S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Includes a large warehouse, multifamily homes, Puccini’s Restaurant and associated parking CBRE Group arranges $19.5 million sale of four-acre development site in Jersey City
Southern SPOTLIGHT HI-LIGHTS Hornrock Properties acquires 220,877 s/f former Sony HQ 5-11B ERSEY CITY, NJ — CBRE Group, Inc. an- nounced it has arranged the sale of a four-acre development site in Jersey City for $19.5 million. The property is comprised of an assemblage of underutilized buildings, including a large warehouse distribution fa- cility, several multifamily homes, Puccini’s Restaurant – a landmark establishment – and associated parking. The seven-lot assemblage is located at 1075 W. Side Ave., J APRIL 10 - 23, 2015
PASSAIC/EMERSON, NJ — Winick Realty Group ’s Urszula Zoltek recently completed two property sales transactions in New Jersey, representing both the seller and the buyer in both trans- actions. HSVC Investments LLC sold a mixed-use, three-story building at 21-25 Monroe St. in Passaic to 21, 23 & 25 Monroe Street LLC. The buyer also owns the prop- erty next door and decided to purchase the building in order to maintain its condi- tion and preserve the value of both properties. 21-25 Monroe St. includes 12 one- bedroom apartments and four ground-floor retail spaces, each measuring 650 s/f. Cur- rently three of the retail spaces are occupied by local businesses—a computer re- pair shop, a grocery and deli, and a botanica—while the 1072 W. Side Ave., 1064 W. Side Ave., 54 Broadway and 153 Corbin. Char les Berger and Robert L’Abbate of CBRE Capital Markets’ Invest- ment Properties team in New Jersey, and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York represented the seller and procured the buyer in the transaction. The team worked alongside local Jersey City brokers Robert Antonicello and Robert Antonicello, Jr . The buyer, an out-of-state investor, plans to develop the four-acre site into a mixed- use complex comprised of more than 500 residential units, as well as ground- floor retail, which will en- hance greatly the area’s streetscape. The property is ideally located just blocks from the Journal Square transportation hub and the
in Emerson, Hayden Asset II LLC sold 0.22 acres of land to 182 Emerson LLC for $465,000. The parcel of land is located at the intersection of Linwood Ave., close to Vilano Elementary School, Emerson Public Library, Em- erson Municipal Plaza and a New Jersey Transit Railway Station. The property houses a one-story, 1,600 s/f retail building, as well as 14 park- ing spaces. The former home of AJ’s Restaurant, Wacky Burgers and Fries, the retail site is currently vacant and is available for lease. n 176 Kinderkamack Rd. (below) “Jersey City is one of the hottest markets in the Tri- State area, with Journal Square specifically being the key focus right now for inves- tors,“ said Berger. “This sale has set a record on a price- per-unit basis in the Journal Square area and, based on all of the deals we’re work- ing on, that record likely will not stand for long. In the last two months alone, our team has closed approximately $30 million in property sales in the Journal Square area.” The record-setting project is one of 30 developments underway in Journal Square and its close vicinity. This list includes the Canco Lofts, 25 Senate Place and the re- cently completed Mana Arts Center, all of which are in the immediate area of this four-acre project. n proposed PATH stop in the Marion section of Jersey City.
176 Kinderkamack Rd., a .22 acre property, sells for $465,000 in Emerson, NJ Winick Realty Group announces two sales including a $1.075m mixed-use sale in Passaic
4B NAI Mertz inks sale of 156,281 s/f ind. building in Marlton
5B
21-25 Monroe St. (above)
fourth is currently vacant. The building was sold for $1.075 million and the sale transaction took two months to complete. At 176 Kinderkamack Rd.
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