2B — January 12 - 25, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey Ranalli and Goodwin of CBRE represents Kenco Colliers Int’l. reps. Dermody Properties in 401,008 s/f lease L OGAN TOWNSHIP, NJ — Dermody Prop- erties , a national real
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estate investment, develop- ment andmanagement compa- ny, specializing in acquisitions and development of logistics real estate leased 401,008 s/f in its LogistiCenter at Logan industrial park to Kenco Logis- tics (Kenco). Kenco specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology. Kenco will use the new facil- ity, located at 395 Pedricktown Rd., for storage and distribu- tion of their customers’ prod- ucts. This new facility will accompany 90 other Kenco warehouse locations, and is expected to add 50 new jobs to the region initially. Kenco has leased 401,008 s/f of the building at 395 Pedricktown Rd., and 80,750 s/f remains available for lease. Marc Isdaner , Mark Chubb and Michael Zerbe of Colliers International rep- resented Dermody Properties in the transaction. Vincent Ranalli and William Good- win of CBRE represented Kenco. The building was de- WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent $4.1 million sale of The Hilltopper, a 22-unit multifamily prop- erty located at 2-4 Hackensack Street in Wood Ridge, Bergen County. Kislak marketed the prop- erty on an exclusive basis on behalf of the seller, High Hill LLC, which was the original builder of the property. Vice president Andrew Scheiner- man represented the seller and procured the purchaser, KHQ Properties. With such history in mind, Scheinerman commented: “The seller recognized after owning the property for 40 years that now was an ideal time to sell given rising rental prices in Bergen County and lending interest rates. With such high rents, the buyer recognized the hidden value still remaining in the units as increased income potential.” Located on a quiet road off the busy thoroughfare of Rte. 17, the townhouse style
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395 Pedricktown Rd.
signed by Ware Malcomb and Blue Rock construction is serving as the contractor for tenant improvements. Kenco is expected to move into the building in January. “We are pleased to welcome Kenco to the growing list of companies at LogistiCenter at Logan,” said Gene Preston , partner, Dermody Properties’ East Region Office. “We be- lieve this building will prove to be a strong addition to Kenco’s transportation and warehouse network.” “We are excited to add this facility to our nationwide net- work of distribution centers,” said David Caines, chief oper- ating officer at Kenco. “We are
equally excited to bring new jobs to the area.” LogistiCenter at Logan is a 1,100 acre, master-planned class A industrial park in Lo- gan Twp. planned for over 5.5 million s/f of warehouse, dis- tribution and manufacturing space. LogistiCenter at Logan is located off I-295 and the NJ Tpke. and is only 15 miles from the Delaware River ports in Camden, Philadelphia and Wilmington. Its strategic loca- tion puts 40% of the total U.S. population within a one-day drive. Currently, two sites re- main available for sale or lease in LogistiCenter at Logan, one totaling 193,443 s/f and the other totaling 369,000 s/f. n
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The Mid Atlantic Real Estate Journal is a monthly publication highlighting real estate transactions throughout the Mid Atlantic including : • New developments, ground breakings and reconstruction in the ODM (Owners, Managers & Contractors ) section • Mortgage and banking in our Financial Digest • Retail and new developments in Shopping Centers • Annual spotlights.
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The KislakCompany sells Wood Ridge multifamily property for $4.1 million
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The Hilltopper
at 2 Hackensack St., upgraded aluminum stairs and new cabi- nets, the future KHQ holds for the property is to further upgrade and renovate the complex. Such value-added in- vestment is further supported by the current trend in Wood Ridge rentals which have in- creased 13% compared to the same period last year. Financing was provided by ConnectOne Bank . The seller was represented by Jonathan R. Mehl, Esq. and the purchaser was represented by John Profita, Esq. n
complex built in 1976 consists of duplex units averaging 650-square-feet each with fea- tures including private balco- nies, wood-burning fireplaces, vaulted ceilings and hardwood flooring. The buildings con- taining 19 one-bedroom, 2 two- bedroom, and 1 three-bedroom apartments are all electric and have on-site parking. The Hill- topper once housed the New York Giants in the 1980s. While there have been some renovations over recent years including the installation of new deck railings, a new roof
Kim Brunet | Publisher kbrunet@marejournal.com Mid Atlantic Real Estate Journal 781-740-2900 x210
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