S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — Section B
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ASSAIC, NJ — CBRE Group announced the sale of 90 Dayton Ave., 1.64 million s/f site set on 30.86 acres in Passaic CBREGroup teams coordinate to complete largest individual industrial property sale P
of CBRE teams collaborated to represent the seller, Pas- saic Industrial CenterAssoci- ates, and procured a Private Capital Group investor to purchase the property. The site is currently used for industrial warehouse, manu- facturing and distribution purposes. The CBRE New York-based team of Darcy Stacom , vice chairman, and Paul Lebowitz ,
executive vice president, teamed with Charles Berger , of CBRE New Jersey’s Private Capital Group, and Elli Klapper , of CBRE’s NY Private Capital Group, to complete the sale. The Industrial Group’s Bill Waxman and Mindy Liss- ner were brought in to lease up the property and Cheryl Woodrow , of Asset Ser- vices , to manage it. Messrs, Klapper and Berger are con- tinuing CBRE’s relationship with the new owner and are bringing in the New Jersey Retail Group to lease the soon to be converted retail portion of the property. ■
in Passaic. The 1.64 million s/f site set on 30.86 acres is among the few remaining major developable sites in the heart of one of the state’s most densely populated mar- kets. In a transaction that high- lights the depth of its client service platform, a number
JULY 12 -25, 2013
90 Dayton Ave., in Passaic
HI-LIGHTS
And closes over 30,000 s/f at Glendale Business Park in Edison Bussel Realty leases 160,000 s/f at 1000 Jefferson Avenue in Elizabeth
NorthMarq Capital arranges $6.15m mortgage in Mahwah
Gary Cohen , senior VP and senior director of North- Marq’s North NJ regional office, arranged a first mort- gage refinancing of $6.15 million for 10 Industrial Ave. See page 4B.
SNJ AI Joint Dinner Meeting: Another Informative Success
Glendale Business Park
Southern New Jersey Chap- ter of theAppraisal Institute hosted its joint dinner meet- ing with theAssessors at the Adelphia Grand Ballroom in Deptford. See page 8-9B.
EDISON, NJ — Bussel Realty Corp. (BRC) com- pleted 160,000 s/f in new lease transactions at 1000 Jefferson Ave. in Elizabeth, a 195,000 s/f industrial building. VP Jor- dan Metz of BRC represented the landlord, Templer Associ- ates Inc., and leased 38,000 s/f to I&L Distribution; 52,000 s/f to McGinley Transportation Services; and 70,000 s/f to Duro Standard Products. Metz closed the three leases within three weeks bringing the property to fully-leased status. The owner/landlord oc- cupies the balance of the space. Metz and David Posner of BRC represented both ten- ants, I&L and McGinley, while Barry Cohorsky and Russel Verducci of NAI Hanson
represented Duro. “Before taking over the as- signment, 1000 Jefferson Av- enue sat mostly vacant for over a year,” said Metz. “We brought tremendous exposure and activity to the property but nothing came to fruition until March, when several us- ers started making us offers to lease the property. By May, we were in serious negotiations resulting in several deals clos- ing one after the other in rapid succession. The Port Newark market is currently so tight, it was really a matter of time until those companies seeking space were going to land here. In a separate transaction, BRC closed over 30,000 s/f in transactions at Glendale Busi- ness Park in Edison bringing
the 69,000 s/f business park to 100% occupancy. Senior VP Earl Lapides of BRC was re- sponsible for the transactions, and has represented ownership at Glendale Business Park for over 10 years. “I have recently completed eight deals at Glendale Busi- ness Park, which is attracting tenants from various indus- tries”, stated Lapides. “Tenants have great flexibility, with several leasing small 1,500 s/f units, which serves as incubator space, until they grow and pos- sibly expand within the park. One of the key reasons tenants find the park ideal is we offer 3,000 s/f units with drive-in and tailboard loading which is virtually impossible to find in units of this size range”. ■
ALSO INSIDE:
S OUTHERN N EW J ERSEY S POTLIGHT .....................5-13B
SNJ A PPRAISAL I NSTITUTE .....................................8-9B
ICREW NJ O RGANIZATION .................................IBC-B
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