NJ strip mall fetches $53M
Festival Plaza, a redeveloped strip mall in Edison, NJ, anchored by Asian grocer, H Mart, has been sold for $53 million.
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the owner, Edison I, LLC, in the sale. The team was also responsible for procuring the buyer, a local private investor.
Festival Plaza is a 151,763 s/f high volume grocery directly on Route 27 in Edison. The center is fully leased and anchored by H Mart, one of several asian retailers and services in the area catering to the surrounding demographic.
“The highly complementary, synergistic rent roll at the center, comprised of a high-volume grocer, spa, restaurants, banking and medical tenants, caters to the surrounding Asian demographic, drawing from a wide trade area and creating a truly unique shopping experience,” said Dunne.
“The property’s strong rent roll and long-term leases should provide stable cash flow to the buyer.”
Equity Residential bags Hoboken multifamily prize
Holliday Fenoglio Fowler announced the sale of The Rivington, a 240-unit, luxury apartment community in Hoboken, New Jersey, for $146 million.
The deal represents the largest apartment sale in New Jersey in 2018.
The HFF team marketed the property exclusively on behalf of institutional investors advised by J.P. Morgan Asset Management.
Equity Residential purchased the property free and clear of existing debt.
The Rivington is situated at 1130 Grand Street in the northwest section of Hoboken, which offers commuters access into Manhattan via the Hoboken PATH Station, 14th Street Ferry Terminal and the NJ Transit bus line.
Completed in 1999, The Rivington features 240 two-bedroom, market-rate units housed within four six-story apartment buildings, each with one-story of covered parking at ground level.
A large portion of units have been renovated since 2014. Community amenities include an updated fitness center, newly renovated courtyard with lounge and grilling areas, clubhouse, private storage lockers and a Zipcar pickup/drop off station.
The HFF investment advisory team representing the seller included senior managing director Jose Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli.
“Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” stated Cruz.
“The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.”
● Cushman & Wakefield
Tin men on the move as developer buys Bushwick site
Developer Cheskie Weisz has bought the home of tin roof specialists, Standard Tinsmith Supply, at 333-335 Irving Avenue in Bushwick.
The site was sold as a mixed-use conversion opportunity by Cushman & Wakefield director DJ Johnston for $11,500,000.
“The composition between this seller and buyer represents a growing trend in Brooklyn, as end-users weigh the value of their properties against the business benefits of remaining in their current location. In prime development areas, the seller need not look more than one or two miles away to justify selling and moving to a newer, larger, more efficient space to operate their business,” said Johnston.
333-335 Irving Avenue is an assemblage of two tax lots that offers corner to corner exposure with 400 ft. of wraparound frontage. One lot has a 12,500 s/f warehouse, and the other is a vacant lot with 31,500 buildable square feet.
“This property presented the perfect combination of frontage, location, and scale that attracted every active developer in the market,” Johnston added.
Former bathhouse fetches $10M
Greystone Development has sold the one-time public bathhouse at 227 4th Avenue in Brooklyn for $10 million.
Ofer Cohen of TerraCRG brokered the deal on behalf of Greystone. Brian Flanagan of Sterling Project Development managed the acquisition for the un-named buyer.
Greystone bought the landmarked building at auction in 2014 and went about renovating the property.
First built in 1910 as Public Bath No. 7, the building was later used as a theater. Located between President and Union Streets, the property’s entire square footage (16,700 s/f) has been leased long-term to Blink Fitness since 2017.
Greystone worked with Daniel Goldner Architects, Walter B. Melvin Architects, and preservation consultant Higgins Quasebarth & Partners to restore the building.
they manage to preserve almost 80 percent of the original glazed brick, limestone and terra cotta façade and keep ornamental details, such as the nautical-themed carvings and elaborate cornices.
Greystone’s restoration work was recognized by the New York Landmarks Conservancy with the Lucy G. Moses Preservation Award and by the Park Slope Civic Council with an Evelyn and Everett Ortner Preservation Award for excellence in Exterior Restoration.
“Ushering this historic landmark through a meticulous restoration has been nothing short of gratifying, and we are thrilled to see the property come full circle back to its original use as a public gymnasium,” said Thomas Ryan, head of Greystone Development.
