18A — January 27 - February 9, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Stro Companies adds 30,000 s/f ind. building to portfolio
TCJ Realty purchases five-story, 309,000 s/f office bldg. Colliers inks17.3milliontrade of Carle Place, NY property C
ARLE PLACE, NY — One Old Country Rd. in Carle Place has traded for $17.3 million in a year-end sale jointly orches- trated by the New Jersey and Long Island offices of Col- liers International Group Inc . TCJ Realty purchased the five-story, 309,000 s/f of- fice building from a private investor and subsequently appointed Colliers as leasing and managing agent. The tri-state-area invest- ment sales team of Jack- lene Chesler and Jonathan Schlussel , based in Colliers’ Parsippany, NJ, office, and Darren Leiderman , a Long Island office market expert based in Lake Success, NY, advised the seller and secured the buyer for One Old Country Rd. The dual-office partner- ship enabled the team to market the property to a broad investor audience, according to Chesler. “This was a highly efficient sale of a sought-after office asset, and we were under agreement in less than 90 BALTIMORE, MD — M&T Realty Capital Corporation announced that it has pur- chased certain assets of Carey, Kramer, Pettit, Panichelli & Associates, Inc. in Philadel- phia and hired the staff to join the team of M&T Realty Capital Corporation. Effective January 4, 2017, certain assets of Carey, Kram- er, Pettit, Panichelli & Associ- ates, Inc. were purchased by M&T Realty Capital Corpo- ration, a wholly-owned sub- sidiary of M&T Bank. The business activities of Carey, Kramer, Pettit, Panichelli & SCRANTON, PA — The Hinerfeld Commercial Real Estate Company brokered the sale of a 51,000 s/f indus- trial building owned by VON STORCH AVENUE LLC of Scranton. The building was sold to 1350 VON STORCH AVENUE, LLC. The building is 50,000 s/f of warehouse/distribution/garage and approximately 1,000 s/f of office space on 3 acres located at 1350 Von Storch Ave. The location is in the Pine
18-20 Industrial Rd.
and create significant value” said Todd Minerley, director of acquisitions & leasing. Min- erley further added “We have been aggressively expanding in Northern New Jersey’s best submarkets over the last two years. 2017 is already starting off strong with this acquisition and others in our pipeline” “We are excited to acquire another asset in one of our core markets. With this ac- quisition Stro has increased its presence in this market to four buildings encompass- ing over 260,000 s/f of flex industrial space. This is one of several strong core industrial submarkets we are focusing on” said Mike Lachs director of Finance and Investments. n
RIDGEWOOD, NJ — The Stro Companies (“Stro”) acquired 18-20 Industrial Rd. in Fairfield, a 30,000 s/f flex industrial building featuring three units, abundant park- ing and 20’ ceiling heights. The building was acquired for approximately $2.5 mil- lion vacant from a long time owner. The building had been leased to a single user. Stro will reposition the building as a multi-tenanted asset. “18-20 Industrial is an exceptional asset in one of Northern New Jersey’s best submarkets. Leasing demand locally is very strong, espe- cially with flex users. We expect to lease the building quickly to multiple tenants
One Old Country Rd.
days after going to market,” she said. “The offering drew 10 qualified buyers, with six aggressive enough to waive due diligence – a testament to the liquidity and strength of the overall market. The property ultimately sold to a cash buyer with aggressive closing terms.” One Ol d Count ry Rd . serves as the headquarters for 1-800-Flowers and is 63% occupied with 27 tenants. “Opportunistic investments involving properties of this size in core markets like cen- tral Nassau County rarely Associates, Inc. will operate as a division of M&T Realty Capital Corporation as CKPP. The commercial mortgage placement and servicing busi- ness of CKPP adds approxi- mately $2.7 billion in loans to M&T Realty Capital Corpora- tion’s servicing portfolio, as well as significant annual life insurance company origina- tion volumes. “We are extremely pleased to announce this transaction. CKPP’s life insurance origina- tion platform and servicing philosophy will mesh well with M&T Realty Capital Corpora-
come along,” said Leider- man, who is heading the new leasing agency. “TCJ Realty, which is headed by a Chinese group that sees great poten- tial in the area – already is gearing up its program to return One Old Country Rd. to its historic high occupancy and class A status. This will include a significant infusion of capital for renovations, and a focus on tenant relations. Companies located there are enthusiastic about the coming changes, and we expect new leasing interest to accelerate quickly.” n tion’s full-service commercial mortgage banking model,” said Tari Flannery , presi- dent of M&T Realty Capital Corporation. “Joining M&T Realty Capi- tal Corporation offers our ex- isting lender relationships ex- panded market opportunities, and also broadens the options for our current customer base,” said Donald Pettit , presi- dent of Carey, Kramer, Pettit, Panichelli & Associates, Inc. “We are excited about future growth potential for CKPP as we become a division of M&T Realty Capital Corporation.” n with active rail service has been increasing. This type product historically is what made this region a desirable location to do business. These locations adjacent to residential neigh- borhoods often provide a labor force where it is convenient for employees to walk to work.” Richard Levy of Hinerfeld represented the seller VON STORCH AVENUE LLC and Steve Farrell of Classic Prop- erties represented 1350 VON STORCH AVENUE, LLC. n
Sheldon Gross Realty brokers deal for a two-story, 7,000 s/f location
M&T Realty Capital Corporation purchases assets of Carey, Kramer, Pettit, Panichelli & Associates
42 Chestnut St.
location was an absolutely perfect fit for PSE&G, since the company already has a sizeable presence right in the neighborhood.” The building will be used by PSE&G related to a three- year, $905 million program – already approved by the New Jersey Board of Public Utilities – that’s focused on replacing aging gas pipes. Specifically, PSE&G will ex- pedite the modernization of its existing gas infrastructure of cast iron and unprotected steel, including replacement of 38,000 service lines and 510 miles of gas mains. n
CLIFTON, NJ —A 7,000 s/f office building in Clifton has been leased to Public Service Electric & Gas (PSE&G) by Sheldon Gross Realty, Inc . The property is located at 42 Chestnut St. Once owned and operated by a recycling company, the newPSE&G building had been vacant – though in move-in condition – immediately prior to the lease agreement. “Some real estate transac- tions fall neatly into place – and this was one of those,” said Eric Weston , vice presi- dent at Sheldon Gross Realty, who managed the deal. “The
Hinerfeld Commercial Real Estate brokers industrial building 51,000 s/f for VON STORCH AVENUE
Brook industrial area of the City bordering the Lackawanna River with active rail service. John Cognetti of Hinerfeld Commercial Real Estate said, “Demand for land and second generation industrial buildings 1350 Von Storch Ave.
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