4B — October 12 - 25, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Kelman of GK Realty Services represent Alvogen in 84,609 s/f lease Cushman & Wakefield sells 698 Route 46 in Teterboro 616,992 s/f Meadowlands industrial sale
ETERBORO, NJ — Cushman & Wake- field has arranged the sale of 698 Rte. 46, a 616,992 s/f industrial building located at the heart of the Meadow- lands. Purchased by Good- man , the property is fully net-leased to an investment grade tenant. The property is situated on 27 acres, is fully climate controlled, has clear heights up to 32’, 40’ x 60’ and 50’ x 60’ column spacing, and is cross-docked. In addition to its quality and scale, 698 Rte. 46 is located 10 minutes from T
Manhattan. “This was an outstanding match for an institutional investor seeking a core in- dustrial investment,” noted Cushman & Wakefield vice chairman Gary Gabriel , who led the investment sales team assignment with Adam Spies, Andrew Merin, Da- vid Bernhaut, Marcella Fasulo, Kyle Schmidt, and Ryan Larkin , and assisted by Jason Goldman from Cushman & Wakefield’s leas- ing team. “698 Rte. 46 offers a bullet-proof location for final-mile solutions, and fun-
damentals have surged in the Meadowlands as tenants seek proximity to the nation’s larg- est MSA.” “There is a scarcity of comparable buildings in the Meadowlands area, a market primarily comprised of small, 50-plus year-old industrial buildings,” added Schmidt. “Class A buildings represent only a small percentage of the Meadowlands’ 84 mil- lion s/f of standing inven- tory; and 698 Rte. 46 is one of only two buildings greater than 400,000 s/f within that subset. Further, the facility’s clear height ranks it in the top 1% of the Meadowlands’ 881-building inventory.” In other news, four new leases and a renewal reflect strong demand at the newly renovated 44 Whippany Rd., a property owned by an affiliate of Marcus Partners . Cush- man & Wakefield serves as leasing agent for the 230,000 s/f, class A office property. Last year, the property un- derwent a $7 million capital improvement program. Global pharmaceutical com- pany Alvogen Pharma US, Inc. signed a new 84,609 s/f lease. Gregg Kelman of GK Realty Services represented Alvogen . Keller Williams Realty Metropolitan com- mitted to a new 15,404 s/f lease. Peter Shikar of CBRE represented the tenant. The law firm of Donahue, Hagan, Klein & Weisberg, LLC re- newed its New Jersey head- quarters lease for 6,000 s/f at the property. Susanne New- mark of Newmark Associ- ates represented the tenant. Orloff, Lowenbach, Stifelman & Siegel, P.A. leased 14,658 s/f with David Stifelman of JLL having represented Orloff . An additional tenant signed a 21,681 s/f lease. Cushman &Wakefield’s Bill Brown, Jon Williams and Heather Polhamus , based in Morristown, head the 44 Whippany Rd. leasing team. Marcus Partners’ capital improvement campaign trans- formed the property into a modern, amenity-rich office environment. 44 Whippany now features a new café, fit- ness center, and 95-seat con- ference center. The property was further improved through a new entry and glass canopy, façade enhancements, and upgrades to common areas.
698 Rte. 46
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