N ew J ersey 4B — August 20 - September 16, 2021 — New Jersey — M id A tlantic Real Estate Journal Kelman of GKRealty facilitate transaction in Paterson Marcus Partners acquires 194,000 s/f industrial property
Dermody Properties acquires +/-72,045 s/fwhse.
ATERSON NJ — Marcus Partners , a real estate investment, management and develop- ment firm, recently acquired 75 Wood Rd. and 90 6th Ave. in Paterson. The two indus- trial buildings total 194,000 s/f and are 100% leased to four companies. This is the firm’s first industrial invest- ment in New Jersey and ninth overall this year, bring- ing year to date activity to 1.3 million s/f “This investment provides an attractive mix of current cash flow with value-add opportunities through prop- erty enhancements,” said Bill McAvoy , principal at Marcus Partners. “As we aggressively seek new investments along the east coast, this is a great start for us in New Jersey.” Marcus’ existing portfolio of industrial buildings and development deals now to- WHIPPANY, NJ — Tulfra Real Estate announced that Spectrum360 has signed a long-term lease for three units at 60 South Jefferson Rd. in Whippany. Independence360, a program of Spectrum360, offers educational and therapeutic programming to those with special needs. The company plans to expand its day ha- bilitation and adult enrichment programming for individuals with autism. “Independence360’s enrich- ment programming and life skill classes play a crucial part in enhancing the lives of young adults on the autism spectrum throughout New Jersey,” said Marcus Lee , asset manager, Tulfra Real Estate. “By expand- ing their space, they can now provide more room for recre- ational activities and fitness to better serve their participants, as well as adequate storage space for the supplies they need to run their programs.” P According to Lee, Spec- trum360 relocated to 60 South Jefferson Rd. in 2017. The long-term, 10-year lease adds an additional 3,325 s/f to its operations. With the addition of Unit #9, Spectrum360 now occupies 15,598 s/f. “With this expansion, and with our renovations to make best use of the space at 60
50 Knickerbocker Rd
ington Bridge and Lincoln Tunnel. The building features eight dock high doors with the option to add a ninth, a 20’ clear height, 62 surface parking spaces, ample electric capacity, and a two-floor office space totaling 9,388 s/f. “The Meadowlands submar- ket is extremely valuable to our customers because of its proximity to Manhattan and many densely populated areas of New Jersey, providing ac- cess to millions of consumers and thousands of businesses,” said Tim Walsh , chief in- vestment officer at Dermody Properties. “Many companies that are based in the Meadow- lands require quick access to their customers that cannot be served by moving further west or south in New Jersey.” Gary Stein from Savills , and Craig Engelhardt and Steve Korfiatis from New- mark , presented this oppor- tunity to Dermody Proper- ties. Andrew Siemsen and Michael Kimmel of KBC Advisors New Jersey are the leasing brokers for the project. MAREJ
BERGEN COUNTY, NJ — Dermody Properties an- nounced the acquisition of 50 Knickerbocker Rd., a +/-72,045 s/f warehouse on 2.95 acres of land in the Bergen County, Twp. of Moonachie. Dermody Properties plans to transition the building from a manufac- turing and warehouse facility to a traditional warehouse in a class A+ location. Capital im- provements will include repav- ing the truck court and parking areas, installing all-new dock packages and a full renovation to existing office space. “This investment offers a rare value-add opportunity in the nationally recognized Meadowlands submarket, which is currently lacking in available space or developable land,” said Gene Preston , east region partner for Der- mody Properties. “This is a highly competitive submarket, and the property’s location pro- vides excellent regional access throughout New Jersey and the tri-state area.” The property is located 3.5 miles north of I-95 and eight miles from the George Wash-
75 Wood Rd. and 90 6th Ave. in Paterson
tals 3.6 million s/f, including 800,000 s/f of development. Marcus Partners continues to seek additional opportunities in the Boston to Washington DC markets. As a part of the effort, this purchase begins the assembly of a New Jer- sey portfolio of class A and B industrial assets including
existing and ground up de- velopment - consistent with its current portfolio. The property is proximate to Rte. 80 and offers attrac- tive loading and an oversized lay down area. Gregg Kelman of GK Realty facilitated the trans- action. MAREJ
Tulfra Real Estate announces expansion, long-term lease with Spectrum360
60 South Jefferson Rd.
South Jefferson Rd., Indepen- dence360 can continue to serve more members of the commu- nity and help them excel and thrive,” Lee said. Situated minutes from large municipalities like Morristown and Parsippany, 60 South Jefferson is in the heart of New Jersey’s “pharmaceuti- cal corridor.”The area draws tens of thousands of employ- ees each day, plus hundreds of thousands of residents who live and work in the area. Ac- cording to Lee, this makes for an ideal location for those who have family members that par- ticipate in Independence360 programming. “60 South Jefferson Rd. is very accessible via I-187 and Route 24, so families can easily pick up and drop off program participants,” adds Lee. “This location is an excellent place for Spectrum360 to grow its In- dependence360 programming
and continue to serve partici- pants who come from all over New Jersey to be a part of it.” Tulfra Real Estate ac- quired the 5.5-acre, 57,000 plus s/f building in 2014. Since its acquisition, the property has undergone com- plete renovation both inside and out in preparation for multi-user light industrial/ tech clientele. Under Tulfra’s direction, the former manu- facturing site was divided into separate units, with up- graded electric, new lighting, and new lavatories through- out. Exterior improvements included new entryways, architectural glass, and load- ing doors; repaving of the parking lot; a new roof; and new landscaping. “The investments we make into our properties transform them into facilities fit for a great number of commercial uses,” Lee said. MAREJ
CHA Partners announces 12,000 s/f office lease at 2 Broad St. in Bloomfield
BLOOMFIELD, NJ — CHA Partners announced that Affiliated Healthcare Man- agement and Sierra Health Services have signed a 12,000 s/f office lease at 2 Broad St. in downtown Bloomfield. CHA Partners acquired 2 Broad St. in 2000 and com- pleted several capital improve- ments to the property including updates to the lobby, elevators and build-to-suits for various office tenants. 2 Broad St. is over 95% leased to a diverse mix of high-quality commercial and professional office tenants. “We are thrilled to continue our partnership with the Town- ship of Bloomfield to create a
2 Broad St.
bustling live, work, play envi- ronment set within its down- town district,” said Kobi Leifer, partner at CHA Partners. “We welcome the new tenants to this space and continue to look ahead to a bright future in downtown Bloomfield.” MAREJ
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