S hopping C enters N orthern N ew J ersey

Real Estate Journal — New Jersey — September 11 - 24, 2015 — 5B


M id A tlantic

Garibaldi sells 24,610 s/f industrial property to a non-industrial user

Industrial facility of approximately 38,500 s/f Bussel Realty brokers $3.1 million sale in Irvington, NJ I

RVINGTON, NJ — Bussel Realty Corp. (BRC) , an industrial real estate services firm in New Jersey, announced its arranged the sale of 231 40th St. in Irvington, an indus- trial facility of approximately 38,500 s/f. The property sold for $3.1 million and features 22-foot ceilings, three cooler spaces, four tailboards and one drive- in, and heavy power. It is located in close proximity to I-78, Route 22, the Garden State Parkway and New Jer- sey Turnpike, Newark Liberty Airport, and Port Newark/ Elizabeth. The buyer is Best Buyer 40th Street, a garlic distribu- CHESTER, NJ — NAI James E. Hanson , a New Jersey-based commercial real estate firm announced it has brokered the sale of a 25,600 s/f office building located at 360 Rt. 24 in Chester. Young Bakerin Realty acquired the property and will relocate from its existing office in Flanders. NAI James E. Hanson sales associate, Joseph Vindigni , represented the seller, 360 Rt. 24 Chester, LLC and the buyer in the transaction. The three story building is situated on more than 7 acres of picturesque grounds that feature a pond, an outside pa- tio area, excellent indoor and outdoor event space and ample parking for up to 100 vehicles. Located just minutes from the Rte. 206 and Rte. 24 intersec- tion the property is centrally located between I-80, I-78 and I-287. “The building was originally listed with NAI James E. Han- son for leasing opportunities, but I was working with Young Bakerin Realty on finding a relocation space and knew that 360 Route 24 met all of their needs,” said Vindigni. “Not only were they looking to relocate their business but they also wanted to invest in a property that had a prime location, suf-

138 Bauer Dr.

real estate market, even as the central region has seen a significant uptick in industrial activity. 138 Bauer Dr. is no different as future plans for the property will focus on a religious com- munity center and temple. The transaction was completed by Ed Flanagan and Maureen MacLachlan of The Garib- aldi Group and was overseen by company president, Jeff Garibaldi . The property was sold for an undisclosed amount on behalf of the owner LDR Realty Corporation, LLC. n office users,” said Eichner. Fitted for medical office and general office uses, 2 Sylvan Way is strategically located at the intersection of SylvanWay and Rte. 202, with signage along Rte. 202. MORRISTOWN, NJ – Jef- frey Heller , Avison Young principal and managing direc- tor of the firm’s New Jersey office, announced that Bob Gordon has joined Avison Young as a senior vice president of consulting and advisory. Effective immediately, Gor- don will work with Avison Young to help grow the firm’s New Jersey real estate practice focusing on the state’s health- care sector. Drawing uponmore than a decade of experience at large management consult- ing firms, Gordon will work primarily on business devel- opment, focusing on building the firm’s medical client base in New Jersey as it expands its healthcare practice into an industry-leading platform that provides a full range of real estate services to healthcare tenants, buyers and owners. n

OAKLAND, NJ — The Garibaldi Group has an- nounced the sale of 138 Bauer Dr. in Oakland located in the Oakland-McBride Center. Totaling 24,610 s/f of zoned industrial park, the property comes fully air conditioned and sprinklered. As traditional industrial tenants have vacated the park over the years, Oakland-Mc- Bride Center continues to see non-conforming applications for buildings within its cam- pus. This trend has become common in the New Jersey PARSIPPANY, NJ — Avi- son Young announced that Garden State Orthopedic As- sociates, PA has signed a long- term lease for nearly 5,200 s/f at 2 Sylvan Way, a 53,365 s/f, three-story office building in Parsippany. Avison Young senior vice- president Patrick Eichner and vice-president Peter Hedley of the firm’s New Jersey office represented the property owner, Dowell As- sociates, in the transaction. Currently, 2 Sylvan Way is undergoing major capital improvements, including the expansion and reconfiguration of parking, landscaping and lighting. The building’s façade and entryways, lobby, common area corridors and bathrooms will also be redesigned. Gar- den State Orthopedics was particularly attracted to 2 Syl- van Way’s ample parking and on-site property management. “With significant capital improvements underway, the property owner is aiming to appeal to more healthcare tenants in addition to general

231 40th St.

tor from California. The firm purchased the facility for their expansion needs on the US East Coast. BRC execu- tive vice president Gregory Irving, SIOR , represented

the seller, 40th Street, LLC. He also represented the seller four years ago when the com- pany purchased the prop- erty. CBRE represented the buyer. n

Vindigni of NAI Hanson brokers sale of 25,600 s/f office building in Chester, NJ

Avison Young identifies seventh NJ location for orthopedic practice

360 Rt. 24

ficient space and the potential for rental income. Through our commitment to finding the best possible outcome for all of our clients we were able to set up and broker this deal turning it from a lease assignment in to a sale opportunity that both parties found attractive.” ORADELL, NJ — NAI James E. Hanson announced it has brokered a long-term lease deal for the Fertility Clinic of New Jersey and New York to occupy a 9,387 s/f space in the Hajjar Medical Office Building located at 680 Kinderkamack Rd. in Oradell. NAI Han- son’s associate vice president Darren Lizzack , MSRE , represented the tenant in the transaction. The Fertility Institute of New Jersey and New York is

relocating to the three-story, 83,500 s/f medical office build- ing from its previous location in Westwood, NJ. The tenant plans to retrofit the space into a state-of-the-art fertility clinic and redesign the com- mon areas. “The Fertility Clinic of New Jersey and New York will ben- efit by being located closer to its client base and occupying a space with fellow medical based tenants providing a syn- ergy of resources for their pa- tients,” said Lizzack. “Health- care has been undergoing a revolution since the arrival of the Affordable Care Act. This transaction accurately represents the trend we have seen of medical-based ten- ants occupying shared spaces in repurposed, older medical facilities.” n

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