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Deals & Dealmakers

SELLING POINTS: Ariel Property Advisors retained to sell the HP Plaza Portfolio

NJ office building pair sells for $31.1M

Colliers International Group has arranged the sale of Florham Park Corporate Center, a set of twin Class A office buildings located at 25 Vreeland Road in Florham Park, New Jersey for $31,100,000. The 230,00 s/f complex offers a variety of amenities in the burgeoning Florham Park submarket.

The complex’s twin, three-story buildings are 88 percent occupied by 30 tenants who have access to the property’s renovated atrium lobby area, central courtyard with landscaped grounds, full-service cafe, conference center, fitness and game center and a free app-based bike sharing program.

Colliers represented both the buyer, ACG, and seller, a joint venture of Bergman Real Estate Group and Rialto Capital Management, LLC, in the transaction. Prior to bringing the property to market, a Colliers leasing team consisting of Executive Managing Director Richard Madison and Associate Director Jack Callahan worked with Bergman Real Estate Group to secure a number of leases, including two leases with Atlantic Health Systems.

The Colliers Capital Markets & Investment Sales Team led by Executive Managing Director Jacklene Chesler, Managing Director Matthew Brown and Senior Financial Analyst Frank Summers were selected to develop and execute the marketing strategy for the sale of the property.

Florham Park Corporate Center is situated on a 16-acre lot and provides 800 surface parking spaces. The location’s buildings have been immaculately maintained and recently underwent $2.2 million in capital improvements, including renovated atrium lobbies, a new fitness center and lounge, courtyard upgrades, HVAC upgrades, new building management systems and lighting improvements.

The property is located 30 minutes from Newark International Airport and Manhattan and offers access to Routes 10 and 24, and Interstates I-78, I-280 and I-287.

Asking $24M for 120 apts. in Harlem

Ariel Property Advisors has been exclusively retained to sell the HP Plaza Portfolio, a package of nine walk-up buildings in Central Harlem. The asking price for the 120-unit property is $24 million, equating to $225 per s/f and $200,000 per unit.

The portfolio, which encompasses 106,799 gross s/f, contains 116 residential units,three retail units and one super’s apartment. The residential units are comprised of 17 studios, 29 one-bedroom units, 62 two-bedroom units, and nine three-bedroom units.

Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Orry Michael and Matthew Lev are representing the seller.

The properties also benefit from their proximity to numerous transportation options, with the 3 subway line just one block east and the A, B, C, and D subway lines are a short walk away.

Two East Village buildings on the market

The Tri-State Investment Sales Group for Avison Young has been named the exclusive agent to market two, five-story multi-family properties at 164-166 East Seventh Street in the East Village. The asking price is $15 million.

The two buildings total 12,324 s/f and include 18 residential units. Located between Avenues A and B, 164-166 East Seventh Street offers over 40 feet of frontage across from Tompkins Square Park.

Principal and Head of Tri-State Investment Sales James Nelson is marketing the property on behalf of the owner along with Directors Brandon Polakoff and David Shalom, and Associates Alexandra Marolda and Bradley Rothschild.

The property is a short walk to the F train at the Second Avenue station and also in close proximity to the R, W and L trains as well as uptown, downtown and cross-town bus service and the FDR Drive.

Meadowlands warehouse sold for $15M

JLL has closed the $15 million sale of a fully leased, 102,611 s/f production and warehouse building within the Meadowlands Industrial submarket in Carlstadt, New Jersey.

JLL marketed the property on behalf of the seller, SPI 190 Jony, LLC. Cabot Properties purchased the asset.

Situated on 3.9 acres at 190 Jony Drive, the property is in the Meadowlands Industrial submarket. The property is near the New Jersey Turnpike, Interstate 80 and Routes 1, 9, 3, 17 and 46.

The building is leased to Coloredge, a supplier of visual communications and brand imaging solutions and Amazing Vitamins, a health supplement manufacturer and supplier. It features up to 24-foot ceiling heights, three drive-in doors, wide column spacing and an attractive sky-lit atrium lobby in the office area.

The JLL Capital Markets team representing the seller included Senior Managing Director Jose Cruz, Directors Marc Duval and Jordan Avanzato and Associate JB Bruno.

JLL asking $14.45M for UES building

JLL Capital Markets was retained to market 431 East 87th Street, a newly-constructed residential building located on the Upper East Side. The seven-story building has 11,553 s/f and offers 17 residential rental units. The asking price is $14,450,000.

The JLL professionals overseeing the sale assignment include Tom Gammino, Managing Director; and Chris Skitch, Jeremy Simon and Connor Murphy, Associates.

The seven-story 431 East 87th Street building was completed in 2019 and includes six two-bedroom units, 10 one-bedroom units, and one studio apartment. The apartments feature condominium-style finishes, with washers and dryers, dishwashers, instantaneous hot water heaters and individual HVAC units.

The apartment building is located on the north side of East 87th Street between First and York Avenues. Central Park and the esplanade along the East River and the connecting Carl Schurz Park are nearby.

One Liberty investing in industrial

One Liberty Properties, has announced that it acquired two industrial properties for an aggregate purchase price of $14.4 million and sold two properties for an approximate net gain of $2.5 million.

On September 13, 2019, One Liberty acquired a 114,000 s/f industrial property on 9.2 acres located in Shakopee, Minnesota, a suburb of Minneapolis, for $8 million. The concrete block building is net leased to Continental Hydraulics, Inc., a leading provider of valves, pumps, power units and related products. The property is leased through 2033 at a current annual base rent of $498,000, with annual increases of 2.25 percent.

On October 3, 2019, One Liberty acquired a 95,000 s/f industrial facility on 15 acres located in Rincon, Georgia, a suburb of Savannah, for $6.4 million. The property is net leased to C&C North America, Inc. d/b/a Cosentino North America, a global importer and distributor of granite, stone and quartz slabs. The property benefits from its proximity to the large and fast-growing Port of Savannah. The property is leased through 2029 at an annual base rent of $437,000, increasing in 2024 by 10 percent.

In August, 2019, One Liberty sold two properties – a Wheaton, Illinois land parcel ground leased to a multi-family complex and a retail property in Athens, Georgia. These properties accounted for $894,000 of revenues during the six months ended June 30, 2019. The company anticipates that it will recognize, during the three months ending September 30, 2019, an approximate $2.5 million gain from these sales, without giving effect to a $161,000 expense from the termination of a related mortgage interest rate swap.

Stamford site to become senior housing

CBRE announced today the $12.44 million sale of a 10-acre parcel at 201 High Ridge Road in Stamford, CT to an affiliate of National Development of Newton, MA. Jeffrey Dunne, Steven Bardsley, Gene Pride, Jeremy Neuer and David Gavin of CBRE’s Institutional Properties Group represented the Seller, Steven Wise Associates, LLC (SW Associates).

National Development, and its partner Epoch Senior Living, plan to redevelop the property into a 150-unit luxury independent and assisted living senior housing community to be known as Waterstone on High Ridge. 201 High Ridge Road currently contains a vacant 196,000 s/f office building originally constructed as the world headquarters of Waldenbooks and more recently owned by General Electric. National Development intends to raze approximately 110,000 s/f of the existing building on their portion of the site to construct Waterstone on High Ridge. SW Associates will reposition the remaining building on the adjacent 6.5-acre site.

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