S hopping C enters C entral N ew J ersey

Real Estate Journal — New Jersey — November 14 - 27, 2014 — 5 B


M id A tlantic

ONMOUTH COUN- TY, NJ — The Kis- lak Company, Inc. VP Daniel Lanni handles sales of 162 apartments and a mixed-use property TheKislakCo. completes$27millionsaleofmultifamily and commercial properties inMonmouth County, NJ M

said Lanni. “The buyers quickly recognized this as their offer was submitted only hours after their initial tour. The manage- ment teams and on-site person- nel were an absolute pleasure to work with and extremely helpful throughout the entire transaction.” The seller was represented by Jonathan Heilbrunn, Esq. and the purchaser was represented by Steven Uff- ner, Esq. Financing was pro- vided by Capital One Bank. At the time of closing, the prop- erty was 97% occupied. Matawan Village Apart- ments is a 72-unit all brick garden-style apartment com- plex located on Cross Rd. and Morristown Rd. in Matawan. Set on nearly five acres, the well-maintained and well- landscaped property includes semi-private entrances, on-site laundry facilities and on-site parking. The property is lo- cated in near the Garden State Parkway and the Matawan Train Station. “We received 15 strong offers within one week of marketing the property and shortly there- after assisted the seller with the selection of the eventual purchaser who submitted the highest and best offer,” said Lanni. ant in the 9,000 s/f lease. • The Privilege Underwriters Reciprocal Exchange (PURE), which leased 8,000 s/f at 150 Allen Rd. The tenant was rep- resented by Frank Recine of Newmark Grubb Knight Frank . • Aflac, which relocated from Bridgewater into a 2,400 s/f space at 150 Allen Rd. Charlie Dillon from Jones Lang La- Salle served as tenant broker. • Concurrent Technologies, renewed their lease l in-house transaction by the Silverman Group. The recent leasing activity coincides with the completion of the property enhancements at The Offices at Liberty Corner. The Silverman Group recently upgraded the lobby with stone

The seller was represented by Charles Epstein Esq. and the purchaser was represented by David Wigfield, Esq. Fi- nancing was provided by Ke- arney Federal Bank . At the time of closing, the property was 90% occupied. Corlies Plaza is a 17,148 s/f mixed-use office and ware- house property with on-site parking located on Corlies Ave. in Neptune. The multi- tenanted property includes a spacious first floor with office and garage combinations that offer ample room for warehouse storage and office space, and offices with private entrances on the second floor. The prop- erty is located on Rte. 33 with excellent visibility minutes from Jersey Shore Medical Center and the Garden State Parkway. “The seller engaged us on an exclusive basis to market and sell the property,” said Lanni. “It is our second closing this year with the same purchaser and seller.” The seller was represented by Richard Kwasny, Esq. and the purchaser was rep- resented by Jason Mandia, Esq. Financing was provided by Amboy Bank. At the time of closing, the property was approximately 90% occupied. n and wood-panel finishes. The Silverman Group has also up- graded the café, café seating and new conferencing facility at neighboring 150 Allen Rd. The ownership also renovated the full-service cafeteria at 110 Allen Rd., introducing a tenant lounge area with a pool table and seating. “Companies are attracted to The Offices at Liberty Corner due to The Silverman Group’s recent capital improvement projects, sophisticated con- struction team, along with the complex’s flexibility to accom- modate a company’s future needs. Tenants consistently cite the great work environ- ment and amenity base in their decisions to locate and expand here.” n

a n n o u n c e d t h e r e c e n t sale of two m u l t i f a m - ily properties and a mixed- use commer- cial property in Monmouth County, NJ for a total of $27.45 million. The separate transactions include the $17.65 million sale of Royal Pines at Marlboro, a 90-unit luxury multifam- ily property in Marlboro; the $7.85 million sale of Matawan Village, a 72-unit multifamily property in Matawan; and the $1.95 million sale of Corlies Plaza, a 17,148 s/f mixed-use of- fice and warehouse in Neptune. Kislak marketed all of the properties and vice president Daniel Lanni represented all parties in the transactions. “The market for multifam- ily properties remains very strong throughout Monmouth County and we are having a busy year in this submarket,” said Robert Holland , presi- dent. “Led by Dan’s hard work and keen sense of the market, these multifamily sales are our fourth and fifth such sales in Daniel Lanni BASKING RIDGE, NJ — Five new tenants have leased space and one company has expanded at The Silverman Group’s Offices at Liberty Cor- ner in Basking Ridge. Com- mercial real estate services firm Cushman & Wakefield serves as agent for the three- building, 525,000 s/f class A campus located at 106, 110 and 150 Allen Rd. A major capital improvement project offers various amenities; upgrades have been completed at all three buildings. Bi l l Brown and Ben Brenner of Cushman &Wake- field’s Morristown office, head the marketing team for The Offices at Liberty Corner. This spring, they orchestrated the following long-term transac-

Royal Pines at Marlboro

the county this year totaling approximately $50 million.” The sale of Royal Pines at Marlboro also represents the largest sale of a multifamily property inMonmouth County, New Jersey in terms of price since 2012 based on data avail- able from CoStar. Kislak held the previous record with the $10.3 million sale earlier in 2014 of Bradley Beach Village, a 42-unit building with five retail spaces in Bradley Beach, which Lanni also handled. Royal Pines at Marlboro is a 90-unit luxury apartment complex located on Rte. 9 in

Marlboro. Constructed in 2009, the property is a class “A” ac- tive adult community with spacious one- and two-bedroom apartments. Lavish amenities include granite flooring and countertops, private balconies or patios, a fitness center and transportation services. Marl- boro has been recognized as considered one of the top 10 saf- est places to live in New Jersey and one of the top 100 places to live in the country. “Royal Pines is a stunning multifamily property and the only one of its kind in Mon- mouth and Ocean Counties,”

C&Woversees leasing progress at SilvermanGroup’s Basking Ridge prop.

Offices at Liberty Corner

tions. • Arla Foods/Arla Foods Ingredients, which relocated locally to 13,000 s/f at 106 Al- len Rd. Harlan Hollander of Cushman & Wakefield served as tenant broker. • Torrent Pharmaceuticals, an existing tenant at 150 Allen

Rd., which expanded to occupy a total of 12,000 s/f. Josh Co- hen and Jon Williams from Cushman & Wakefield repre- sented the tenant. • Infosys, which relocated from Bridgewater to 106 Allen Rd. Jeff Lerch from Founda- tion REA represented the ten-

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