NJ warehouse trades for $32M
A 292,466 s/f industrial warehouse in Mount Laurel has traded for $32.2 million.
Black Creek Industrial REIT IV Inc. reportedly purchased the 292,466 s/f warehouse at 2000 Bishops Gate in Mount Laurel, N.J.
An affiliate of Endurance Real Estate Group and Thackeray Partners sold the Class A property just over two years after buying it.
“We are thrilled to see the transformation of this project through its stabilization to disposition,“ said Albert J. Corr, Senior Vice President from Endurance.
“We acquired the building in early 2017 knowing it would be vacant within a few months. We set forth on a full scale $5 million capital improvement plan to upgrade and modernize the property to make it a very attractive option for prospective tenants.
“We demolished 75,000 s/f of office areas in the building, replaced the roof, installed new LED lighting throughout the warehouse and added ten (10) additional dock doors to meet the demand of today’s industrial tenants.”
The JLL team of John Plower, Ryan Cottone, Zach Maguire, Dean Torosian and Nate Demetsky brokered the sale on behalf of the seller.
Denver-based Black Creek Group has been expanding its New Jersey footprint. Since the beginning of 2019, industrial buildings totaling 409,000 s/f, boosting its New Jersey industrial holdings to 2.8 million square feet.
● AVISON YOUNG
Monadnock buys Harlem apartment buildings
Monadnock Development has purchased two Harlem apartment buildings for $17,465,000.
Avison Young’s Tri-State Investment Sales group, led by principal James Nelson and including Sam Schertz and Allan Fries, represented the seller, Aulder Group.
The two five-story properties at 111 & 148 West 141st Street include 89 units for a combined 36,935 s/f. The larger 111 West 141st Street has 59 units and measures 26,165 square feet while 148 West 141st Street holds the remaining 30 units across 10,770 square feet.
“We are excited to have worked with Avison Young and Monadnock on this successful transaction. We strongly believe in the neighborhood and are pleased with the direction Monadnock will take the building,” said Robert Johnson of Aulder Capital LLC.
“The buyer will benefit from purchasing a cash-flowing turn-key asset with strong tenancy in a growing neighborhood,” Nelson said.
NJ firm heads north for multifamily play
CBRE announced the sale of Merritt River Apartments, a 227-unit apartment community located at 399 Main Avenue in Norwalk, Conn., just off the Merritt Parkway (RT-15).
The CBRE team of Jeffrey Dunne, Gene Pride, and Eric Apfel represented an Institutional owner, while also procuring the buyer, a private New Jersey investment firm.
Built in 2002, the eight-story property features a clubhouse, fitness center, outdoor pool, fire pits, business center and covered parking garage.
The new owner will be able to reinstitute a renovation program that the previous owner tested in 2012 by renovating kitchen countertops, cabinets, lighting and flooring. 166 units have original finishes.
Dunne commented, “The past series of institutional owners have maintained the property to a high standard. As a result, the buyer should do very well with the property as they can grow revenue by renovating apartments.
“There was strong interest in this offering from both local and national investment firms creating a highly competitive sales process,” added Pride.
“There is abundant capital actively pursuing high quality value add offerings throughout the I-95 corridor between New Haven and Stamford.”
Another grocery-anchored retail center swallowed up
JLL Capital Markets has closed on the $18.25 million sale of Larchmont Commons, a 128,172 s/f grocery- and gym-anchored retail center in Mt. Laurel, NJ.
The company also arranged $12.9 million in acquisition financing for buyer, Gorman & Co. LLC. JLL placed the 10-year, fixed-rate acquisition loan with an Institutional capital source.
Anchored by ALDI, Planet Fitness and Dollar Tree, Larchmont Commons was sold by RPC Real Estate and Merion Realty Partners’ asset management group.
The property is 88 percent leased to a mix of service tenants, including Hair Cuttery, The UPS Store and Kumon Learning Center.
It is situated on Route 38 West, less than 1.7 miles from Interstate 295, which provides direct connection to the New Jersey Turnpike, and approximately 12 miles from the Philadelphia CBD.
The JLL Retail Capital Markets team representing the seller was led by senior managing directors Chris Munley, James Galbally and Jose Cruz and senior director Colin Behr.
“There has been a steady increase in investor demand for grocery-anchored product within the Greater Philadelphia marketplace, resulting in correlating cap-rate compression since the start of 2019.” Munley said.
“With the steady flow of new capital JLL has witnessed entering the retail investment market, we anticipate that to continue into 2020.”
“The complementary nature of the tenant roster, highlighted by Aldi, Planet Fitness and Dollar Tree, drove both investor interest and pricing during the sales process,” Behr added.
The JLL Capital Markets debt placement team representing the new owner included senior managing director Ryan Ade.