S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
340,000 s/f industrial property sold by Trinity Place Holdings, Inc. HFF closes $29 million sale of leasehold interest in Secaucus, New Jersey
ECAUCUS , NJ — HFF announced that it has closed the $29 million sale of the leasehold interest at 1 Emerson Ln., a 340,000 s/f light industrial property in Secaucus. HFF marketed the prop- erty on behalf of the seller, Trinity Place Holdings, Inc. (“Trinity”) . 1 Emerson Ln. (also known as 1 Syms Way) is situated on an 18.64-acre site in the Meadowlands submarket S
less than five minutes from the New Jersey Turnpike; Rtes. 1, 3, and 9; and I- 495. Originally constructed in 1978 and expanded in 1996, the property also includes 35,712 s/f of two-story office space. The building was sold vacant. The HFF investment sales team representing Trinity was led by managing director Michael Nachamkin along with associate director Steve Simonelli . n
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JULY 11 - 24, 2014
1 Emerson Lane
HI-LIGHTS
Meridian Capital Group arranges $18m in permanent financing in Newark, NJ
CBRE Group completes $3.3m sale of 20 East Halsey Road
NEWARK, NJ — Merid- ian Capital Group, LLC , a national commercial real estate finance and advisory firm, negotiated an $18 mil- lion loan to refinance an office property located on Broad St. in Newark on behalf of the Berger Organization . The seven-year loan fea- tures a competitive fixed-rate of 4.25% and was provided by a regional balance sheet lender. This transaction was negoti- ated by Meridian Capital Group managing director, Tal Bar-Or , and associate, Kyle Kite , who are based in the Company’s New York City headquarters. The 15-story office prop- erty totals 200,000 s/f and is located at 570 Broad St. in downtown Newark. 570 Broad is one of the most accessible office buildings in New Jersey, located within minutes of the Garden State Parkway, New Jersey Tpke., Rte. 1, Rte. 9, Rte. 21, Rte. 22, I-280 and I-78. “Meridian was able to dem- onstrate the successful turn- around of the property and structure financing providing significant cash back to the sponsor,” said Bar-Or. n
CBRE Group, Inc. an- nounced it has completed the sale of 20 East Halsey Rd. in Parsippany, a 75,000 s/f industrial flex property, for $3.3 million. See page 2B .
Gebroe-Hammer arranges two trades totaling$38.25million
Gebroe-Hammer rep- resented the sellers in two separate transactions involv- ing The Crest at Washington Square and Shenandoah Village. See page 5B
ALSO INSIDE:
Southern NJ Spotlight.............................5-11B SNJ AI Org................................................10-11B ICREW NJ......................................................16B
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