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Mid Atlantic Real Estate Journal — New Jersey — Section B
41,000 s/f trades hands in Mountainside, NJ Staskiewicz, CCIM of Lee & Associates represents seller in $8.45 million MOB sale
OUNTAINSIDE, NJ — L ee & As- sociates , one of the largest bro- ke r - owned commercial real estate firms in the country, has arranged the sale of 1450 Rte. 22West, i n M o u n - tainside, a 41,531 s/f medical office build- M Michael Staskiewicz
the property from 64 percent occupied to fully leased within 6 months. With the build- ing 100 percent leased, we believed it was an opportune time to explore selling and engaged Lee & Associates to market the building.” “We continue to see steady demand for fully stabilized, well located medical office buildings,” said Staskiewicz. “These assets are attractive as they typically retain very low vacancy, as many medi- cal specialty practices prefer a non-acute care setting that is off the hospital campus, due to the operating cost savings and growth opportunities. With strong investor interest for the asset, coupled with a 1031 tax event, we were able to close this transaction quickly.”
Michael Staskiewicz, CCIM, senior vice president of Lee & Associates-New Jersey LLC, represented the seller, ASC Mountainside Realty, a multi-specialty ASC owned by 36 physicians. The Punia Company, the original developer of the building, re- acquired the asset at the end of 2013, completing a 1031 exchange. Hayden Tiger, principal of The Punia Com- pany, represented his firm in the transaction. “Earlier in the year, we ex- tended CAS’s lease on a long term basis after selling our majority interest in the ASC to a national operator,” said Dr. Stephen Longobardi, po- diatric surgeon and managing partner of ASCMountainside Realty. “At the same time, Michael and his team brought
1450 Rte. 22 West
ing (MOB) for $8.45 million ($203 psf). Located near Overlook Medical Center, the building is fully leased to The Cen- ter for Ambulatory Surgery (CAS), L&MHealthcare Com- munications and Crest Physi- cal Therapy.
APRIL 11 - 24, 2014
Sitex Group acquires 300,000 s/f Meadowlands market prop.
Balanoff and Monahan of CBRE represents Prologis Cushman &Wakefield arranges 75,000 s/f industrial lease in Clifton
Sitex Group has acquired a 300,000 s/f property in North Bergen. The multi- tenant warehouse, which sits on 30 acres. See page 3B .
CLIFTON, NJ — Commer- cial real estate services firm Cushman & Wakefield has arranged a 75,000 s/f industri- al lease for Global Experience Specialists (GES) at 203 Kuller Rd. in Clifton. Known globally as GES, the producer of trade shows, exhibits, events, retail spaces and entertainment experiences will relocate its New York metro area opera- tion within the Northern New Jersey marketplace. GES was represented by Stephen Elman, Jules Nis- sim and Stan Danzig of Cushman & Wakefield’s East Rutherford, N.J. office, and Britt Casey in Chicago, who serves as GES’ account execu- tive nationally. Landlord Pro- logis was represented by Noah Balanoff and Tom Monahan of CBRE. “GES desired amore efficient building in close proximity to major highways, as well as one with extra land for trailer parking, which is often a dif- ficult requirement to meet in this marketplace” said Elman.
American Real Estate Partners , in conjunction with their financial partner, Siguler Guff & Company, LP announced the $28.6 million. See page 13B
203 Kuller Rd.
“The trailer parking require- ment was particularly impor- tant, and after an extensive site search, 203 Kuller Road proved to be the best option. “The company also selected this particular location for its proximity to the major meet- ing facilities in the region, including the Jacob Javits Convention Center in New York and the Meadowlands Convention Center in Secau- cus, N.J.,” Elman said. “GES had very specific require- ments, and we are pleased to
have been able to meet their needs.” “As a global company, GES also has a number of its lo- cations in Prologis-owned properties across the country, and we are pleased to see that long-standing relationship continue,” Elman said. The warehouse facility at 203 Kuller Rd. is a multi-ten- ant property totaling 330,000 s/f. The site provides access to New York and Northern New Jersey locations via several major highways.
S OUTHERN N EW J ERSEY S POTLIGHT .....................5-12B ICREW NJ............................................................. 16B
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