S hopping C enters N orthern N ew J ersey
Real Estate Journal — New Jersey — March 13 - 26, 2015 — 5B
www.marejournal.com
M id A tlantic
HFF arranges financing for The Hampshire Companies for a 352,461 s/f sale/leaseback HFF closes $19.5 million sale of a 212,000 s/f warehouse on behalf of the Sitex Group S
The HFF investment sales team was led by managing di- rector Michael Nachamkin . “Our team is very pleased with the results of the sale and is excited about the opportu- nity to build a new working relationship with a great insti- tutional investor,” said Brian Milberg , principal of Sitex. ROCKAWAY, NJ — HFF announced that it has ar- ranged a $10.5 million financ- ing for a sale/leaseback of a 352,461 s/f industrial print- ing and production facility located at 100 Commons Way in Rockaway in eastern Morris County. HFF worked on behalf of the borrower, The Hampshire Companies , to secure the seven-year, fixed-rate financ- ing through Ocean First Bank. Loan proceeds will be used to acquire the property. 100 Commons Way is 100% leased by North Jersey Media Group (NJMG), the largest of a new generation of office users. This positioning has enabled us to capitalize on Newark’s resurgence as a preferred business location by attracting high-caliber tenants.” Built in 1916, the 15-story Robert Treat Center sits ad- jacent to the Berger-owned, 176-room Best Western Rob- ert Treat Hotel. Employees of these organizations enjoy the hotel’s amenities, a central location within Newark's cul- tural, dining and entertain- ment hub, and proximity to the city's transportation network including Newark Penn Sta- tion, PATH light rail, and the Broad Street Station. The Berger Organization, itself, is headquartered at the Robert Treat Center. The pri- vately owned diversified real estate owner/manager’s local office holdings also include three additional Park Place properties: The Military Park
cafeteria, separate parking garage and on-site post office. The facility is located just off Green Pond Rd. (County Rte. 413), which leads directly to I-80, a major east-west artery through northern New Jersey, and is only sevenmiles from the intersection of I-80 and I- 287. The HFF debt placement team representing the borrower was led by director Michael Klein along with senior man- aging director Jon Mikula and senior real estate analyst Michael Cerulo . “The Hampshire Companies was seeking a lower leverage request with a flexible prepay- ment schedule that would best meet their acquisition criteria,” Klein said. “Ocean First Bank was able to get comfortable with the specialty use of the property given the long-term sale/leaseback and lower lever- age request. As a result, the bank was able to move quickly and close the loan before year end.” n Hyatt New York’s renovation. Cocoziello brings an expertise in project scheduling, budget- ing, tracking long-lead items, subcontract coordination and overall management of client relationships. David Ortner , Advance Realty’s new development associate, worked for Brick City Development Corpora- tion (BCDC) in Newark for four years prior to joining Advance’s team. At BCDC, Ortner maintained the city’s abandoned properties inven- tory of 800 buildings while coordinating and managing development consulting efforts across numerous asset classes. Before joining Advance, As- set management associate Na- resh Patel underwrote more than $2 billion in commercial real estate loans as an invest- ment associate at NorthMarq Capital and also helped man- age Prudential Real Estate Investors (PREI), a $2 billion private REIT. n
ECAUCUS, NJ — HFF announced that it has closed the $19.5 million sale of a 212,000 s/f industrial facility, formerly Daffy’s Dis- tribution Center, located on 20 acres in Secaucus. HFF arranged the sale on behalf of the Sitex Group, LLC . The property was ac- quired by MEPT, a $7 billion real estate equity fund advised by Bentall Kennedy . The high profile site is lo- cated on Daffy’s Way within a triangle made up of the Lincoln Tunnel toll road (New Jersey Rte. 495), New Jersey Rte. 3 and the New Jersey Turnpike, one of the most trafficked thoroughfares in the U.S. providing access to vari- ous localities in New Jersey, Delaware, Pennsylvania and New York. The location is 12.3 miles north of Newark Liberty International Airport and Port Newark/Elizabeth and less than five miles from Midtown Manhattan. NEWARK, NJ — A new lease and a tenant expan- sion/renewal have brought The Berger Organization ’s Robert Treat Center in New- ark to 90% occupancy. Bren- dan Berger , vice president, orchestrated the long-term commitments at the 100,000 s/f, 50 Park Place office tower. Neurotrope, a biophar- maceutical company, leased 4,000 s/f at 50 Park Place. And law firm Jacoby & Mey- ers, a long-time tenant at the property, renewed its lease and added 1,000 s/f for a total of 2,900 s/f. “When we purchased the Robert Treat Center in 1986, it was just 25 percent occu- pied,” Berger said. “Over the years, we have completed a renovation of the building’s exterior and a complete over- haul of its interior accom- modations. Today it offers modern accommodations that meet the needs and desires
100 Commons Way; Rockaway, NJ
news gathering organization in northern New Jersey with roots that trace back to 1895. The building serves as the independent, family-owned media company’s only printing and sorting facility.
100 Commons Way is im- proved with three floors that include 150,756 s/f of produc- tion and printing space, 57,116 s/f of industrial warehouse and distribution space, 20,765 s/f of office space, a data center and
The Berger Organization’s Robert Treat Ctr. reaches 90% occupancy
Advance Realty brings aboard four new professionals
BRIDGEWATER, NJ — In a move to support its recent growth, Advance Realty announced that it has hired four experienced real estate professionals. With more than 12 years of commercial real estate experi- ence, senior project manager Miguel Pinho Serra has joined Advance Realty from Adelhardt Construction, in New York City. At Advance, Serra is responsible for devel- oping RFPs, bids, contracts and estimates; negotiating contract-terms with service providers; and monitoring overall performance of various project participants. Project manager Dan Coco- ziello has joined Advance Re- alty from Structure Tone Inc., in New York City, where he spent five years as a construc- tion superintendant. Notably, Cocoziello worked alongside the project team leader at Structure Tone throughout the entire course of the Grand
Robert Treat Center
Building (60 Park), The Fire- man’s Insurance Building (10 Park) and 58 Park Place; as well as 570 and 765 Broad St. n
Made with FlippingBook - professional solution for displaying marketing and sales documents online