M id A tlantic S hopping C enters N ew J ersey S potlight C entral 68 apartments and 15,000 s/f of retail space Kislak VP Jeffrey Squires completes $10+ million in Union County, NJ sales
Real Estate Journal — New Jersey — November 13 - 26, 2015 — 5B
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a rare opportunity for an in- vestor to acquire immaculate brand-new construction in an affluent community with train access to New York City,” said Squires. According to the municipal tax records, $285,000 per unit is the high- est price ever paid in Cranford for the sale of a multifamily property. The per unit price demonstrates today’s demand for premium well-located real estate. Squires, who previously sold the Roselle Park, Union, and Elizabeth properties, mentioned, “each property recently traded for the second time in less than four years at over a 20% price increase from their respective sale prices just a few years ago.” “These owners decided to capitalize on today’s high prices and cash out,” Squires added. “We are seeing some of our clients that were buyers a few years ago become sellers in today’s premium priced market. Our clients work hard to manage their multifamily properties and it’s rewarding to see their investments pay off in such a short time.” University Circle Shop-
ping Center is a fully-leased 15,000 s/f retail property with long term ownership. It was also sold on an all-cash basis. The property is located at the corner of St. Georges Ave. and North Stiles St., one of the business intersection in the area. “Many investors are seeking retail properties today due to favorable cap rates compared to multifam- ily properties,” added Squires. “Sellers are able to take ad- vantage of a surge in invest- ment demand and sell their retail properties at a higher price per square foot than in years past.” Squi res j o ined Ki s l ak in 2007 and specializes in the sale of multifamily and other investment proper- ties throughout New Jersey. He was the recipient of the company’s 2012 Sima Kislak Jelin Salesperson of the Year Award, and has the distinc- tion of handling the single largest sale of a multifamily property in New Jersey in terms of price since 2011 with the sale of Rachel Gardens, a 764-unit apartment complex inMontville that sold for $136 million in July, 2014. n
NION COUNTY, NJ — The Kislak Com- pany, Inc. announced
t he r e c en t sale of four mu l t i f a m - ily properties and one re- tail center in Union Coun- ty with a to- tal of 68 resi- dential units and 15,000 s/f of retail space. The separate transactions include the: -$2.85 million sale of The Hamlet Luxury Townhomes in Cranford; -$2.45 million sale of a 24- unit garden apartment com- plex on Westfield Ave. in Roselle Park; -$1.75 million sale of a 15- unit property with garages on Johnson Place in Union Township; -$1.65 million sale of a 19- unit mid-rise apartment build- ing with parking on Sayre St. in Elizabeth; and -$1.45 million sale of Univer- sity Circle Shopping Center, a 15,000 s/f multi-tenant retail property on St. Georges Ave. in Linden. Jeffrey Squires
The Hamlet Luxury Townhomes
Vice president Jeffrey Squires was instrumental in each transaction. He obtained a listing for Kislak to market and sell each property and also represented the purchas- ers in four of the five sales – the Cranford, Roselle Park, Elizabeth and Linden proper- ties. Sales associate Andrew Scheinerman represented the purchaser of the Union Township property. “The Union County market is representative of the greater northern New Jersey market for investment sales,” said Robert Holland , president. and Robert Ryan , senior vice presidents; and Scott Stange , vice president, all with JLL. “New Jersey continues to enjoy burgeoning demand for high-end research and devel- opment space among midsize and emerging life sciences companies and biotechnol- ogy firms companies,” said Loughlin. “The New Jersey Center of Excellence offers move-in -ready research and innovation space that is ide- ally located in a region with a highly skilled workforce. Nestlé joins Ashland and Kashiv Pharma at the state- of-the-art complex.” Advance Realty and Cross- Harbor Capital Partners ac- quired the New Jersey Center of Excellence at Bridgewater in 2013 from a top-tier global pharmaceutical company, which formerly used the site as its North American research
“Investors are in search of well-located and well-perform- ing properties in strong sub- markets. Jeff did an excellent job bringing these properties to market and selling them.” The Hamlet consists of 10 rented luxury townhomes in an upscale residential neigh- borhood. The duplex two-bed- room townhomes each feature two and one-half bathrooms, garages, kitchens with gran- ite counters and stainless appliances, and rents ap- proaching $2,300 per month. The property was sold to an all-cash purchaser. “This was
JLL inks 180,000 s/f lease with Nestlé Health Science in Bridgewater BRIDGEWATER, NJ — JLL has completed a new lease for building owners Ad- vance Realty and CrossHarbor Capital Partners LLC with Nestlé Health Science at the New Jersey Center of Excel- lence, 1041 Route 202/206 in Bridgewater. Nestlé Health Science, a global developer of innovative nutritional thera- pies, leased the entire 180,000 s/f Building JR-2 within the class A, 850,000 s/f research and development campus. The company will repurpose the building as a product technol- ogy center for the development of nutritional health manage- ment therapies. New Jersey Center of Excellence - Building JR-2 term leases totaling 345,000 s/f at the property for the seller. oratory, office, GMP produc- tion and warehouse facilities, and also features a full-service cafeteria and fitness and con- ference centers. In addition, the campus’s proposed “Town Center” development with hotel, retail, and multifamily will result in a dynamic “live- work-play” environment.
Approximately 300,000 s/f of R&D space remains available, in addition to 400,000 s/f in build-to-suit opportunities, at the multi-tenant research and development technical center. The campus offers convenient access to Interstates 78 and 287 as well as the Garden State Parkway, New Jersey Turnpike/I-95 and Routes 22 and 28. The New Jersey Cen- ter of Excellence at Bridgewa- ter is located directly off Route 202/206 and has more than a quarter mile of frontage on Interstate 287. n
and development campus. The new owners tapped JLL to lease the complex to take advantage of the firm’s history and knowledge of the property, as JLL had represented the previous owner in the sale of the complex. In addition, prior to the site’s acquisition by Ad- vance Realty and CrossHarbor Capital Partners, JLL com- pleted two new, direct, long-
The New Jersey Center of Excellence at Bridgewater is a premier research and de- velopment campus located on 110 acres in Somerset County. Centrally located within the Boston – Washington, DC, life science corridor, the complex encompasses 850,000 s/f of lab-
Building owners Advance Realty and C rossHarbor Capital Partners were repre- sented by Daniel Loughlin , international director and head of New Jersey brokerage at JLL; Craig Eisenhardt
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