Greystone Development is currently building a ground-up neighboring property, 223 4th Avenue. The 13-story residential property featuring 63 units is slated to begin leasing in Summer 2018.
● GEBROE-HAMMER ASSOCIATES
Trio of NJ apartment complexes
sold for $23M
In three separate transactions Gebroe-Hammer Associates has sold 145 apartments for a combined $22.6 million.
Executive Manager Director David Oropeza and Senior Vice President Nicholas Nicolaou, along with Executive Vice President Greg Pine, arranged the sale of a three-property package in Hackensack for $18 million.
Senior Vice President Debbie Pomerantz orchestrated two sales involving a low-rise building in Fairview as well as a garden community in Passaic.
In the Hackensack trade, Gebroe-Hammer represented the seller and procured the buyer of 115 total units at Regency Apartments, 50 Anderson St.; 46 Anderson St.; and Park Lane Apartments, 430 Union Ave.
“As the recent recipient of a New Jersey Smart Growth Award, Hackensack is currently in the midst of a renaissance targeting the downtown district that will bolster its population density, which is already extremely high in the Bergen County seat,” said Nicolaou.
Also in Bergen County, Pomerantz represented the seller and procured the buyer of 47 Bergen Blvd., Fairview.
Built in 1989, the 12-unit property garnered a $204,167 per-unit price.
Pomerantz also sold 23-25-27 Jackson St., Passaic, for $2.15 million.
The 18-unit garden-apartment community features a mix of one one-bedroom, 13 two-bedroom and four three-bedroom layouts. The building was constructed in 2002.
Mack-Cali sells two office buildings
Mack-Cali Realty Corp. has sold two office buildings in the Waterview Corporate Center in Parsippany, NJ, to two separate buyers.
Vision Real Estate Partners acquired the 225,550 s/f 20 Waterview Boulevard, while Arcadian Capital Group LLC bought the 172,498 s/f 35 Waterview Boulevard.
A JLL team that included Joseph Garibaldi, Thomas Walsh, Stephen Feinberg and Katelyn Borovsky brokered the sales.
“These two Class A office properties are located directly across from each other within Waterview Corporate Center, but are profiled differently, with value-add and core-plus attributes for 20 Waterview and 35 Waterview, respectively,” said Walsh.
“Investors were attracted to Waterview Corporate Center’s long history of strong occupancy and ability to attract credit-worthy tenants.”
The Waterview Corporate Center is a six-building office complex totaling approximately one million square feet. The four-story 20 Waterview Boulevard was constructed in 1988 and was 43.9 percent occupied when acquired by Vision.
35 Waterview Boulevard was constructed in 1990 and was 95.7 percent occupied when bought by Arcadian Capital Group.
● CUSHMAN & WAKEFIELD
Konica carves out new image
Cushman & Wakefield has arranged dual sale/leaseback transactions for Konica Minolta Business Solutions U.S.A., Inc. on Williams Drive in Ramsey, NJ.
The assignment, fueled by a $29 million Grow New Jersey grant, enables the consolidation of the technology and IT services firm’s U.S. operations into a single, northern New Jersey campus.
Richard Baumstein and Marc Graham, based in Cushman & Wakefield’s East Rutherford, N.J. office, serve as national real estate advisors for Konica Minolta.
The team represented the company in contracting to purchase 133 Williams Drive, a 171,500 s/f industrial asset. Dan Foley of Savills Studley served as broker for the seller, Prestige Motors.
Baumstein and Graham, along with Manhattan-based Cushman & Wakefield sale-leaseback specialists Ben Cooper and Peyton Horn, then brokered a 277,900 s/f package involving the 133 Williams Drive contract assumption and sale of the adjacent, 100 Williams Drive from Konica Minolta to LCN Capital Partners.
A 106,400 s/f office asset, 100 Williams Drive is the long-time home of Konica Minolta’s headquarters operation.
Konica Minolta, which currently employs 474 people in Ramsey, leased back both buildings on a long-term basis. The firm continues to own a third, 85,000 s/f combination warehouse/office building at 101 Williams Drive.
Plans call for relocating the 101 Williams Drive warehouse operation to 133 Williams Drive, and replacing that portion of the building with a 52,000-square-foot office addition and structured parking. Ultimately, the new, unified campus will accommodate up to 400 additional jobs, according to Konica Minolta.