S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Steven Kartzman, Esq. represents Medallion Industries and River Associates Lundberg and Tapia of NAI Hanson arrange $2.24m sale of 220,000 s/f industrial building
ATERSON, NJ — NAI James E. Hanson , a New Jersey-based commercial real estate firm, announced it has arranged the sale of a 220,000 s/f industrial building located at 833 River St. in Paterson fromMedallion Industries, Inc. and River As- sociates, Inc. Steven Kartz- man, Esq. , who acted as the Trustee to a private regional investor., represented the seller. The transaction was negotiated by Kenneth Lun- dberg, SIOR, Louis Tapia P
parking spaces. The property can be redeveloped to perfectly accommodate either retail or industrial use. “The listing at 833 River Street came down to great value and location as the driv- ing force behind the buyer’s decision to acquire the prop- erty, which sits in the Pater- son ‘Urban Enterprise Zone,’ close to both Fair Lawn and Paramus” said Tapia. “Pater- son continues to benefit from the trend of recycling and redevelopment of older build- ings and the buyer will benefit from the near-bubble highs of industrial rents in Northern New Jersey.” With close proximity to two bridges over the Passaic River, the property is locatedminutes from Interstate 80, US High- way 46 and State Route 208, with quick access to Routes 4 and 17, as well as the Garden State Parkway and the New Jersey Turnpike. n
Former site of the Elizabeth General Hospital
OCTOBER 16 - 29, 2015
HI-LIGHTS
833 River St. aerial
SPOTLIGHT
five acres along the Passaic River, near the Fair Lawn and Hawthorne borders. The four-
story building boasts 14-foot ceilings, eight tailgates and an elevator as well as 100
and Patrick Lennon of NAI James E. Hanson. 833 River St. is situated on
PLEASE JOIN US AT THIS FREE EVENT!
$16 million renovation project sparks leasing interest at Onyx and Rubenstein’s class A tower
7-14B
new, two-story entry lobby and an increased building footprint with added retail space. A repainted façade and common area updates will modernize 30 Montgomery St.’s image, while replacement of the building’s windows and HVAC upgrades will increase the building’s energy efficiency. The project is expected to be completed by December 2015. Trevisan noted that 30 Montgomery St. provides one of the few opportunities for smaller tenants to lease in the Jersey City market yet also can accommodate larger space users. “We have units starting at 1,500 s/f and up to 60,000 s/f,” he said. “Whether they are ‘home grown’ in Jersey City or coming from Manhattan, our tenant base includes a diverse clientele looking to define themselves in a skyscraper en- vironment with NewYork City views. In recent months, we have seen particular momen- tum among financial services
JERSEY CITY, NJ — Onyx Equities and Ru- benstein Partners have launched a planned $16 mil- lion capital improvement program at 30 Montgomery St. in Jersey City. The 320,000 s/f, 15-story office tower sits in the heart of the city’s water- front business district. Com- mercial real estate services firm Cushman & Wakefield serves as leasing agent for 30 Montgomery St. “The ownership has set out to position 30 Montgomery Street as Jersey City’s pre- mier, boutique class A build- ing,” said Cushman & Wake- field’s David DeMatteis , who heads the assignment with Marc Trevisan out of the company’s East Rutherford, NJ, office. “The renovation launch is an exciting step forward. Even in the planning stage, the project bolstered tenant renewals and leasing inquiries.” The improvements include a
Southern NJ
15-23B
Murray Construction names Michael Nachtome as COO
24B
Register today at www.MaintenanceShows.info
ALSO INSIDE People on the Move............ 26B CREW NJ.............................. 27B EDANJ.................................. 28B www.marejournal.com
30 Montgomery St.
and technology firms.” The building sits one block from the Exchange Place PATH Station and a Bergen/ Hudson Light Rail stop. Ten-
ants enjoy easy access to the Holland Tunnel, the NJ Turn- pike and Route 1&9, as well as Newark Liberty International Airport. n
Made with FlippingBook HTML5