S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
MetroPark continues as desirable market for both tenants and investors Cushman & Wakefield orchestrates $82.3m sale of 101 Wood Avenue South in Iselin, NJ
HI-LIGHTS JULY 15 - 28, 2016 Metro 101 was developed in 1990 for Engelhard Corpora- tion. Spear Street Capital purchased the property in 2008 and orchestrated an SELIN, NJ — Cushman &Wakefield ’s Metropoli- tan Area Capital Markets Group has orchestrated the $82.3 million sale of Metro 101, located at 101 Wood Ave. South in Iselin. Mack-Cali Realty Corporation pur- chased the 263,000 s/f, class A office tower from Spear Street Capital . I Southern NJ 5-10B Matrix Development announces two- building lease-up totaling 1.25m s/f
extensive renovation that po- sitioned the 10-story building for multi-tenant occupancy. Now 95% occupied, Metro 101 offers above-standard ameni- ties, including food service and covered parking, and is located adjacent to the Hilton- Woodbridge. According to Cushman & Wakefield’s Andrew Merin , who led the transaction with team members David Bern- haut , Gary Gabriel , Brian Whitmer and Kyle Schmidt , 101 Wood Ave. South’s Me- troPark location enhances its appeal for tenants and investors alike. The property is located directly off Exit 131 of the Gar- den State Parkway, just north of its intersection with the New Jersey Turnpike, within walk- PARSIPPANY, NJ — The Hampshire Companies , a full service, private real estate investment firm with assets valued at over $2.5 billion, has announced the combined sale of 202,652 s/f of industrial space located at 2 Cranberry Rd. in Parsippany. The fully-leased property operated as an indus- trial condominiumwith Hamp- shire owning the first floor and Tulfra owning the second floor. The private buyers purchased both floors simultaneously. The two - s t o r y i ndu s - trial property is located on 10.11-acres in Parsippany, just 1.5-miles from the cross- roads of I-80 and I-287, with additional access points from I-280 and Rtes. 10, 46 and 202. The prime location matched with the capital improvements which were made in 2013- 2014 create a strong market position, attracting nine new tenants and bringing the oc- cupancy to 100%. “A premium pricing for this asset played a pivotal role in Hampshire’s decision to mon- etize the investment at this time,” said Igor Derbarem- diker , director of dispositions for The Hampshire Companies.
nesses appreciate being on a main commuter line into and out of New York City, and on Amtrak's Northeast Corridor. Investors continue to pursue best in class buildings in the most competitive markets, and the significant interest we saw for this offering attests to MetroPark’s strength in that regard.” The Metropolitan Area Capi- tal Markets Group has a long history of dealmaking in the MetroPark submarket. Past transactions include the sale of 99 Wood Ave. South (twice), 101 Wood Ave. South’s sale to Spear Street Capital and, more recently, the 2015 sale of Metroview, a 196,000 s/f office tower on Thornall St. in Edison, to Mack-Cali. n
Metro 101
ing distance of NJ Transit's Metropark train station. “MetroPark continues to
be one of the most desirable locations in the State of New Jersey,” Merin said. “Busi-
Tulfra Real Estate & The Hampshire Cos. complete $17.5m sale of industrial facility
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NAI Hanson closes sale of 45,912 s/f medical office bldg.
1099 Wall Street West
2 Cranberry Rd.
“Considering the complex- ity of the deal structure and months of negotiations with a particular private buyer group, we have successfully transacted and delivered tremendous re- sults, achieving superior in- vestment return on committed capital for our investors.” 2 Cranberry Rd. boasts 22’ ceiling heights on its first floor with 20 loading docks, four drive-ins, 30’ x 30’ column
spacing, two hydraulic eleva- tors, a wet sprinkler system and an energy efficient T-8 lighting system. The property has great curb appeal with a concrete panel façade and an attractively landscaped cam- pus with parking for 362 cars. The property is located within the Fox Hill Industrial Park within Morris County which offers access to a premier labor base that many of the
tenants specialize in including research and development and technology. “Our ability to forecast a market need, identify an un- derutilized property in a prime location, implement a plan to resurrect the asset and market it effectively to tenants through a creative investment strategy exemplifies how we see real es- tate through a different lens,” added Derbaremdiker. n
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