N ew J ersey 14B — December 18 - January 14, 2020 — New Jersey — M id A tlantic Real Estate Journal Passaic Venture, LLC purchases four-story building Wellington Co. completes sale of 65,000 s/f office building


Nessel Development launches Nessel Energy


OCHELLE PARK, NJ — John John- son , pres i dent o f

New Jersey based The Wellington Company, LLC , an - n o u n c e d h i s c o m - p a n y ha s negotiated the sale of

John Johnson

Nessel Energy creates a new revenue stream by leasing unused roof- top space.

a 65,000 s/f office building at 201 West Passaic St. in Ro- chelle Park, NJ to 201 West Passaic Venture, LLC , part of Bergman Real Estate Group . Wellington Company rep- resented the seller, Sher- brooke Holding Company, LLC in this transaction. The property, located across from Westfield Garden State Plaza, is within close proximity to Rtes. 17, 4 and the Garden State Pkwy. as well as NJ Transit transportation. The four-story building sold for $7.2 million. Wellington said that ownership has enacting cleaning protocols in response to COVID-19 and new tenant amenity programs. “The sale of 201 West Pas- saic St. exemplifies the im- portance in selecting a bro- ker who understands the local marketplace and has substantial experience in marketing office buildings. Our experience in the Ber-

to the grid. This process shifts the energy benefits, away from business owners and tenants, to community “subscribers”. While still a positive impact, Community Solar’s value for real estate owners is limited. Plus, the Community Solar program is competitive and non-guaranteed due to capac- ity constraints. Unlike Community Solar systems, energy produced from Nessel Energy’s solar projects is consumed on-site, providing benefits to property owners and their tenants. Guaran- teed lease payments combined with energy rates below the local utility rates translates to maximized value for office and industrial properties. This results in direct impact to a building’s net operating in- come (NOI) and a timeline that is much shorter than Commu- nity Solar development. Nessel Energy is led by Thomas Loredo, a veteran of the commercial construction and renewable energy indus- tries for more than 40 years. “We understand the market both as a real estate and ener- gy company so we can provide solutions that create value for all parties as solar energy is about more than cost efficien- cies,” said Loredo. “Our Rooftop Revenue Pro- gram (RRP) enables owners to use the sustainable benefits of solar energy, transforming stranded and unused assets into revenue-producing real estate. Simultaneously, we are helping people, the planet and creating a better future.” Nessel Energy provides sus- tainable energy solutions for real estate owners and devel- opers. The company division, which is part of Nessel De- velopment, leverages over 20 years of real estate experience across commercial, multifam- ily, and industrial properties to provide unparalleled energy advising and services. MAREJ

MOUNT LAUREL, NJ – Nessel Development an- nounced the launch of Nessel Energy , a division dedicated to providing energy solutions to owners of office and indus- trial properties across the state of New Jersey. Drawing upon Nessel Development’s real estate experience, Nes- sel Energy was designed with property owners in mind – cre- ating a new revenue stream by leasing unused rooftop space, while also lowering operating expenses by providing on-site solar energy production. The Nessel Energy approach is built on the company’s 20- year experience in the com- mercial real estate industry. With a real estate portfolio valued at over $250 million and 8 megawatts (MW) of solar under their belt, the company has strong experience in both the real estate and solar world – especially in New Jersey. “Personally, the launch of Nessel Energy is one in which I take great pride and has been a long-standing goal for us,” said Ari Nessel, Principal of Nessel Development. “Our company’s growing presence within New Jersey, a state with a well- known commitment to sup- porting green investments through energy incentives, makes for the perfect fit.” Nessel Development’s ven- ture into renewable energy is directly in line with the com- pany’s values-based approach, committed to sustainability. “When we look at a project, we do so through a lens that draws focus on both environ- mental sustainability and social responsibility – looking to make a difference both in New Jersey and all around the world,” added Nessel. Due to the growth of a new Community Solar program in New Jersey, real estate owners are currently inundated with offers to lease rooftop space for solar that sends all electricity

201 West Passaic St. in Rochelle Park

gen County marketplace and our knowledge of prevailing market conditions makes us

uniquely suited among our peers for office building sales” said Johnson. MAREJ

Metz of Bussel Realty subleases 4.2 acres of trailer parking to JAAP Trucking inNewark

NEWARK, NJ — Bussel Realty Corp. (BRC) an- nounced its subleased 4.2 acres of trailer parking to JAAP Trucking at 120 Peddie St. in Newark. Jordan Metz , senior vice president of BRC, closed the eight-year deal on behalf of the third-party logistics firm at a location in the heart of the Port Newark/Elizabeth market. The sublandlord, Community Corrections Cor- poration, was represented in-house. “After running an exhaus- tive search, and with the tenant’s current lease expir- ing in the very near term, we are pleased to have been able to secure this optimal location just in time for their port-driven business to con- tinue to grow and thrive in our post-Covid e-commerce-dom-

ark, New Jersey provides im- mediate access to I-78, Route 1-9, the New Jersey Turn- pike, Port Newark/Elizabeth and Newark Liberty Airport. The industrial site can ac- commodate abundant trailer parking. About Bussel Realty Corp. With one of the largest dedi- cated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a lead- ing industrial real estate ser- vices firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, owners and inves- tors, representing millions of square feet of property and tenant client assignments an- nually. MAREJ

120 Peddie Street

inated consumer economy. JAAP Trucking will utilize the trailer parking site for its freight shipping and trucking company for freight hauling to clients in the New York City metro markets,” noted Metz. “The location is ideally located near the ports, Newark Lib- erty Airport and the Goethals Bridge to Staten Island and Brooklyn.” 120 Peddie Street in New-

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