buyer in the $3,400,000 transaction. The buyer was a New York-based 1031 exchange. The seller, 57 Plains Road LLC, is a Connecticut-based investor and the buyer, Plains Professional Center LLC, is a New York-based investor. The property traded at a price that equates to approximately $195 per-square-foot, and a capitalization rate of 7.6 percent on in-place NOI.

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Klosed Properties announced the acquisition of 1641 Broadway, Bushwick. The property consists of retail and six apartments. Steven Kachanian, principal, and Jacob Namdar, Senior Director announced the off-market deal. Shawn Sadaghati of GFI represented the buyer.

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GHP Office Realty closed on its acquisition of 115-117 Stevens Avenue, Mount Pleasant, New York. The complex is comprised of two Class A office buildings totaling 182,630 s/f. 115 Stevens Avenue is a three-story office building consisting of 130,630 rentable square feet with a parking garage and outdoor visitor parking. 117 Stevens Avenue is a two-story office building consisting of 52,000 rentable square feet with a parking garage and outdoor visitor parking. The parking ratio for both buildings is six spaces per 1,000 square feet of rented space. GHP intends to invest $3.5 million new capital into the buildings. CBRE represented the seller and procured the buyer. The team involved is Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE’s Institutional Properties Group, in collaboration with William V. Cuddy Jr. of CBRE’s Advisory & Transaction Services Group.

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Bestreich Realty Group announced the sale of three buildings.

  • The $2.85 million sale of 243 5th Avenue, a mixed use property located in Park Slope. The property offers 2 units over 1 commercial space on the first floor. Derek Bestreich, Toby Waring, Luke Sproviero and Adam Lobel represented both the buyer and seller.
  • The $2.25 million sale of 602 Vanderbilt Avenue. The Prospect Heights mixed use property, conveniently located near Barclays Center and Prospect Park, features two apartments and one store and offers additional air rights. Luke Sproviero, Derek Bestreich and Adam Lobel represented the buyer and seller.
  • The $750,000 sale of 3095 Fulton Street. The East New York mixed use property features one apartment over one retail. It is located nearby the J and Z subway lines and features additional air rights. Derek Bestreich, Brian Underkofler, and Steve Reynolds represented the buyer and seller.

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Colliers International arranged the sale of a 218,500 s/f multi-tenant office property at 365 West Passaic Street in Rochelle Park. A structured joint venture between TAK Group and Bergman Real Estate Group purchased the Class A office asset from Onyx Equities and Garrison Investment Group in an off-market trade. The Colliers’ Investment Sales Team led by Jacklene Chesler, which includes Patrick Norris, Matthew Brown and Angelo Vitale represented the seller and procured the buyer Onyx and Garrison initially purchased the asset in September 2017 as part of a Bergen County portfolio acquisition from Mack-Cali. The property is 77.0 percent occupied to a diverse tenant roster.

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BARRY FIELDS

Barry Fields of City Connections Realty, sold 423-425 Westchester Avenue for $7 million. The 20,000 s/f parking lot was purchased by AB Capstone. the property is directly across the street from the 900 unit, La Central development Field sold the land and found two prospective tenants. If either or both tenants move forward, this will be the first new commercial building of this size in the South Bronx in decades.

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Greysteel arranged the sale of 43-05 Forely Street, a 20-unit multifamily property located in Queens, NY. The property sold for $4.9 million. Senior Investment Associates Michael Stimler of the firm’s New York office and Ari Azarbarzin of the firm’s Baltimore office brokered the sale on behalf of the seller. 43-05 Forley Street is located in the Elmhurst neighborhood of Queens. The property contains 20 apartments of which nearly all are two-bedroom, 1-bath units. The winning bidder was a foreign investment group.

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Hamilton Point Investments sold the Crocker House Apartment Building in New London, CT marking the profitable sale of the third of seven 1031-exchange deals the company has completed. The property was owned by HPI Crocker House DST, a Delaware statutory trust controlled by Hamilton Point Investments. Crocker House, which was acquired by the DST in December 2014, sold for $7,400,000. The DST investors received a net 14.4% internal rate of return and a 1.51x equity multiple over the deal’s 40-month hold period. HPI co-founders Matt Sharp and Dave Kelsey made the announcement.

