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Real Estate Journal — New Jersey — December 12 - 18, 2014 — 5B


M id A tlantic

The Blau & Berg Co. & JLL negotiate 205,000 s/f sale

Matovski & Sheikh market 14-20 Park Street Marcus & Millichap arranges $3.6msaleof 19unitmultifamily J

Logistics for 25 years and are so proud of what we’ve ac- complished. The move of our headquarters fromElizabeth to Union will help us towards our goal of expanding and broaden- ing our scope of operations. We appreciated the opportunity to work with Jason and Ken Crimmins of The Blau & Berg Company, one of the best in the industry,” said Christina Mur- ray, CFO of American Cargo Express. n

UNION, NJ — The Blau & Berg Company and Jones Lang LaSalle negotiated the sale of 2345 Vauxhall Rd. from Genlyte Group, Inc. to American Cargo Express. The transaction included 205,000 s/f of industrial space with loading docks and drive-in doors. American Cargo Express is preparing to move from Elizabeth in late November. “We have lead the way in International and Domestic

ERSEY CITY, NJ — Marcus & Millichap announced the sale of a 19-unit apartment build- ing located in Jersey City, according to Brian Hosey , regional manager of the firm’s New Jersey office. The asset sold for $3.6 million. Steven Matovski and Umar Sheikh had the list- ing to market 14-20 Park St., a 4 story, brick, 19-unit apartment building in Jer- sey City’s Bergen-Lafayette Section. “Our client saw an opportunity to purchase in an area that will see major redevelopment over the next decade” said Matovski. n NEWARK, NJ — Pruden- tial Financial will maintain a 160,000 s/f presence at Three Gateway Center in Newark, even after it relocates some of its operations to a new, 740,000 s/f, 20-story office tower it is building on Broad St. across from Military Park. The new building is expected to be com- pleted in the summer of 2015. Tahl Propp Equities , which owns Three Gateway Center, orchestrated the long- term lease extension with Prudential. “Prudential’s full-building lease with Tahl Propp was scheduled to conclude at the end of this year,” said Rich- ard Baumstein of Cushman & Wakefield . “However, the company determined it needed additional space and decided to continue to lease space at ELMWOOD PARK, NJ — Lee & Associates, NJ an- nounced that Suits for Success, a national not-for-profit orga- nization, Bergen and Hudson County chapters, accepted hundreds of business suits and attire from Lee & Associates worth nearly $50,000 at a spe- cial event in Elmwood Park. Lee & Associates collected clothes in a month long cam- paign to help disadvantaged men and women get back into the workforce. n

Bussel Realty brokers sale of 17,200 s/f industrial facility

Prudential signs 160,000 s/f long-term lease at Three Gateway Ctr.

Baumstein, along with Marc Graham and Christian Poli- tan of Cushman &Wakefield’s East Rutherford, NJ office, and Bruce Mosler, Alan Wildes and Susan Clayton from the firm’s New York headquarters, as leasing agents for Three Gateway Center. “Three Gateway Center al- ways has been an extraordi- narily well-located and well- positioned asset,” said Rodney Propp of Tahl Propp, a centu- ry-old real estate investment, development and manage- ment company. “Now, to meet market demand and position the building for multi-tenant occupancy, we are launching a multi-million program of renovations and upgrades to the building’s common areas, vertical transportation and mechanical systems.” n

25 Sidney Circle

KENILWORTH, NJ — Bussel Realty Corp. (BRC) arranged the sale of 25 Sidney Circle in Kenilworth, an indus- trial facility of 17,200 s/f. The property traded for $1.5 million and features 16-foot ceilings, one loading dock, one drive-in, and 1,410 s/f offices. It is located right off Rte. 22 and proximate to all major transportation arteries includ- ing I-78, the New Jersey Tpke., and Garden State Pkwy. The buyer, Scheininger Real Estate , purchased the facility for Flexline and will use it for the manufacture of specialty hose assemblies for the pharmaceutical, steel, food and aviation industries. Ex- FLORHAM PARK, NJ — KBS Real Estate Investment Trust II (KBS REIT II) an- nounced the signing of 124,715 s/f in leases with Greenberg Traurig LLP and Jacobs Levy Equity Management, among others at Park Ave. Jeffrey Heller and William McCaffrey of Avison Young

ecutive vice president Greg- ory Irving, SIOR , of BRC represented the buyer in this transaction. The seller was BPS Company. “25 Sidney Court provides ample parking, heavy power and higher ceilings for bet- ter utilization of space,” said Irving. “Its location provides easy access to Rte. 22, Garden State Pkwy., the ports and Newark Liberty Airport.” BRC is currently marketing the sale of Scheininger Real Estate’s former warehouse facility in Linden, a 10,000 s/f industrial property which features three drive-in loading doors and 1,500 s/f of office space. n represented KBS REIT II in these leases. Greenberg Trau- rig was represented by David Simson and Kev in Murphy of Newmark Grubb Knight Frank and Jacobs Levy Eq- uity Management was repre- sented by Robert Rencarge of American Properties Realty, Inc. n

Three Gateway Center

Three Gateway Center. Pru- dential’s decision to continue to lease space at Three Gateway makes a powerful statement to potential tenants for the build- ing’s remaining space.” Tahl Propp recently named

Lee & Associates donates $50,000 in attire to Suits for Success

KBS REIT II signs over 120,000 s/f in new and renewal leases in Morris County

(Left to Right) Marilyn Morales and Nilsa Rohaidy, Executive Director, Suits for Success, Jessica Vasil, Rick Marchisio, Brian Lynch, and Jason Lynch (executives with Lee & Associates, NJ).

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