32 — August 2025 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers Firm advises owner, Veris Residential CBRE announces $85 Million sale of Signature Place in Morris Plains, New Jersey
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apartments averaging over 1,000 s/f. The property fea- tures luxury finishes and an expansive amenity package, including a resort-style pool, fitness center with a yoga studio, golf simulator, private movie theater, conference rooms, a pet spa, a clubroom with a fireplace and game tables, and more. The property is situated within a 10-minute drive of downtown Morristown, one of suburban NJ’s premier 24/7 downtowns characterized by countless retailers, restau- rants, and other entertain-
ment options. Morris County is New Jersey’s top destination for employers, home to the state’s highest concentration of Fortune 500 companies. “We are pleased to have ad- vised Veris Residential on the disposition of this exceptional asset,” said Dunne. “Signature Place benefits from its location in affluent Morris County, only a few minutes from downtown Morristown, which bodes well for the purchaser’s investment.” In a transaction arranged by CBRE, Wieland Metal Ser- vices, a global, value-added metal service center and dis- tribution network, has inked an 85,100 s/f lease renewal at 150 Lackawanna Ave. in Par- sippany. Known for offering the most extensive selection of metal products in the indus- try, Wieland will continue to house its northeast operations in the entire facility owned by FAO Realty, LLC. The CBRE team of Thom- as Mallaney and Denise Kokulak , in conjunction with the CBRE suburban Chicago office, negotiated the lease renewal on behalf of Wieland. FAO Realty was represented by Scott Perkins of NAI Hanson . “We worked closely with our colleagues from CBRE’s suburban Chicago office and reviewed several space options in the market that would fit our client’s specific requirements,” said Mallaney. “After a target- ed analysis Wieland elected to remain at 150 Lackawanna for a long-term leasehold and im- prove the existing space to bet- ter facilitate their occupancy.” The industrial property was built in 1974 and is con- veniently located within 30 minutes of Newark Liberty International Airport and the Port of Elizabeth. Also in the Garden State, SRZ Properties LLC acquired 9218 Ventnor Ave. in Mar- gate for $3.15 million, while 109 34th St. in Ocean City was sold to 109 34th Street TT ZZ LLC for $2.2 million. Both properties house Berk- shire Hathaway Fox & Roach Realtors offices. Michael Shover and Matthew Gorman , who lead the CBRE Net-Lease Property Group Mid-Atlan- tic Team, spearheaded the marketing campaign and represented the sellers, New Castle Avenue LLC and Berkshire Margate LLC in the negotiations. MAREJ
ORRIS PLAINS, NJ — Representa- tives of CBRE , led
by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, and Travis Langer of CBRE Institutional Properties, in partnership with Roland Merchant and Tom Pryor of CBRE’s Investment Bank- ing team, announced the sale of Signature Place, a class A multifamily community in Morris Plains. CBRE advised the owner, Veris Residen- tial , on the sale. Built in 2018, Signature Place consists of 197 spacious
Signature Place
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