8B — August 20 - September 16, 2021 — Central NJ — M id A tlantic Real Estate Journal


C entral NJ

NeumanCommercialGrp. arranges $8.6Million sale

Jeffery Realty quarterly update August 2021 Single tenant NNN properties overviewonCREdevelopment


ENTRAL NJ — Single tenant net leases have grown increasingly pop-

ular over the past twelve m o n t h s . N N N a s - sets have a long history of perform- ing strongly during both good and bad

1600 N. Olden Ave.

unique asset all cash, with new and legacy long-term tenants in place,” aid Gil Neuman, principal at Neuman Commer- cial Group. He added: “Their speed to secure the deal prior to our marketing speaks to the Mid-Atlantic commercial real estate market’s recent tremendous rebound across product types.” Ewing Twp. lies within the US Census New York Metro- politan Area, midway between New York City and Phila- delphia, and near Trenton, Princeton and Lakewood. It is home to The College of New Jersey, State Police and Dept. of Transportation Headquar- ters, New Jersey Manufactur- ers Insurers, Church &Dwight (ARM & HAMMER), Educa- tional Testing Service (ETS) and publicly held CA Technolo- gies, one of the world’s largest independent software corpo- rations. The property is sur- rounded by 154,000 residents and 95,000 daytime population within 3 miles. MAREJ

EWING TWP., NJ — Neu- man Commercial Group, LLC announced the sale of

Bill Farkas

Wawa convenience store and gas station rendering

economic times. When there is uncertainty regarding the future health of the economy, as has been the case, demand for such assets skyrockets, especially in sectors that have been deemed “pandemic proof.” These include gas and conve- nience stores, grocery stores, quick-service restaurants, and medical tenants. Some of the primary reasons why investors love NNN as- sets include: long-term leases, limited ownership responsibili- ties, attractive rental increas- es, tenant self-maintenance, and strong credit. Due to the

increase in demand for such assets, developers of single tenant NNN leased proper- ties have been extremely busy filling their pipelines through new site acquisitions. Concur- rently, the tenants that occupy such properties have had an extremely successful past twelve months and are looking to expand rapidly. Paramount Realty , based in Lakewood has experienced the rush described above and is actively pursuing new devel- opment projects. Being one of the largest single tenant devel-

oper in the Northeast for both Wawa and Aldi, Paramount has been keeping extremely busy. Jeffery Realty’s Bill Far- kas has worked hand and hand with Paramount on some of their projects, including the Wawa on Rte. 22 & Wilson Ave. in North Plainfield and a Union project that includes a Wawa convenience store and gas station, 120,000 s/f of cli- mate-controlled self-storage, a four-story Marriott branded hotel, and a new Popeye’s QSR. MAREJ

a 98,005 s/f mixed use as- set in central New Jersey. Located at 1600 N. Old- en Ave . in Ewing Twp., a submarket of Trenton,

Gil Neuman

the asset traded this week for $8.6 million. Constructed in 1955 on 6.7 acres and recently renovated, the property is 98% occupied by seven national credit and regional tenants including Dollar General, Dunkin’ Donuts, R.E. Michel and the State of New Jersey DMV. Gil Neuman of Neu- man Commercial Group with its New Jersey Broker of Re- cord represented the seller, Black Oak Associates , in their fourth sales transaction together, and procured the private New Jersey buyer. “The buyer acquired this HILLSBOROUGH,NJ — Larken Associates has ne- gotiated leases with Legacy Moving and Storage, LLC for 1,500 s/f and Ampericon Hold- ings, LLC for 1,135 s/f of indus- trial flex space at Hillsborough Business Center located in Hillsborough. “These deals underscore the strong demand that has under- pinned New Jersey’s industrial/ flex sector over the last several years,” said Victor Kelly , exec- utive vice president of Raider Realty , the in-house brokerage division of Larken Associates. “Due to limited supply through- out the region, properties that offer highly adaptive space and easy access will continue to be sought after by a wide range of tenants like Ampericon and Legacy Moving. We are thrilled to welcome both firms to Hill- sborough Business Center and look forward to continuing our relationship”

NAI DiLeo-Bram & Co. completes sale of two office buildings in Union County, NJ

UNION COUNTY, NJ — NAI DiLeo-Bram & Co. , recent ly announced that the team of R i c h a r d Goski , vice p r e s i d e n t , and Cathe- rine Goski , associate vice president re- cently inked the sale of t wo o f f i c e b u i l d i n g s i n U n i o n County. The transactions include the following: Dr. Bohdan Ki yko and Dr. Nazar Pereymydida of Richard Goski Catherine Goski

Larken Associates negotiates 2 leases at Hillsborough industrial/flex complex

245-249 North Ave. West in Cranford 1358 Morris Ave. in Union

Cranford PetVet purchased 245-249 North Ave. West in Cranford, a former Two River Bank branch. The 2,800 s/f free-standing building will be used as a veterinarian practice and animal hospital on behalf of the buyers. Rich and Catherine repre- sented the buyer, while Mark Gerlach of Metro Commer- cial represented the seller. Rich and Catherine repre-

sented the seller in the sale of 1358 Morris Ave., a 1,600 s/f law office, in Union. We were pleased to secure the buyer for our client. Build- ings of this size are difficult to find and we had significant interest during our marketing campaign. Francisco Isern of Access Home Realty rep- resented the buyer who plans to also use this property for a law office. MAREJ

Hillsborough Business Center In Branchburg, Larken As- sociates announced a lease renewal with Kinedyne, LLC for 6,371 s/f of office space at Branchburg Centre located at 3040 US Rte. 22 West. “Despite the overall strength of the Somerset County office market, modern and meticu- lously managed office buildings continue to see the highest de- mand from tenants,” said Kelly. “This latest renewal showcases how strategic investments and improvements can create premier office buildings within this market capable of attract- ing and retaining dynamic and growing businesses like Kine- dyne.” MAREJ

Raritan Mayor Bray joins Accurate Builders and developers to celebrate successful debut of Crossings At Raritan Station

successful debut of Crossings, which is located at 59 Second Ave. next to the Raritan train station on NJ TRANSIT’s Rari- tan Valley line. Crossings at Raritan Station delivers a new collection of 276 luxury rental residences to a formerly unde- rutilized property in the heart of the borough. The celebra- tion came ten weeks after the

community officially launched leasing of the first phase of 113 residences – more than 80% of which have already been leased and nearly 100 residents already moved in. Accurate Builders and Devel- opers recently began accepting applications for homes in the community’s second and third phases as well. MAREJ

RARITAN, NJ — Raritan, NJMayor Zachary Bray and other local dignitaries joined principals from Accurate Builders and Developers on Thursday, August 5th to cel- ebrate Somerset County’s new- est luxury rental community: Crossings at Raritan Station. Mayor Bray helped cut a ceremonial ribbon to mark the

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