S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
M id A tlantic
209,000 s/f industrial property sells for $13.55 million The Meyer-Klear team of NAI Mertz completes sale of 540 Glen Avenue in Moorestown, NJ
Klear , senior vice president, completed the sale of 540 Glen Ave., a 209,000 s/f industrial
OORESTOWN, NJ — NAIMertz , a full- service commercial
real estate firm conduct- ing business throughout the Uni ted States, and globally, from its regional offices in New Jersey, great-
property in Moorestown, to One Lib- erty Proper- ties Inc. The s a l e p r i c e was $13.55 million. “ M o o r e - s t own i s a
er Philadelphia and northeast- ern Pennsylvania, announced FredMeyer, SIOR , executive vice president, and Jonathan HI-LIGHTS FEBRUARY 8 - 21, 2019
popular region full of industri- al product that attracts serious investors,” saidMeyer. “We are pleased to have brought this buyer to this property and to have helped them add a qual- ity facility to their portfolio,” he added. The Meyer-Klear team was responsible for leasing 72,648 s/f of space at the building over the past year. “This property was fully
540 Glen Ave.
leased at the time of the pur- chase, making this an appeal- ing investment for the new owner,” said Klear. “The two tenants in the building have lease agreements in place guaranteeing occupancy until
2023 and 2027,” he added. Located in close proximity to Interstate 95, the New Jersey Turnpike and Routes 38, 70 and 130, 540 Glen Avenue was significantly renovated in 2017. Building features
include 18’-24’ clear ceiling heights, approximately 40’ x 40’ column spacing, 300+ car parking, newly paved, easy access and abundant parking for trucks and a full capacity backup electric generator.
Loan provided by Wells Fargo and Capital One Banks For dev. in Jersey City KRE Group & National Real Estate Advisors secure $258million in construction financing
Journal Squared is energiz- ing the area’s street life by adding 36,000 square feet of retail and restaurant space, including the popular café, WHEALTH, as well as a new pedestrian plaza known as Magnolia Landing, which leads to the adjacent transit hub. Since its grand opening in the summer of 2017, Mag- nolia Landing has served as a venue for farmers markets, seasonal activities and com- munity events. With its easy access to trans- portation, Journal Square is quickly becoming one of Jersey City’s most in-demand neigh- borhoods. A covered pathway leads residents from the build- ing directly to the Journal Square Transportation Cen- ter, one of New Jersey’s major transportation hubs. The facil- ity has access to NJ Transit, and is also a major stop on the PATH rail system, with service to Lower and Midtown Manhattan, Hoboken, Newark and Jersey City.
said Jeff Kanne , president of National Real Estate Advisors. Designed by Hol lwich Kushner and Handel Ar- chitects , Journal Squared will include three buildings, and bring a total of 1,840 rental residences to the area. KRE and National broke ground on Journal Squared’s Tower Two in Spring of 2018. Slated to top out in 2019, Tower Two, a 71-story building, will rise to 754 feet, making it the tall- est of the three towers. When finished, it will include 704 residences and a collection of modern amenities. Clad in aluminum panels and standing at 563 feet in height, Tower One was com- pleted in 2017, making it the neighborhood’s tallest building to date and the third tallest building in Jersey City. The 53-story building’s 538 apart- ments, ranging in size from studios to three bedrooms, were fully leased within 10 months of launching leasing efforts.
JERSEY CITY, NJ — KRE Group , a full-service real es- tate investment and manage- ment company with more than five decades of experience, and National Real Estate Advi- sors, LLC (National) , an investment manager special- izing in build-to-core, today announced they have closed on $258 million in financing for the construction of Tower Two at Journal Squared, the mixed-use development com- plex credited with helping to reenergize Jersey City’s historic Journal Square neigh- borhood. Wells Fargo Bank, N.A. and Capital One , National Association provided the con- struction loan. “The closing of this loan sig- nifies another important mile- stone for the Journal Squared development, which will con- tinue to bring much-needed housing to this transit-centric neighborhood,” said Jonathan Kushner , president of KRE Group. “Construction of the
19-22B CENTRAL NJ
second tower is already well underway and we look forward to bringing it to completion in 2021.” “This financial commitment lends further credence to the vibrant revitalization underway in the Journal Square neighborhood and lays the foundation for continued growth in the decades ahead,”
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