2B — July 11 - 24, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Fairfield Corporate Park, Fairfield, New Jersey
Alongwith the sale of AMLI on the Plaza inMorristown CBREGroupcompletes$3.3m sale of 20 East Halsey Road
P ARSIPPANY, NJ — CBRE Group, Inc. , a commercial real es- tate brokerage firm in New Jersey, announced it has completed the sale of 20 East Halsey Rd. in Parsippany, a 75,000 s/f industrial flex property, for $3.3 million. Located on 7.8 acres of land, 20 East Halsey Rd. has been vacant for more than 20 years and was allowed to fall into a complete state of disrepair. The new Long Island-based owner, GTJ Reit, which owns numerous industrial flex properties in the region, plans to fully
refurbish the property to ac- commodate either a single or multiple tenants. “We’re especially excited to see this property come back to life because of its many poten- tial uses,” said Thomas Mal- laney , first vice president, CBRE. “Once refurbished, the building could hold any- thing from office space to data centers and could even serve as a warehouse. It’s not too often that you see a space in such poor condition have the opportunity to make a huge comeback in the market.” The CBRE team of Mal- laney and Susan Branch ,
FOR LEASE 32,000 Square Foot Industrial Building
* Warehouse/Manufacturing * 6,000 Square Feet Office – Can be reduced * 20 Ft Ceiling Height / 4 Tailgate Doors / 60+ Car Parking * Attractive rental rates and terms available.
SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 E-mail: sgross@sheldongrossrealty.com
AMLI on the Plaza
project & marketing coordi- nator, represented the buyer in the transaction. Mallaney had a previous relationship with the seller of the proper- ty, a non-profit organization, and was able to negotiate between the buyer and seller to bring the transaction to fruition. GTJ Reit will con- tinue to maintain its relation- ship with CBRE by using the team, along with Stephen Sander , vice president, as the leasing agents for the property. In addition... MORR I S TOWN , N J — Jeffrey Dunne , Gene Pride and Patrick Carino of CBRE’s Institutional Prop- erties , represented AMLI Residential Properties, LP in the sale of AMLI on the Plaza to an affiliate of Greystar Real Estate Partners, LLC. AMLI on the Plaza is a 149- unit class A apartment com- munity with 7,479 s/f of retail space located in downtown Morristown. The property was built in 2002, consists of one nine-story building and one six-story building. Features include a fitness center, private courtyard with reflecting pond and access to an adjacent parking facility for residents. Jeff Dunne said, “Greystar is acquiring an exceptional as- set in an affluent New Jersey community that possesses the most desirable characteristics sought after by today’s young renter looking for a lifestyle centered around an urban core. It has convenient access to numerous employment centers, is within walking dis- tance to dozens of restaurants and bars, a variety of local and national retailers as well as the New Jersey Transit Station. It was a pleasure to work with AMLI in the sale of this asset as their detailed and hands-on management style was evident in this process which helped attract significant buyer interest.” n
1,600,000 SF
To Be Built Dayton, NJ (732) 287-4880
Lease with the
Market Leader
205 Mill Road, Edison NJ 08837 (732) 287-4880
Made with FlippingBook - Online Brochure Maker