R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 25 Issue 12 June 28 - July 11, 2013 MidYear Review Spotlight
Representing 1340 Poydras, LLC in acquisition Iselin, NJ’s Sitar Realty sells 378,895 s/f New Orleans office bldg. totaling $14.5m
ew Orleans , LA — Sitar Realty Company repre-
Elizabeth, NJ — Bus- sel Realty Corp. (BRC) has completed 160,000 s/f in new lease transactions at 1000 Jefferson Ave. in Elizabeth, a 195,000 s/f industrial building. Vice president JordanMetz of BRC represented the landlord, TemplerAssociates Inc. , and leased 38,000 s/f to I&L Distri- bution; 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 sented 1340 Poydras, LLC in its acquisition of a 378,895 s/f office building in the Cen- tral Business District in New Orleans. 1340 Poydras St., formerly known as the Amoco build- ing, is located next to the Louisiana Superdome. The 21-story, 280 feet tall skyscraper was constructed in 1977 of black aluminum and a glass curtain wall. At time of sale was approxi- mately 68% occupied and is primarily used for leas-
Ben Franklin TechVentures® earns LEED Gold Cert.
William Sitar able office area with some retail space on the ground level. William Sitar, Esq. and Douglas Sitar, Esq. of Sitar Realty Compa- ny , located in Sitar Realty Company’s Iselin, NJ office, negotiated the transaction on behalf of the buyer. The facil- ity was purchased for $14.5 million. n Douglas Sitar
1340 Poydras St.
Project of the Month The Promenade at Wyomissing Square
Bussel Realty Corp. leases 160,000 s/f in Elizabeth, NJ bringing vacant property to fully-leased
Celebrates 5 Years Section C
1000 Jefferson Ave.
Mid Year Review. .............................5-16A Owners, Developers & Managers..Section B Green Buildings............................. 19-22B Shopping Centers.................... Section C
tailboards. The property is just minutes to Exit 13A of the New Jersey Turnpike, Routes 1&9, and Port Elizabeth/Newark and Newark Liberty International Airport. “Before taking over the as- signment, 1000 Jefferson Ave. sat mostly vacant for over a year,” said Metz. “We brought tremendous exposure and activ- ity to the property but nothing came to fruition until March, when several users started making us offers to lease the
property. By May, we were in serious negotiations resulting in several deals closing -- one after the other in rapid succes- sion. The Port Newark market is currently so tight, it was re- ally a matter of time until those companies seeking space were going to land here. All three of these new tenants who viewed the property, first scoured the market, and ultimately came back to us as we offered an af- fordable, functional warehouse in a great location.” n
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 rep- resented Duro in the respective transactions. Strategically located next to Port Newark and Newark Liberty International Airport, 1000 Jefferson Ave., sits on 6 acres, has 16’ to 20’ high ceil- ings, 75 parking spaces, and 25
Upcoming Spotlight July 26, 2013 Brokerage Directory
Made with FlippingBook - Online catalogs