3-10-17

S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B

www.marejournal.com

M id A tlantic

Danzig moderates Panel at Industrial Summit; Analyzing Trends in Industrial RE Cushman & Wakefield executes sale of 324,540 s/f industrial building in Monroe

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ONROE, NJ — In- vestors drove the bid- ding for 26 Englehard

HI-LIGHTS March 10 - 23, 2017 Northern NJ 3-16B Aztec creates a whole new state of health care Dr. into multiple rounds in a sale arranged by Cushman & Wakefield’s Metropoli- tan Area Capital Markets Group . The 324,540 s/f in- dustrial building has a unique feature in the NJ Tpke. Exit 8A submarket – a rail line to the building serviced by Conrail. “There is very strong interest from the institutional com- munity in Exit 8A, and cor- respondingly a deep investor

Shown from left: Kevin Welsh, managing director, CBRE; Brian Banaszynski, president, Heller Industrial Parks; Stan Danzig, executive vice president, Cushman & Wakefield; Jose Cruz, senior managing director, HFF; Jeff Milanaik, principal Bridge Development Partners

26 Englehard Drive

market,” Schmidt said. “Very few properties trade within the 8A market, where the availability rate is 2.4 per- cent. So when a deal does come up, it’s hotly contested. This was one of just a few sales that took place there over the past year,” Schmidt said. Iselin, NJ — Cushman and Wakefield’s industrial spe- cialist Stan Danzig , executive vice president of commercial real estate in East Rutherford, NJ, moderated a panel dis- cussion at Mid-Atlantic Real

According to Vasquez, who is vice president of Alexander Anderson’s Hudson County commercial division, “We are seeing a lot of interest in the Heights area of Jersey City, especially along one of the city’s busiest commercial corridors, not only from busi- nesses within the region that are expanding in Hudson County, but also from inves- tors outside the immediate area who are seeking value- added investment properties. They see potential to attract retail tenants and apartment renters that are looking for proximity to Manhattan to this ‘it’ neighborhood and, as a result, the Heights has become a very competitive market.” n Estate Journal’s (MAREJ) 2017 Industrial and Economic Development Summit. The con- ference, held at the APA Hotel Woodbridge in Iselin, analyzed key areas shaping the future of industrial real estate. The ini- tial panel moderated by Danzig examined opportunities and the present state of the market. A second discussion assessed trends in transportation and logistics impacting warehouse development and investor in- terests. Larger issues affecting continued on page 20B

Schmidt noted that the rent is below current market rates and NOI is projected to increase significantly over a long-term holding period. The property, which has 45-by 50-foot column spacing, 170- foot tuck courts and 48 loading positions, is three turns and five minutes from the Exit 8A interchange. It also has 13 rail doors, serviced by Conrail along the Northeast Corridor rail network. “That is a feature rarely found in the Exit 8A sub-

Hackensack, NJ — Alexander Anderson Real Estate Group has negotiated the sale of three properties valued at nearly $6.3 million. In the first transaction, Di- ana Vasquez of Alexander Anderson represented the buyer in its purchase of 320 Central Ave. in Jersey City, for $1.875 million. Jason Trembecki of Keller Wil- liams represented the seller, Braha NJ Realty Corporation. The four-story, 13,000 s/f, mixed-use property features retail at the street level and six apartment units. In the second transaction, Vasquez represented both the buyer, NNJ Properties LLC, and the seller, Five Sisters pool for this property,” said Gary Gabriel , who handled the sale with team members David Bernhaut, Andrew Merin, Kyle Schmidt, Brian Whitmer, Jules Nissim and Jason Goldman on behalf of Principal Real Estate Inves- tors . “We had multiple rounds of competitive bidding.” A Boston-based advisor pur- chased 26 Englehard Dr., which has a single tenant with a 10-year lease that includes contractual annual rent steps.

Vasquez represents buyer in ipurchase of 320 Central Ave. in Jersey City AlexanderAndersonReal EstateGroupnegotiates three sales -- Valued at nearly $6.3 million

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Responsive Service is the norm at Kearny Bank

Vince Micco

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ALSO INside Jodi Madsen......................................2B CREW NJ....................................19B www.marejournal.com

320 Central Ave.

Realty, in the $1.9 million sale of 428-434 Central Ave.. The 8,250 s/f, mixed-use property

features retail at the street level and eight apartment units on the top floors.

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