Real Estate Journal — April 12 - 25, 2019 — 3A
M id A tlantic
M id A tlantic R eal E state J ournal
Nicholson of R.J. Brunelli &Co. brokers 43,152 s/f retail lease
ERSEY CITY, NJ — Mack-Cali Realty Cor- poration has entered $487.5M transaction expected to close in 2nd quarter Mack-Cali in agreement to sell 56-building flex portfolio J
PLAINSBORO, NJ — R.J. Brunelli & Co., LLC an- nounced that Asian Food Mar- kets has signed a lease for a 43,152 s/f anchor space at Plainsboro Plaza Shopping Center in Plainsboro, which is owned by Onyx Equities . The store is projected to open in the next several months. Plainsboro Plaza, located at the intersection of Schalks Crossing and Scudders Mill Rds., is a 220,000 s/f center. The chain is currently look- ing for additional sites in north- ern New Jersey and New York City areas with a high concen- tration of Eastern and Central Asian residents, according to R.J. Brunelli senior sales as-
sociate Pete Nicholson , who brokered the Plainsboro Plaza transaction on behalf of Asian Food Markets. In other news, veteran real estate executive Robert Kwi- atkowski has joined R.J. Brune1li & Co., LLC in the newly-created position of VP of tenant representation. Among his responsibilities, Kwiatkowski will serve as account manager for Jersey Strong, who R.J. Brunelli and Co. have represented for over 25 years. Jersey Strong is currently seeking 25,000- to 40,000 s/f locations in Ocean, Monmouth, Middlesex, Mercer, Somerset, Union, Essex, and Morris counties.
The aggregate purchase price for the portfolio is $487.5 million. A portion of the proceeds from the sale will be used for the repayment of approximately $230 million of unsecured debt. Michael DeMarco , CEO said, “The sale of our office/ flex portfolio substantially completes our strategic repo- sitioning. Mack Cali’s evolu- tion to a waterfront centric of- fice and residential landlord is complete. Proceeds from the sale of this portfolio will be used in part to pay down
debt and to purchase Soho Lofts, a 377-unit apartment community in Jersey City, which furthers our water- front strategy.” The sale of the portfolio is subject to normal and cus- tomary undertakings, cov- enants, obligations and clos- ing conditions. The company anticipates completing the sale of the office/flex portfolio early in the second quarter of 2019 to RMC Acquisition Entity, LLC, an affiliate of the Robert Martin Company, LLC.
i n t o t w o d e f i n i t i v e agreements w i t h o n e buyer for the sale of its 3.1 million s/f office/flex p o r t f o l i o .
and in real-time. Additionally, bidders have access to all due diligence documents up front so they can determine their investment strategy before bidding even begins. As the CRE community con- tinues to embrace new technol- ogy, online real estate auctions have become an even more desirable avenue for buying and selling properties. Ten-X data science is at the forefront of utilizing deep learning algo- rithms and behavioral analyt- ics to intelligently match the right buyers with the right properties at the right time, further enhancing the strength of their Live Bid auction solu- tion. Ian Grusd, CCIM SIOR is senior director at Ten-X. continued from page 2A Why the CRE community . . . Prior to joining Rosenberg & Estis, Stacey represented financial institutions, residen- tial lenders, loan servicers, and trusts in state and federal liti- gation and appeals in enforcing mortgage foreclosure rights and defending claims under the New York Deceptive Practices Act, Truth in Lending Act, the Fair Debt Collection Practices Act, Home Owners Equity Protection Act, the Real Estate Settlement Procedures Act, as well as al- legations of fraud. Rosenberg & Estis, P.C. HIRES LARA NEWYORK , NY — Rosen- berg & Estis, P.C. has an- nounced that Stacey Lara has joined the firm as Of Coun- sel with its award-winning Litigation Department. Lara represents financial services institutions in com- plex commercial litigation in federal and state courts, investigations and regulatory actions, with a concentration on residential and commercial real estate mortgage lending and servicing.
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