7-23-21

6D — July 23 - August 19, 2021 — Brokerage Directory — M id A tlantic Real Estate Journal

www.marejournal.com

B rokerage D irectory Steve Bussel, SIOR represented the sale of 594 Jersey Ave. in New Brunswick, NJ Bussel Realty completes three Central NJ transactions toaling 145,600 s/f

N

CENTRAL, NJ — Bussel Realty Corp. (BRC) completed

the following transactions: BRC represented the sale of 594 Jersey Ave. in New Bruns- wick, a 69,300 s/f industrial- building. Steve Bussel, SIOR , presi- dent of BRC, represented the seller, a private partnership managed by Mr. Bussel. Leo Esses , senior vice president of BRC along with KSR Real Estate from New York, rep- resented the buyer, VHF 594 LLC, in the transaction. 594 Jersey Ave. in New Brunswick, is a 69,300 s/f in- dustrial property located near Rtes. 1, 130, the New Jersey Tpke. and in an Urban Enter- prise Zone and Opportunity 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 ALLENDALE, NJ — NAI James E. Hanson has nego- tiated the sale of a 114,500 s/f industrial building at 230 W. Crescent Ave. in Allen- dale. NAI James E. Hanson’s Michael Walters, SIOR represented the buyer, The Hampshire Companies , in the transaction with the Borough of Allendale. Centrally located between the Garden State Parkway and Interstate 287, 230 W. Crescent Avenue features 102,000 square feet of ware- house space and 12,500 square feet of office space just blocks from downtown Allendale. In addition, the building boasts 18’-22’ ceil- ing heights, 19 tailgates and three drive-ins. Recognizing the tremendous demand for industrial space in the Bergen County market, the Borough of Allendale saw an opportunity to sell 230 W. Crescent Avenue to a leading institutional real estate inves- tor and redeploy the capital earned from the sale to fund municipal improvements. The Hampshire Companies will undertake an ambitious capital improvement plan for the currently vacant property that will include the replace- ment of its roof and other sig-

594 Jersey Ave. in New Brunswick, NJ

600 Hartle St. in in Sayreville, NJ

Shirley Avenue in Somerset, NJ

of the property as well. Bussel Realty Corp. repre- sented the sale of 6 Shirley Ave. in Somerset, a 45,300 s/f industrial property, for $5,662,500. Leo Esses , senior vice presi- dent, and Ilan Tabbouche , sales associate, of BRC, rep- resented the seller, Emby Ho- siery, in the transaction. The

buyer, CPF Somerset, LLC, was represented by CBRE . The property features a 1,000 s/f office, 20- to 26-foot clear ceilings, two tailboards, two drive-in doors, 800 amps of electric power, 10-plus car parking spaces, extra yard space and energy efficient mo - tion sensor lighting. Bussel Realty Corp. an-

nounced its leased 8,578 s/f at 600 Hartle St. in Sayreville, a 31,000 s/f industrial prop- erty, on behalf of Action Cargo Transportation. Anthony Mircovich , vice president of BRC, represented the company in the transac- tion, while the landlord was represented in-house. 600 Hartle St. is a 31,000

s/f industrial property located within Hartle Street Indus- trial Park. The property is in close proximity to Rte. 18 and 9, the New Jersey Tpke., and Garden State Pkwy. It fea- tures 24-foot clear ceilings, 12 loading docks and one drive-in door, heavy power, 56 surface parking spaces and sits on 1.55 acres. MAREJ Fitness and Wing Stop at the 253,000 s/f property located on Route 37, just off the Garden State Parkway. Both tenants are expected to open in the third quarter of this year. Planet Fitness, which will now co-anchor the Ocean County cen- ter with Kohl’s, is taking over a 17,867 s/f inline space that was previously occupied by Modell’s. Wing Stop will be situated in a 1,500 s/f inline space that for- merly housed Liberty Travel. Ms. Brunelli represented the property owner on both leases. Joe Dougherty of Metro Com- mercial represented Planet Fitness and Gary Krauss of Pierson Commercial Real Estate represented Wing Stop. In its role as exclusive New Jersey leasing representative for Dollar Tree, R.J. Brunelli signed the chain for a 9,977 s/f inline space at Union Square, located at the intersection of Route 35 and Oak Hill Road in Red Bank. Dollar Tree is projected to open in the third quarter of this year in a former Tuesday Morning space, join- ing a lineup at the Monmouth County center that includes Planet Fitness and Goldfish Swim. Ms. Brunelli represented Dollar Tree on the transaction, while the landlord was rep- resented by Greg Medvin of Pierson Commercial . MAREJ

R.J. Brunelli announces new leases, land deal for retail sites in NJ and PA

NAI Hanson negotiates sale of vacant 114,500 s/f industrial building inAllendale, NJ OLD BRIDGE, NJ — Acting

on behalf of its landlord and tenant clients, R.J. Brunelli & Co., LLC announced that it recently completed transac- tions in central and northern New Jersey, and north-central Pennsylvania. In the largest of the transac- tions, the Old Bridge-based retail real estate firm signed Hackensack Meridian Health to a lease for a 45,600 s/f outpa- tient care facility at Monmouth Plaza Shopping Center, 137 Route 35 in Eatontown. Hackensack Meridian’s loca- tion is being created through a combination of the 80,592 s/f center’s former Eastern Moun- tain Sports and DSW spaces, along with a portion of the for- mer Toys ‘R’ Us store. DSW is relocating from the property to Consumer Square on Route 36 in West Long Branch. R.J. Brunelli represented property owner Monmouth Plaza Enterprises, LLC on the transaction, with Chairman & principal Richard Brunelli getting the listing and president & principal Danielle Brunelli procuring the tenant. Hacken- sack Meridian was represented by Jeffrey Babikian of CBRE. In its capacity as exclusive broker for the Toms River Shop- ping Center, the brokerage executed leases with Planet

230 W. Crescent Ave.

nificant capital improvements designed to bring the building up to modern industrial stan- dards. The improvements are scheduled to be completed later this summer. “The industrial space short- age in Bergen County has created the ideal marketplace for owners who are hoping to realize capital currently tied up in real estate,” said Walters. “For municipalities, these opportunities are truly a win-win scenario, allowing them to not only realize a profit from the sales, but also to turn non-performing assets into valuable long-term rata-

bles for the local community.” Walters added, “For de- cades, The Hampshire Com- panies name has been syn- onymous with excellence in commercial real estate asset management. We are confi - dent that this deep experi- ence paired with their vision for 230 W. Crescent Avenue will ensure that it will soon become one of the area’s pre- mier industrial properties and attract interest from a wide range of high-quality national and regional tenants.” 230 W. Crescent Avenue is scheduled for occupancy in August. MAREJ

Made with FlippingBook Learn more on our blog