M id A tlantic S hopping C enters N ew J ersey S potlight C entral NJ Liberty Property Trust leases acquisition in Keasbey Cushman & Wakefield inks sale, rapid lease-up of 302,500 s/f NJ industrial asset

Real Estate Journal — Central New Jersey — February 8 - 21, 2019 — 19B


EASBEY, NJ — A Cushman & Wake- field team of New Jersey industrial specialists represented Lefcourt Asso- ciates in the sale of 19 Crows Mill Rd. in Keasbey to Liberty Property Trust . And less than 30 days after being ap- pointed by the new ownership as agents for the 302,500 s/f facility, the group secured a long-term, full-property lease with The Gilbert Company . “Liberty’s acquisition and immediate long-term leasing of 19 Crows Mill Rd. deepens our presence along the New Jersey Tpke. continuing our strategy to acquire and hold high-demand industrial prop- erties in the region,” said Peter Corcoran , vice president of K SOUTH PLAINFIELD, NJ — Cronheim Mortgage has secured $18.6 million in financing across two loans for seven buildings totaling 240,192 s/f within the Middle- sex Business Center in South Plainfield, Middlesex County. Farm Bureau Life Insurance Company, whom Cronheim represents as correspondent and servicing agent, funded the loan for MBC 107-115, which was structured with a 10-year fixed rate locked three months prior to closing. The second loan, funded by a regional bank for MBC 100- 200-250, was structured with a 6-year fixed rate and 25-year amortization, with one 5-year extension option. MBC 107-115 is a four- building office/light parcel totaling 150,192 s/f that sits on 13 acres of land. Each building contains individually demised tenant spaces ranging from 4,700 sf to 30,000 s/f. Occupied by a strong lineup of tenants covering a variety of sectors, including IT services, light industrial uses and biotechnol- ogy, the Property was 100% leased at the time of closing. MBC 100-200-250 totals 90,000 s/f across three build-

maker led both assignments. “Investment and leasing de- mand for New Jersey indus- trial product continues on a historic trajectory, and these back-to-back transactions re- flect the desirability of strategi- cally located, well-maintained facilities,” Fern said. Commenting further on 19 Crows Mill Rd., Corcoran noted: “With this acquisition Liberty has nearly doubled its footprint in Central and North- ern New Jersey in the last 13 months with the acquisition of four properties totaling approx- imately one million square feet. Liberty entered the market in 2013 with the acquisition of three properties at Exit 8A and has since expanded its holdings up through the Meadowlands

for a total of ten properties representing 2.2 million s/f.” Located just minutes from exit 10 of the New Jersey Tpke., 19 Crows Mill Rd. occu- pies a prime location for distri- bution, just 22 miles from Port Newark/Elizabeth, 20 miles from Newark Liberty Interna- tional Airport, and less than 30 miles from NYC. Ample load- ing and parking; 50x72-foot column spacing; heavy power; the presence of a 24-hour, on-site truck repair shop; and recent improvements including LED lighting, new dock seals and renovated offices enhance its appeal. The Gilbert Company will take occupancy at 19 Crows Mill Rd. in the first quarter of 2019.  5 on I-287 in South Plainfield. Cronheim Mortgage ar- ranged financing totaling $5.0 million for a Springfield, New Jersey retail center. The 15-year, fixed rate loan was placed with American United Life Insurance Company. The subject property is an 80,000 s/f retail center located in Springfield, New Jersey 10 miles west of the Newark CBD. The property was built in 1972, renovated in 1995 & consists of one single-story building on 7.1 acres with a parking ratio of nearly 5:1. The premises were original- ly 100% occupied by Chan- nel Home Centers and later leased to Linen ‘N Things and Bob’s Stores. After Linen ‘N Things vacated the prem- ises, the remaining space was quickly filled by Christmas Tree Shoppes. Springfield Township re- mains one of the prime loca- tions for retail development due to population density and high discretionary income. The subject is located on Route 22 and South Springfield Ave, and is accessible from both roads. Route 22 is one of the highest traffic and successful retail thoroughfares in NJ. 

19 Crows Mill Rd. aerial

leasing and development for Liberty’s New Jersey office. Cushman & Wakefield’s

Charles Fern, Gary Casa- letto, JasonBarton, Thomas Tucci and Stephen Shoe-

Cronheim Mortgage secures $18.6 million for 240,000 s/f of office / flex buildings within The Middlesex Business Center

Middlesex Business Center, a 420,000 s/f office and indus- trial/flex complex in South Plainfield, Middlesex County, New Jersey, all managed by National Realty and De- velopment Corp., (NRDC) . The Subjects are accessible via curb cuts along Corpo- rate Boulevard, providing easy integration with the remainder of Middlesex Busi- The Middlesex Business Center

ings and is fully occupied by PTC Therapeutics, a global biopharmaceutical company. PTC Therapeutics focuses on the discovery, development, and commercialization of oral- ly administered, proprietary small molecule drugs target- ing an area of RNA biology referred to as post-transcrip- tional control. The subjects are part of

ness Center and the adjacent Hadley Center, a 542,000 s/f power center managed by NRDC and anchored by Target, Kohl's, Dick's, Mar- shalls, and a 16-screen Re- gal Cinemas movie theater. The Property benefits from prominent positioning in the Piscataway/I-287 South office/ flex submarket, located less than ¼ mile from Interchange

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