S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
Merin, Bernhaut, Gabriel and Karali represent seller in trade of 283,201 s/f property Cushman & Wakefield arranges $22.15 million sale of 10-building mixed-use portfolio in Clark
LARK, NJ — Cush- man & Wakefield’s Metropolitan Area Capital Markets Group (CMG) has completed the sale of a 10-building, 283,201 s/f mixed-use portfolio in Clark, which traded for a sale price of $22.15 million. The East Rutherford, NJ-based CMG team of Andrew Merin , Da- vid Bernhaut , Gary Gabri- el and Nicholas Karali rep- resented seller and procured buyer Denholtz Associates . Located directly off Exit 135 C
over,” said Karali. “L’Oreal is exploring the potential of constructing their own facility across the street, which would create further opportunity for redevelopment.” Largely constructed between 1962 and 1968, with some ad- ditional expansion in 2002 and 2006, the Clark portfolio is situated off Central Ave. along Terminal Ave. in the Union County community. The county is home to numerous national and international cor- porations in such industries as pharmaceuticals, technology and consumer goods. “A recent rezoning of Terminal Avenue has added a wider range of commercial uses, enhancing the value to the new owner,” said Karali. “The sale represents an op- portunity to acquire a large block of space in an infill mar- ket, which has historically held strong occupancy,” he said. n
NOVEMBER 13 - 26, 2015
HI-LIGHTS
10-building portfolio
of the Garden State Parkway and minutes from I-78 and the New Jersey Turnpike, the portfolio was 97% occupied
at the time of sale. The site has served as the location of L’Oreal’s North American R&D facility since 1990
“The sale provides the new ownership with upside poten- tial from redeveloping portions of the property as tenants roll
SPOTLIGHT Central NJ
Bussel Realty Corp. brokers sale of 50 Camptown Road in Maplewood, New Jersey for $6.5 million
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EDISON, NJ — Bussel Realty Corp. (BRC) , an in- dustrial real estate services firm in New Jersey, announced it has brokered the sale of 50 Camptown Rd. in Maplewood, a 89,503 s/f distribution facility. The property sold for $6.5 million to Exeter Property Group , a real estate invest- ment manager focused on industrial single-assets, port- folios and whole loans across North America and Europe. As hands-on operators, Ex- eter Property Group acquires, develops and manages big box warehouse, multi-tenant logistics and business park properties out of multiple re- gional offices. The seller was Lehrhoff Urban Renewal Corp. Bussel Realty Corp senior vice presi- dents David Blitt and Rob- ert Sager and vice president Peter Anderson represented both the buyer and seller in the transaction. This is the brokerage team’s third transaction with the
MAST Construction nears completion on $48m project
2B
NAI James E. Hanson celebrates 60th Anniversary
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50 Camptown Rd.
seller and BRC’s third sales transaction on the street in the last six months. Located on nearly five acres, 50 Camptown Rd. is a 89,503 s/f industrial property with 22- foot ceilings, eight tailboards and two drive-ins, wet sprin-
klers and 80-car parking. It is 15 minutes to Port Newark/ Elizabeth and in close prox- imity to Route 24, I-78, the Garden State Parkway, and New Jersey Turnpike. With one of the largest dedi- cated industrial brokerage
staffs in New Jersey, Bussel Realty Corp. (BRC) is a lead- ing industrial real estate ser- vices firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Real- tors (SIOR) . n
ALSO INSIDE People on the Move............ 14B CREW NJ.............................. 15B EDANJ.................................. 16B www.marejournal.com
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