14B — March 19 - April 15, 2021 — New Jersey/Pennsylvania — M id A tlantic Real Estate Journal
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N ew J ersey /P ennsylvania
The Dunkle Group of Marcus & Millichap ink sale of HersheyMOB
80,000 s/f industrial building sells for $9.2 million Metz Team of Bussel Realty brokerssaleof 4AmericanWay
PHILADELPHIA , PA — Philadelphia office of Marcus & Millichap announced the following transactions: • NNN 16,335 s/f medi - cal office property located in Hershey has sold for $4.535 million. Craig Dunkle and Jackson Day , investment specialists from the Dunkle Group of Marcus & Millichap , rep- resented both the buyer and seller of this transaction. “The property was a well-positioned fully stabilized NNN medical office building.” said Dunkle. “Prior to the sale, all three tenants recently extended their leases which showed com- mitment and emphasized the stability of the asset.” The building is located at 34 Northeast Dr. in downtown Hershey. • Miner's Plaza, a 34,905 s/f mixed-use property located in Pottsville sold for $2,381,150. Andrew Mal lee , Craig Dunkle and Mher Vartanian , investment specialists of the Dunkle Group of Marcus & Millichap, secured and rep- resented both the buyer and seller of this transaction. “We were able to create a competi- tive bidding environment for our client in their sale of this value-add asset, despite the tertiary market.” said Varta- nian. “The global pandemic created some flux in occupancy throughout the marketing pro- cess, but ultimately our client was happy to have been able to transact at a pricing record in the sub-market, and the buyer we sourced from out of the area is already fast at work taking advantage of the upside this asset offers.” Miner's Plaza is located at 2880 Pottsville Minersville Hwy. and well situated seeing over 12,000 VPD. • Burger King, a 2,348 s/f net-leased property located in Philadelphia has sold for $1.35 million. JERSEY CITY, NJ — A re- commitment by Aqui Market, recent aesthetic enhancements and a robust dining component are contributing to Twin City Shopping Center’s position as a popular Hudson County retail destination, according to Levin Management Corporation (LMC) . The commercial real estate services firm serves as leasing and managing agent for the 95,000 s/f strip center located at the intersection of Garfield Ave./Broadway and
DISON AND NEW BRUNSWICK, NJ — Bussel Realty Corp. (BRC) announced the comple- tion of the following transac- tions: BRC arranged the sale of 4 AmericanWay in Spotswood, a 80,000 s/f industrial building, for $9.2 million. Jordan Metz , senior vice president, and Eric Koons , sales associate, of BRC, pro- cured the buyer, LBPS Corp., and represented the seller, Dart Seasonal, in the transac- tion. “LPBS Corp. took advan- tage of the rare opportunity to purchase 15 acres of land and a prime industrial asset, situated in a market noted for being one of the most in demand in the US. Histori- cally low inventory levels in New Jersey propelled the e- commerce giant to close on the unrivaled Spotswood location and pristine building to better meet their explosive customer demand," noted Koons. The Metz team is comprised of Jordan Metz, Eric Koons and Wellern Yu , marketing and research assistant. LBPS Corp. is an interna- tional manufacturer, reseller and exclusive retailer of a diverse product catalog that operates from New York City. The company will utilize the facility for its distribution operations. Dart Seasonal Products manufacturers and distributes a full line of packaged and bulk ice melting products. The com- pany carries one of the largest packaged inventories in the Northeast US enabling it to offer customers a consistent supply of products. 4 American Way is located in close proximity to Rte. 1 and 18, as well as Exit 9 of the New Jersey Turnpike. The property features 16- to 24-foot-high ceiling heights, a 5,000 s/f of- E
34 Northeast Dr. in Hershey
Derrick Dougherty and Scott Woodard , investment specialists in Marcus & Mil- lichap’s Philadelphia office, had the listing to market the property on behalf of the seller. The buyer was secured and represented by Dougherty and Woodard. “It was a col- lective effort by all parties involved. Both the sellers and buyers should be commended and acknowledged for their professionalism and patience throughout the transaction pe- riod during the COVID-19 era. This asset stood tall through some particularly challenging times and the tenant remained open and paying rent through- out the duration of the last six months.”, said Woodard. Burger King is located at 701 W Lehigh Ave in Philadelphia, PA. The Property benefits from its established location in the North Philadelphia submarket, only 3 miles from Center City Philadelphia. The Property is strategically located along Le- high Avenue, a primary retail corridor, offering the property exceptional visibility with traf- fic counts upwards of 17,000 vehicles per day. “This was a rare opportunity to acquire an asset in a dense infill Phila- delphia neighborhood with a strong Burger King Franchisee for under $2,000,000.”, said Woodard. MAREJ Miner's Plaza in Pottsville Aqui Market, which has occu- pied a 24,500 s/f, former Acme space at Twin City Shopping Center since 2011 as a subten- ant, has now extended its com- mitted to the property with a direct, long-term lease. LMC leasing representative E.J. Moawad arranged the Aqui Market lease. In addition to Aqui Market, Taco Bell, Popeye’s and Wendy’ contribute to the property’s sus- tained consumer traffic. MAREJ
4 American Way, Spotswood, NJ
594 Jersey Ave., New Brunswick, NJ
fice, four exterior and seven interior loading doors, one drive-in door, two rail doors, abundant trailer parking, and is 30 minutes driving time to Port Newark/ Elizabeth. BRC announced its leased 23,000 s/f at 594 Jersey Ave. in New Brunswick. Metz and Koons represented the tenant, Paper Bags USA, in the transaction. The land- lord, 594 Jersey Avenue As- sociates, LLC, was represented by Steve Bussel, SIOR , presi- dent of BRC. “It was a pleasure to repre- sent Paper Bags USA in this transaction,” noted Koons. "The manufacturer is taking I in Bridgewater. Shein rep- resented the tenant and the owner, Bridgewater Plaza in this transaction. The new ten- ant operates an Adults with Autism program, which helps adults on the spectrum learn day-to-day living skills. “The tenant was seeking a first-floor location, that allowed easy access for their clients into the space. We have a long-term relationship with the owner of
advantage of the central loca- tion, proximity to Port New- ark, and convenience to local transit at 594 Jersey Avenue in order to grow their rapidly expanding paper bag manufac- turing business." 594 Jersey Ave. is a 69,300 s/f industrial property located near Rtes. 1, 130, the New Jersey Turnpike and in an Ur- ban Enterprise Zone and Op- portunity Zone. The property features 14- to 25-foot ceiling heights, nine tailboards, three van high doors, air-conditioned offices, heavy power and sits on five acres. Bussel Realty Corp is currently marketing the sale of the property as well. MAREJ the complex and they always do their best to accommodate the needs of existing and new tenants,” he added. Bridgewater Plaza I & II is a two-building office complex located on US Hwy. 22 & 28 and offers access to Rtes. 28, 22, 202, 206 and I-287 and 78. Both buildings feature ample parking and access tomany local amenities including shopping, dining and banking. MAREJ
Aqui Market re-commits at Levinmanaged TwinCity SC 53rd St.
NAI DiLeo-Bram & Co.’s Shein closes 5,600 s/f office lease at Bridgewater Plaza I
BRIDGEWATER, NJ — NAI DiLeo-Bram & Co. an- nounced Marc Shein , senior
VP, complet- ed a 5,600 s/f of f ice lease with Center for Psycho- logical Treat- m e n t a n d Assessment a t Br i dg e - water Plaza
Marc Shein
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