S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Penwood Real Estate Investment Management acquires 125,000 s/f property from Tulfra Real Estate Jordan Metz of Bussel Realty inks sale of two industrial properties in Linden totaling $15m
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market – when they decided to sell.” Metz will continue on as leasing agent for Penwood and is marketing 55,000 s/f of food grade space at the property, becoming available this sum- mer when the current tenant, Hello Fresh, vacates. The unit offers ideal freezer space with high ceilings, loading and food- grade equipment. Metz will also be market- ing and leasing 2365 East Linden Ave. after renovations have been completed. The property offers 23,000 s/f of industrial space on 2.1 acres. “Led by a very pro-business administration, with its close proximity to the ports and New York City, business friendly environment and established industrial bases, Linden is one of the most sought after locations for manufacturers and distribu- tors,” said Metz. n
INDEN, NJ — Jor- dan Metz , vice presi- dent of Bussel Re-
alty Corp. (BRC) , an i ndu s t r i a l real estate services firm in New Jer- sey, recently arranged the sale of two i ndus t r i a l
Jordan Metz
HI-LIGHTS JUNE 10 - 23, 2016 properties in Linden: 1501 West Blancke St. and 2365 East Linden Ave. Combined,
1501 West Blancke Street
New York, purchased 2365 East Linden Ave., a ±23,000 s/f property, from Edward Cantor. In both deals, Metz procured the buyers and represented both the buyers and sellers. “It was a pleasure working with Sonny Jumani , presi- dent and partner of Tulfra, and Howard Freeman , man- aging director at Penwood,
these properties total nearly 150,000 s/f and the total aggregate sales price was almost $15 million between the two properties. Penwood Real Estate Investment Management acquired 1501 West Blancke St., a ±125,000 s/f property, from Tulfra Real Estate . 2365 Linden Corp LLC , an investor from Queens, LYNDHURST, NJ — 1099 Wall Street West, a long-time mainstay of the Meadowlands office market, has been ac- quired by Bergman Real Estate Group , announced Michael Bergman , president and CEO of the Woodbridge, NJ based company. The seller, a private equity fund, was rep- resented by Patrick Arangio and Christopher McGlone of CBRE ’s National Loan &Port- folio Advisory Group, working in collaboration with Jeffrey Dunne , Kevin Welsh , and Brian Schultz of CBRE In- stitutional Properties. The 120,000 s/f, three-story office building situated on 7.5 acres in Lyndhurst was one of the first office buildings to be built in the Meadowlands. The property was 50% leased at the time of acquisition and is presently home to over 30 companies. 1099 Wall Street fills a niche in the market as it can accommodate smaller to mid-size tenants ranging from 750 to 10,000 s/f.
whose professional coopera- tion and responsiveness make the completion of this trans- action quick and seamless,” said Metz. “Having handled the leasing and marketing of 1501 West Blancke Street for almost a decade, I established a long term relationship with Tulfra and was able to procure a buyer for Tulfra’s quality asset – its only in the Linden
Northern NJ 5-13B Kislak Co. sells 110 condos in Union City, NJ for $13m
Bergman Real Estate Group acquires 120,000 s/f office property at 1099Wall St. West in Lyndhurst
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Redwood Realty’s $4.075 million West New York apartment sale sets record price
1099 Wall Street West
Due to the current occu- pancy, acquisition financing was limited,” said Michael DiFede , director of acquisi- tions for Bergman Real Estate Group. “We were fortunate to have a long standing relation- ship with M&T Bank who provided a flexible acquisition loan.” M&T Bank was rep- resented by Rick Steel and Mark Zurlini . 1099 Wall Street West offers direct access to Rte. 3 and 17 and is within minutes of the New Jersey Turnpike and the Garden State Parkway. The
property is less than 10 miles fromMidtownManhattan and is easily is accessible by NJ Transit bus service located directly in front of the build- ing, or NJ Transit train via the Kingsland station located within one mile or the Secau- cus Junction station within 5 1/2 miles. “This is an excellent location with substantial residential and retail nearby, as well as banks, hotels, Met Life Stadi- um and the American Dream Meadowlands entertainment center under construction,”
said Bergman. “The Meadow- lands is a vibrant market that has evolved into more of a live/ work lifestyle environment with exceptional access to New York City.” In keeping with its focus on buying well located, value-add office opportunities, the com- pany plans on repositioning this asset by making several improvements to the common areas, inside and out, and add- ing new amenities including a conference/training center, a lounge for employees and im- proved on-site food services. n
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