8B — June 13 - 26, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey Weichert Realtors represents Canaan Korean Community Church CBRE represents New Boston Fund in sale of 30,000 s/f in New Jersey
H ACKENSACK, NJ — New Boston Fund, Inc. , a private equity real estate investment, devel- opment andmanagement firm, announced that it has sold 80 Commerce Way in Hacken- sack, to Canaan Korean Com- munity Church. 80 Commerce Way is a 30,000 s/f single-story office and flex building. The prop- erty has the ability to serve a variety of uses and tenants, and includes warehouse and showroom space. New Boston acquired the property along with the adjacent building at
60 Commerce Way in part- nership with Prism Capital Partners, LLC , a privately held real estate organization, in 2005. The partnership sold 60 Commerce Way in early 2010. “We’re very happy with how 80 Commerce Way has per- formed in the Northern New Jersey submarket,” said Gary Hofstetter , senior vice presi- dent at New Boston Fund. “As a well-located property, it has consistently generated a great deal of interest. We felt that current market conditions made it the right time to sell.”
The property is located just off of Route 4 and is under three miles from I-80 and the Garden State Parkway. Also just six miles fromManhattan, it provides immediate access to other major markets along the East Coast. 80 Commerce Way is also just north of the Simon Shops at Riverside, the region’s premier luxury mall and home to many of the na- tion’s major high-end retailers. “Over the course of the mar- keting of 80 Commerce Way, we saw strong interest from local and regional owner- occupiers for this property,”
80 Commerce Way
buyers with alternative uses like gaming and entertain- ment, food manufacturing, fit- ness centers and, ultimately, a local church looking to expand their presence in the area.” The Canaan Korean Com- munity Church was repre- sented by Oksoon Yang of Weichert Realtors in this transaction. Thomas Mona- han , senior vice president, Noah Balanoff, vice president, and David Opper , senior vice president, all of CBRE, repre- sented New Boston Fund. New Boston does not dis- close sales prices for its trans- actions. n MORRISTOWN, NJ – The Godfather of Morristown, a popular seafood and brick oven pizza restaurant, held its official Grand Opening April 28th at The Highlands at Morristown Station. Morristown Mayor Timothy Dougherty joined Jerry Forte and other members of the restaurant’s ownership team to cut the ribbon on one of the town’s newest businesses. The mayor said that the opening of the 4,500+ s/f res- taurant and the strong public response shows that Morris- town remains an attractive destination for local, regional and national retailers. “This is another successful retail opening in one of the new developments in town. Morristown is on the move. It’s a place where people want to do business.” Mayor Dough- erty said. The Highlands at Morris- town Station is a 217-unit rental building developed in partnership by Roseland , a wholly owned subsidiary of Mack-Cali Realty Cor- poration , and Woodmont Properties . n Roseland opens The Godfather of Morristown
said Noah Balanoff , vice president, CBRE . “More spe- cifically, there was quite a bit of interest from prospective
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