Apartment complex fetches $40M
JLL aclosed the $39.5 million sale of Morris Crossing Apartments, a 123-unit, garden-style apartment community in Morristown, New Jersey.
JLL represented the seller, Morris Crossing Apartments LLC, and the buyer, Shamah Properties, LLC.
Morris Crossing is a six-building, institutional-quality community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units averaging 948 s/f. The 12-acre property is situated on a cul-de-sac just off Route 202.
The property is 96 percent leased.
The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman.
Money chases Connecticut homes
CBRE announced the $35 million sale of Grand Reserve Orange, a 168-unit apartment community lat 45-75 Prindle Hill Road in Orange, CT.
The CBRE team of Jeffrey Dunne, Gene Pride, and Eric Apfel along with Simon Butler and Biria St. John represented the owner, Fairfield Grand Reserve LLC while also procuring the buyer, a private New Jersey investment firm.
According to Dunne, “There was strong competition for the property as the community offers a boutique feel in a quiet setting with a strong school system.
“The seller managed and maintained the asset to institutional standards while the experienced buyer should do very well with the property as they can grow revenue by renovating apartments.”
Added Pride. “There is abundant capital actively pursuing high quality value add offerings throughout the I-95 corridor between New Haven and Stamford.”
SL Green sells CT office building
JLL closed the $23.1 million sale of 1010 Washington Boulevard, a Class A office building totaling 148,000 s/f in downtown Stamford, Connecticut.
JLL represented the seller, SL Green Realty Corp., and procured the buyer, New England Investment Partners, LLC.
1010 Washington Boulevard comprises two interconnected buildings, an 11-story Tower Building featuring parking on floors one through five and a three-story Plaza Building. The property offers state-of-the-art amenities and services, including a private shuttle service to the Stamford Train Station, fitness center, private storage, on-site security and ample covered parking.
The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Ryan Robertson.
● CUSHMAN & WAKEFIELD
Storage portfolio hits sales market
Cushman & Wakefield’s national Self Storage Advisory Group has been selected as the exclusive advisor to market a portfolio of five self-storage properties in New York City’s outer boroughs.
The investment opportunity marks the first time in over a decade that five Class A-quality self-storage facilities have been offered on the open market in any of the five boroughs.
Vice Chairman Mike Mele is working with Doug Harmon and Adam Spies, the co-chairmen of Capital Markets for the firm, to market the portfolio on behalf of the sponsor, SNL Development Group. SNL is a developer, builder and owner of self-storage facilities focused on the outer boroughs of New York. The portfolio is professionally managed by Life Storage, a self-storage REIT that owns and manages self-storage properties throughout the United States.
The five properties comprise 5,593 units and 297,394 rsf and were all completed between 2017 and 2019. The properties are located in the exceptionally dense, urban submarkets of Brooklyn, Queens and the Bronx, where developable land is scarce.
Family banking on JLL to sell uptown rental
JLL Capital Markets have been tapped by Endeavor Guidance LLC to market 57 West 86th Street, a 42.5 ft. wide,13,290 s/f building located on Upper West Side.
The asking price is $15.25 million for the four-story property that offers a double-height retail space fully built on the ground floor, currently occupied by JP Morgan Chase, and 12 residential units on the upper floors.
Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait are handling the assignment.
The four-story 57 West 86th Street totals 13,290 s/f and has 11 free-market apartments and one rent stabilized studio apartment. Four of the apartments feature outdoor spaces overlooking the low-lying townhouses to the north.
Originally built as two row houses at Numbers 57 and 59, the property was converted into one building in 1929 by the Corn Exchange Bank and Trust Co. to be used as its Upper West Side location.
The ground floor retail space has been continuously occupied by a bank since then. The bank space is currently occupied by JPMorgan Chase which has a lease through July 2024 with a one-year renewal option. The bank uses 3,500 s/f on the ground floor, as well as 2,800 s/f on the lower level, including a bank vault.
The property is family-owned and is being offered for sale for the first time in more than 40 years.
Treetop buys NJ industrial property
CBRE announced the $11.95 million sale of a 118,400 s/f industrial property located at 183 Three Brooks Road in Freehold, New Jersey. Treetop Development acquired the asset from IVC. The acquisition is the second transaction arranged by CBRE on behalf of Treetop. The firm completed the purchase of 251 Union Avenue in Northvale, New Jersey, a 207,000 s/f warehouse, in September for $17.9 million.