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Suffolk Industrial Properties LLC has arranged three transactions including a deal that will bring a high-fashion eye-glass wholesaler from Queens to Farmingdale.

  • Creative Eye Glass Group, LLC, of Ridgewood, Queens, which distributes high-fashion reading glasses and sunglasses, agreed to buy a 21,500 s/f warehouse at 200 Allen Blvd, Farmingdale, for $2.73 million. Creative will move in the second half of 2018. The seller was Great River Holding LLC, a real estate affiliate of Connetquot West Healthcare Medical Supplies. Michael Freedberg, president of Suffolk Industrial Properties, represented both buyer and seller.
  • 250 N. Fehr Way, Bay Shore, a 8,000 s/f warehouse that was sold for $1,065,000 by RIT Realty Group to Sharma Realty USA, a real estate affiliate of Hickville-based women’s apparel distributor, Shoreline Wear inc. Michael Freedberg represented the seller, while Dhrij Pawa of Charles Rutenberg Realty Inc. represented the buyer.
  • 134 Toledo St, Farmingdale, a 4,800 s/f multi-tenant warehouse, which was sold by Qualified Manufacturing Corp., a machine shop operator, for $610,000 to Michael Lee, an investor in Deer Park. Michael Freedberg represented the seller and the buyer.

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Zimmel Associates announced the following sales:

  • David Zimmel, CEO, brokered the $6.8 million sale of Two Executive Drive, an 83,258 s/f office building located in Somerset, NJ, to The Torsiello Organization, Edison, NJ, a construction, development and property management company. The seller is Denholtz Associates. The building is known as Somerset Executive Square II and Zimmel Associates is the exclusive leasing agent. Recent upgrades to the building include a lobby renovation and revamped elevator interiors. Currently 10,000 s/f is available.
  • David Zimmel brokered the $2.8 million sale of a 16,000 s/f two-story office building located at 197 Spring Valley Ave., Maywood, NJ, to Urban Edg, a real estate investment trust that owns, manages and improves shopping centers in and near urban communities. The building is located adjacent to The Outlets at Bergen Town Center, an Urban Edge property, and is visible from Rt. 4. The seller is Jaclyn LLC, represented by Bruce Fischer. Urban Edge purchased 197 Spring Valley Ave. as an investment and w named Zimmel Associates the exclusive leasing agent Currently 8,000 sq. ft. is available.

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The CBRE Investment Properties team of first vice presidents Charles Berger and Elli Klapper, along with Advisory & Transaction Services’ Thomas Mallaney, has completed the sale of 999 Willow Grove Street in Hackettstown, New Jersey. The investment sales team arranged the $1.5 million transaction on behalf of the seller. 999 Willow Grove is a two-story, 45,000 s/f industrial building located on one of the largest industrial corridors in Hackettstown. Although 50 percent vacant at the time of the sale, the current in-place tenancy consists of long-term tenants, most of whom have occupied their spaces for over two decades on triple net leases. The property encompasses over 12 acres. It has seven loading docks, a repaved driveway and a complete sprinkler system. Located minutes from Routes 46, 80 and 287, and under a mile from the Hackettstown Medical Center, 999 Willow Grove offers an opportunity for future development.

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Bussel Realty Corp. arranged the sale of 121 Corporate Boulevard in South Plainfield, New Jersey, a 36,000-square-foot industrial building, for an undisclosed amount. Herb Zimmerman, senior vice president of BRC, represented the buyer, Touch Dynamic. The seller, Adler Development , was represented in-house. Touch Dynamic will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its various products.

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NAI James E. Hanson negotiated the sale of a 4,300 s/f professional office building located at 696 Palisade Avenue in Teaneck, N.J. Anthony Cassano represented the buyer, Destames Realty LLC, in the transaction. The seller, Eretz Realty, was represented by Russo Real Estate. 696 Palisade Avenue is a two-story building located just off of Teaneck’s main thoroughfare, Cedar Lane. The new owner, Dr. Peter Tsatsaronis, will utilize the first floor of the space to relocate his dental practice from a smaller space in Teaneck. The building’s entire lower level will continue to be occupied by a CPA firm that is currently leasing the space.

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