Real Estate Journal — The Best of 2015 — March 25 - April 14, 2016 — 13C
M id A tlantic
The LARGEST ACQUISITIONS of 2015
CBRE NJ Prologis Portfolio Mid-Atlantic
Castle Lanterra Properties Harbor Pointe Bayonne, NJ
Advance Realty Ledgewood Mall Roxbury Twp., NJ
Size: 5,400,000 s/f Broker: Thomas Monahan
CBRE Group Inc. represented Prologis in the purchase of a 5.4 million s/f portfolio consisting of 3.2 million s/f of industrial prop- erties and 2.2 million s/f of retail properties in multiple states. The portfolio of industrial and retail properties was acquired
Size: 517,000 s/f Brokers: Cushman & Wakefield’s Metropolitan Area Capital Markets Group, East Rutherford, NJ, repre- sented the seller and procured the buyer in the trans- action. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Nick Karali, led the team handling the transaction. A partnership between Advance Realty, DeBartolo Development and Invesco acquired the 517,000 s/f Ledgewood Mall. The 46-acre property was built in 1972 and includes three one-story buildings total- ing 517,000 s/f. The 445,000 s/f enclosed mall sits in back of the property, while 60,000-and 12,000 s/f buildings are closer to Route 10. This acquisi- tion presented an opportunity to reposition and add value to the long- neglected mall. The joint venture is currently working diligently to come up with al- ternatives to reposition the property and is excited about the prospect of making the property better by infusing capital.
from Morris Realty Associates LLC. It includes ten industrial assets, eight of which are in Northern New Jersey, totaling 3.2 million s/f and 13 retail properties totaling 2.2 million s/f. The retail properties included in the original purchase were sold to Blackstone Real Estate Advisors and includes a variety of freestanding, single-tenant, restaurant and multi-tenant shopping centers in New Jersey, Pennsylvania and Florida. Pro- logis will retain the 3.2 million s/f of class A industrial properties for longer-term investment purposes. Thomas Monahan, executive VP in CBRE’s Saddle Brook, NJ office, represented Prologis in the acquisi- tion of the portfolio along with the assistance of his team members, Noah Balanoff, first VP, Anastasia Lazarides, client service coordinator and Gerard Mo- nahan, real estate analyst. The retail disposition was led by Bill Kent, executive VP of CBRE Retail Invest- ment Properties, who spearheaded a multi-state team of geographic experts.
Size: 31 Acres Brokers: N/A
In October 2015, Castle Lanterra Properties (CLP) acquired Harbor Pointe (formerly Alexan CityView), a 544-unit, class A waterfront apartment community in Bayonne on New Jersey’s Gold Coast. The $147.5 million acquisition marked the company’s entry into the New Jersey multifamily market. Harbor Pointe was deemed a core-plus opportunity, acquired at be- low replacement cost with attractive yield on Day 1. It is the initial development within the 420-acre man- made Bayonne Harbor peninsula, the only remaining master-planned location along the Gold Coast with vacant land. In the first two months of ownership, CLP successfully rebranded the property and increased oc- cupancy from 88% to 94%.
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