S hopping C enters N ew J ersey S potlight S outhern NJ
Real Estate Journal — Southern New Jersey — April 12 - 25, 2019 — 7B
M id A tlantic
ISCATAWAY, NJ — Rockefeller Group , along with joint ven- At Rockefeller Group Logistics Center in Piscataway, NJ Cushman & Wakefield arranges sale of more than one million s/f of industrial property P more than one million s/f are currently under construction on the site.
ownership for years to come.” Cushman & Wakefield’s Gary Gabriel represented the seller and procured the buyer with members of the firm’s New Jersey capital markets team including Andrew Me- rin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Ryan Larkin . Cushman & Wakefield industrial brokerage specialists Stan Danzig and Jules Nissim also supported the assignment as leasing agents for Rockefeller Group Logistics Center. “There was considerable depth of institutional interest – reflecting a sustained appetite for quality industrial product in New Jersey,” Schmidt noted. “Rockefeller Group Logistics Center has validated the 287 corridor investment thesis, with the market emerging as a target for investors and us- ers alike.” Three buildings totaling Cronheim Mortgage ar- ranged financing totaling $10.0 million for 277 & 281 Witherspoon St. in Princeton. The 10-year loan was struc- tured with 3 years of interest only payments and amortizes over a 30-year schedule there- after for borrower, HP With- erspoon, LLC, an affiliate of Princeton-based Herring Properties. Herring Proper- ties has acquired and man- ages a portfolio of 1.8 million square feet of office, industrial and residential properties in the mid-Atlantic region. The subject is comprised of two adjacent class A retail & office buildings located in Mercer County, Princeton, NJ: 281 Witherspoon Street, a three-story building built in 1984 and gut renovated in 2014 / 2015; and 277 Wither- spoon Street, a recently com- pleted two-story building. At the time of closing, 281 With- erspoon was 100% leased and 277 Witherspoon was 55% pre-leased to a wide variety
“With current activity, we anticipate that this project will be fully leased and built out within 18 months,” Nissim added. “Its success is reflec- tive of Rockefeller Group’s long track record of successful Garden State developments, as well as the shifting market fundamentals that are driving tenants to the 287 market.” Submarke t rent s have soared 69 percent over the past five years and currently maintain 0.7 percent vacancy rate, according to Cushman & Wakefield research. Ten- ants in the market enjoy the presence of a deep regional labor pool, proximity to major thoroughfares serving the Northeast and Mid-Atlantic corridors, and easy access to the Port of New York/New Jersey. The subject is located only five blocks from Nassau Street, a main downtown thoroughfare in Princeton that is home to high-end stores, restaurants, and col- lege town street life. Princ- eton lies within the heart of central New Jersey with ready access to US Route 1, the NJ Turnpike, and the Garden State Parkway. The Princeton market is provided convenient access to sev- eral interstate and intrastate highways, such as I-95, I-295, the New Jersey Turnpike, and the Pennsylvania Turnpike. Additionally, the Subject Property is located less than five miles from Princeton Junction Station, offering tenants direct access to New York or Philadelphia within one hour. of users, including a private equity firm, internal medi- cine practice, yoga studio, pediatric group, law office, rheumatologist, and financial advisor, among others.
ture partner PCCP, LLC , a n n o u n c e d the sa l e o f two recently c o m p l e t e d distribution c e n t e r s i n Rocke f e l l er Group Logis-
tics Center to DWS Group’s real estate platform. This marks the first two sales at the logistics park, where Rock- efeller Group is developing five buildings totaling 2.1 million s/f. The first building, a 725,000 s/f distribution center located at 300 Ridge Rd., was fully leased during construction to Best Buy. It features 36- foot clear ceiling heights, 137 cross-docked loading positions and 195-foot truck docks. The NORTH BRUNSWICK, NJ — North Village Apart- ments is a 505-unit complex located in North Brunswick. In 2016, Cronheim Mort- gage secured a loan of $4 mil- lion, with its life company cor- respondent, American United Life (AUL) for a single tax lot improve with 152 units. Other lenders were seeking to take a lien on the entire complex of 505-units; however, this creative solution allowed the client the degree of flexibility that was needed. Now, just a little over two years later, the balance of the complex was financed by AUL for $15.5 million. This facilitated the owner in completing their financing objectives on a non- crossed basis with two dis- tinct 15-year self-liquidating loans. The average rate for the two loans was 3.79%; both rates being highly competitive at the time of closing as com- pared to market competitors. North Village Apartment Complex is situated along
second building, located at 100 Ridge Rd., is a 311,000 s/f distribution center that is leased by two tenants: Fujitsu General America Inc. (“Fujitsu General”) and Humanscale. Each tenant occupies approxi- mately 155,000 s/f. “The sale of these completed buildings at Rockefeller Group Logistics Center shows the
high level of demand for class A industrial property in New Jer- sey,” said Heath Abramsohn , Rockefeller Group vice presi- dent and regional director for the New Jersey and Pennsylva- nia region. “DWS is a welcome addition to Rockefeller Group Logistics Park. These two buildings will continue to ben- efit from strong institutional
CronheimMortgage announces $19.5 million permanent loans for North Brunswick, NJ multi-family property
both sides of Cranbury Cross Rd., from its intersection with Linwood Place. It offers both one, two and duplex units. It is also immediately contigu- ous to North Village Shopping Center which fronts on Route
1 and anchored by Michaels and Bed Bath & Beyond, Ulta Beauty, Staples, Panera Bread, Smashburger, Chili’s and Sport Clips; the center is also home to popular grocer, Trader Joe’s.
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