S hopping C enters N orthern NJ S potlight
M id A tlantic Real Estate Journal — Northern NJ — March 18 - April 21, 2022 — 3B
www.marej.com
Newark industrial facility acquisition financed JLL Capital Markets arranges loan for Thor Equities Group’s purchase of 241 Oraton St.
EWARK & MONT- VALE, NJ — JLL Capital Markets an- nounced the following transac- tions in Northern NJ: JLL has arranged acquisi- tion financing for a 131,205 s/f, industrial warehouse and distribution facility at 241 Oraton St. in Newark. JLL worked on behalf of the borrower, Thor Equities Group , to place the 11-year, fixed-rate, non-recourse loan with National Life Group . The property occupies five acres in a strategic logistics location in Newark. 241 Ora- ton St. is along Rte. 21, which provides connectivity to a host of area transportation thor- oughfares, including I-95, 280 and 78, and, by extension, the vital infrastructure the tenant requires. The Holland Tunnel and the Port of Newark are both eight miles away, with Newark Liberty International Airport only a six-mile journey from the property. Within an hour’s drive, the tenant can reach all of Northern New Jersey, Southern New Jersey, Manhattan, Staten Island and Queens. Located within the Port N RUTHERFORD, NJ — Cushman & Wakefield an- nounced the firm has advised Prism Capital Partners on the sale of a 40,000 s/f boutique office building in downtown Rutherford. The team also arranged the equity for the acquisition. The property, located at 25 Orient Way, formerly served as the headquarters of Boil- ing Springs Bank (now Blue Foundry Bank). Andy Merin, David Bern- haut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Frank DiTommaso of Cush- man &Wakefield’s Investment Sales Group helped arrange the capitalization on behalf of the buyer, Prism Capital Partners. "We are pleased to have been able to assist in arranging the
241 Oraton St. in Newark
100 Philips Parkway in Montvale
Industrial submarket, 241 Oraton St. is positioned for last-mile distribution. Ac- cording to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, the vacancy rates for the submarket are at a low 1 per- cent, lower than the average New Jersey market vacancy rate of 1.3 percent. The prop- erty is also within the highly sought-after Rte. 21 Corridor, a favorite among occupiers and investors for its connectivity. The JLL Capital Markets Debt Placement team rep- resenting the borrower was led by senior director David
and R&D facility inMontvale. JLL marketed the property on behalf of the seller and procured the private buyer. 100 Philips Parkway is po- sitioned on 11.2 acres along the Garden State Parkway in highly desirable Bergen County. This location is just minutes to Rockland and Westchester counties in New York and is convenient to New York City. In addition, the property is within walking distance of The Shoppes at DePiero Farm, anchored by Wegmans, and a new mixed- use redevelopment of the former Mercedes Benz head- "The combination of walk- ability to mass-transit, abun- dant downtown amenities and on-site parking makes 25 Orient Way a highly de- sirable asset and we look forward to a successful repo- sition of the property," said Eugene Diaz , principal at Prism Capital Partners. In Jersey City, Cushman & Wakefield has arranged a long-term, 16,545 s/f lease renewal for Northern Trust at 3 Second Street at Har- borside, a 600,000 s/f class A office tower. The tenant, a global financial institution that provides asset servicing, investment management and wealth management services, will occupy the 14th floor. Cushman & Wakefield’s David DeMatteis, Mina
quarters. Several hotels and Lifetime Fitness are also within walking distance. 100 Philips Parkway is a single-story facility with a partial mezzanine level that is perfectly suited for commercial research and development. The property is currently utilized as a multi- tenant research facility and is 37% leased. The JLL Capital Markets team representing the seller was led by Kevin O'Hearn, Jose Cruz, John Cahill, JohnCunningham, Michael Oliver, Steve Simonelli , and Nick Stefans. MAREJ Shehata, Robert Rudin and Dirk Hrobsky repre- sented the landlord, a real estate fund managed by a subsidiary of Ares Manage- ment Corporation , in the transaction. CBRE’s Conor Dolan, David Opper and Ken Meyerson represented the tenant. “3 Second Street is a pre- mier class A asset and we are pleased that Northern Trust recognized the value in remaining at the prop- erty,” said DeMatteis. “The landlord has done a fantastic job with this building and we are confident that the ongoing upgrades, includ- ing a lobby renovation, new conference facility and bike room, will continue to at- tract quality tenants.” MAREJ
Sitt , managing director Peter Rotchford , senior director MatthewPizzolato and ana- lyst Jake Moore . “We received tremendous interest from the lending com- munity on this asset given the premier sponsorship and loca- tion of the asset in one of the most sought-after industrial submarkets in the country,” Pizzolato said. “National Life Group recognized this and stepped up to offer an attrac- tive 11-year, fixed-rate loan that is full term interest only.” JLL Capital Markets has closed the sale of 100 Phillips Parkway, a 79,007 s/f office
Cushman & Wakefield advises Prism Capital Partners on sale of 40,000 s/f transit-oriented property in Rutherford, NJ
25 Orient Way
sale and capitalization for what will surely be a successful partnership between Prism and Crimson Capital," said Merin. The four-story building is being delivered fully available and includes abundant on-site parking, a rarity for build-
ings located in the heart of a vibrant, walkable downtown location. It’s strategically lo- cated within walking distance to public transit, as well as just steps away fromnumerous restaurants, cafes and local community services.
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