The CBRE Tri-State Investment Properties team of Elli Klapper and Charles Berger, along with industrial colleagues Kevin Dudley, Stephen Beyda and Robert Pine, represented Treetop Development in the negotiations.
In addition to the sale, CBRE negotiated a 10-year lease for the entire property with Resurge, a third party logistics provider. The CBRE team of Klapper, Dudley, Beyda and Pine negotiated the lease during the due diligence phase.
Built in 1989, 183 Three Brooks Road is a single-tenanted industrial facility situated on 15.72 acres of land.
Treetop Development, a Teaneck New Jersey based real estate firm, has traditionally focused on multifamily properties in New York and affordable housing nationwide but is diversifying its portfolio with the acquisition of New Jersey industrial properties in centrally located markets.
The CBRE Investment Properties Team is serving as the exclusive advisor for Treetop Development. IVC was represented by Cushman & Wakefield.
● CUSHMAN & WAKEFIELD
Jersey Port properties trade
Cushman & Wakefield announced the trade of two Greater Port Region industrial properties totaling 200,000 s/f.
Link Industrial Properties has purchased the buildings at 2401 E. Linden Ave. and 1501-1525 W. Blancke St. in Linden from Penwood Real Estate Investment Management.
Members of Cushman & Wakefield’s New Jersey capital markets team – including Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin – spearheaded the property marketing and sale. Jordan Metz from Bussell Realty was also a member of the disposition team.
Totaling 84,220 and 115,913 s/f respectively, 2401 E. Linden Ave. and 1501-1525 W. Blancke St. are fully leased to five tenants.
“New Jersey’s Greater Port Region has long served as a magnet for tenants and investors alike,” Schmidt noted. “This location provides momentary access to the Port of New York and New Jersey, Newark Liberty International Airport and New York City. There are 1.4 million people within seven miles and the region is supported by highly sought-after labor demographics.”
“Some of the tenants have leases expiring in the near-term at below market rates and will provide more upside to the new ownership once stabilized at today’s numbers,” Metz said. “These buildings have always commanded top market rents and quality tenants.”
● ARIEL PROPERTY ADVISORS
Happy Days sells longtime home
Ariel Property Advisors arranged the sale of 56-40/56-42 Myrtle Avenue and 17-11 Hancock Street, three contiguous properties in the rapidly-evolving Queens neighborhood of Ridgewood.
The buildings, which were owned and operated by the Happy Days children’s clothing store retailer for over 40 years, sold for $9.3 million.
The trio of buildings offer 40 feet of prime retail frontage on Myrtle Avenue, the neighborhood’s main retail thoroughfare. The property package offers over 45,000 buildable square feet, which translates into $206 per buildable square foot, above average for this area. The asset allows the new owner to rent out the space in “as is” condition while they design and plan their new development.
Exclusive Ariel Property Advisors agents Sean R. Kelly Esq, Alexander Taic and David Khukhashvili represented the seller, The Mizrahi family, and procured the buyer, Leopald Kaufman.
“Bolstered by the benefits of a strong retail location, proximity to major transportation hubs, and future redevelopment potential spurred an active bidding process for the properties, which allowed us to secure the buyer within just 30 days of marketing the asset,” said Sean R. Kelly, Esq.
Ridgewood is well-known for its copious transportation options and affordable rent versus other areas in New York City.
“Land pricing in neighborhoods close to Manhattan has made it increasingly difficult to develop rental housing, but Ridgewood is a market where buyers can still pencil out rental developments,” Alexander Taic said.
Crown lets go on office portfolio
JLL has closed the $33 million sale and $24.75 million financing of Woodland Falls, a three-building, Class A office portfolio totaling 217,986 s/f in Cherry Hill, New Jersey.
JLL marketed the property on behalf of the seller, Crown Properties, and procured the buyer, SFA. Additionally, JLL worked on behalf of SFA to secure the 10-year, fixed-rate acquisition loan.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Doug Rodio.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ryan Ade and Directors Neil Campbell and Michael Pagniucci.
Woodland Falls is located on 17 acres at 200, 210 and 220 Lake Drive East within the Woodland Falls Corporate Park just off of Route 38 in Cherry Hill. This highly desirable location provides immediate access to Routes 70 and 73, Interstate 295 and the New Jersey Turnpike, and is approximately a 10-minute commute to Center City Philadelphia.