6B — April 15 - 28, 2016 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey CBRE arranges $1.37msale of 8,400 s/f mixed-use prop. CBRE represents Prologis in lease with Hello Fresh

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EWARK , N J — CBRE Group Inc. , New Jersey’s largest

commercial real estate bro- kerage firm, announced that it has represented Prologis in an industrial lease agree- ment with Hello Fresh at 60 Lister Ave. in Newark, NJ. Hello Fresh – an international meal kit delivery brand -- will fully occupy the 352,000 s/f standalone facility, which will serve as a distribution center for the company. The CBRE team of Thomas Monahan , Noah Balanoff , Anastasia Lazarides and Gerard Monahan repre-

60 Lister Ave.

sented Prologis in the transac- tion, while Michael Walters and Russell Verducci of NAI James E. Hanson represent-

ed Hello Fresh. The property is part of the 3.2 million s/f of class-A industrial facili- ties that Prologis acquired in November 2015, as part of its acquisition of The Morris Companies ’ industrial and retail portfolio. CBRE’s Thom- as Monahan also represented Prologis in that transaction. The facility is ideally located in the Ironbound section of Newark, offering convenient access to key roadways and ports. The property sits less than one mile from Inter- change 15E of the New Jersey Turnpike and is immediately proximate to Routes 1/9, In- terstates 78 and 287, Port Newark and Port Elizabeth. CLIFFSIDE PARK, NJ — CBRE’s Investment Prop- erties team announced it has arranged the $1.37 million sale of an 8,400 s/f mixed-use residential and retail complex in Cliffside Park, NJ. Located at 672-678 Anderson Ave., the property features four street- level retail spaces with four multifamily units above on its second story. CBRE Capital Markets In- vestment Properties’ Charles Berger and Mark Silver- man , in New Jersey, and Elli Klapper , in New York, repre- sented the seller and procured the buyer in the transaction. Notably, the property was purchased at the seller’s full asking price, with a five per- cent in-place cap rate. 672-678 Anderson Ave. sits directly across from the soon- to-be-completed Cliffside Park Towne Centre – an 800,000 s/f mixed-use development that will transform the landscape of Cliffside Park and ultimate- ly enhance the market’s value. The new owner of the property plans to reposition the com- plex through upgrades to its residential and retail spaces, capitalizing on its prime loca- tion and maximizing the value of the investment. n

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