S hopping C enters N ew J ersey S potlight N orthern
Real Estate Journal — New Jersey — June 10 - 23, 2016 —5B
www.marejournal.com
M id A tlantic
Marcus & Millichap completes $1.85m sale of a retail property
OUNTOLIVE, NJ – Holliday Fenoglio Fowler, L.P. (HFF) 446,076 s/f industrial/office building in Mount Olive HFF closes $27.125m sale of class A industrial building M
announced that it has closed the $27.125 million sale of 350 Clark Dr., a 446,076 s/f industrial and office building in the Morris County commu- nity of Mount Olive. HFF marketed the site on behalf of the seller, North Je r s ey Deve l opmen t Group . Commercial Re- alty Group purchased the asset. Situated on 40.5 acres, 350 Clark Dr. is in the northern New Jersey community of Mount Olive within the In- ternational Trade Center, a 684-acre business/commerce center originally developed by The Rockefeller Group and located within a designated Foreign Trade Zone that of- fers companies tax incentives on merchandise imported for manufacturing or assembling when the final product is exported outside of the U.S. The property is one mile from Interstate 80 and Routes 206 and 46, which provide access to the rest of New Jersey’s HOBOKEN, NJ — SJP Properties announced that consumer goods company New- ell Brands Inc. has signed a lease to establish its corporate headquarters at Waterfront Corporate Center III in Hobo- ken. The transaction brings the Class A office and retail building to full occupancy. Newell Brands recently completed the combination of Newell Rubbermaid and Jarden Corporation, creating a $16 billion consumer goods company with a strong portfo- lio of leading brands. The new headquarters will serve as an important business hub. The third and final building within SJP’s best-in-class, mixed-use business center, Waterfront Corporate Center III was developed by SJP Properties in partnership with USAA Real Estate Com- pany , and recently achieved
375 Liberty St.
Jersey office, had the listing to market the property on behalf of the seller, a devel- oper. The team also secured and represented the buyer, a developer. Liberty Square is located at 375 Liberty St. in Little Ferry. The property is located about ten minutes west of New York City and about one minute from Teterboro Airport. n Overlook Corporate Center, which is adjacent to Montclair State’s main campus, signi- fies a consolidation of univer- sity office space. Drawing the attention of several tenant prospects, enhancements to the building include: renova- tions and upgrades to all com- mon areas including the main lobby, atrium, elevator cabs, bathrooms, corridors, and caf- eteria; a new state-of-the-art conference center; brand new fully equipped fitness center; and a “grab-and-go” cafeteria with a coffee bar. “Colliers’ leasing team has played an instrumental role in helping Theta Holding under- stand the types of amenities needed to compete with other class A properties,” said Da- vid Simon, SIOR , executive managing director and market leader for the New Jersey oper- ations of Colliers International. “Theta Holding’s response and commitment to this asset has generated a significant level of interest and activity.” Situated at the juncture of Routes 46 and 3, Overlook Corporate Center is located minutes from the Garden State Parkway, I-80, and the Montclair State University Train Station. n
LITTLE FERRY, NJ — Marcus & Millichap , an- nounced the sale of a 11,314 s/f retail property located in Little Ferry for $1.85 million, according to Brian Hosey , regional manager of the firm’s New Jersey office. Alan Cafiero , Ben Sgam- bati and Michael DeVita , investment specialists in Marcus & Millichap’s New LITTLEFALLS, NJ — Col- liers International Group Inc. has arranged a long-term lease at Overlook Corporate Center in Little Falls, with Montclair State University taking 51,000 s/f of the third floor for their accounting and administrative offices. The University will occupy the new space in August. The Colliers International team of Richard Mirliss , Richard Madison , Alex Vitro , and Jack Callahan represented building owner- ship, Theta Holding Company, LP, in this transaction. With this new lease, Mont- clair State is the latest to join the influx of new tenants who have responded to the amenity-rich, multimillion- dollar enhancement initiative undertaken by the building’s new owner. The University’s dedication to administrative office use adds to the diverse group of business professional tenants who occupy the eleven- story, 415,000 s/f, class A office building, including Mor- gan Stanley, Cantel Medical, the American Society of Me- chanical Engineers (ASME), SPS Commerce, The Marcus Group, Milliman, and Roche. Montclair State’s move to
350 Clark Drive
highway network and eastern Pennsylvania. Completed in 1990, 350 Clark Dr. consists of a 335,122 s/f industrial building with 29,340 s/f of mezzanine space and a three- story, class A office building that was added in 1995 and totals 75,000 s/f. The indus- trial portion is 100% leased to two tenants, Performance Food Group and 350 Logis- tics, while the office portion is home to eight tenants, includ-
ing Mars Incorporated, Lion Ribbon Company, Hundley Burns and FC Architects. The HFF investment sales team representing the seller was led by Michael Na- chamkin along with Jose Cruz and Robert Borny . “The seller and purchaser worked closely together to complete due diligence and complete the transaction in a very timely manner,” Na-
Colliers Int’l brings Montclair State University to Overlook Corporate Center
chamkin said. n Tenant establishes new global HQ at SJP Properties’ business complex
Waterfront Corporate Center III
LEED Gold certification from the U.S. Green Build- ing Council . CBRE execu- tive vice presidents Jeffrey Babikian and David Opper represented Newell Brands in the transaction. “Our vision for Waterfront Corporate Center to serve as the premier business center
along the Hudson River wa- terfront has been realized,” said Steven Pozycki , CEO of SJP Properties. “We could not be more pleased to have fully leased this building within just 12 months of comple- tion and are thrilled with the caliber of tenants it has attracted.” n
Made with FlippingBook - Online Brochure Maker