S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
www.marejournal.com
M id A tlantic
1.2 million s/f portfolio marketed by HFF The Hampshire Companies sell six-building Northern NJ industrial portfolio for $146.85m
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The portfolio comprises 200 Middlesex Ave. in Carteret (408,437 s/f); 39 Robinson Rd. in
has since attracted household- name tenants including Ar- thur J. Gallagher, PSKW and WithumSmith+Brown. The Crossings also serves as home to JP Morgan Chase and Lord Abbett. The buildings all em- phasize spaces and services that foster productive, collab- orative workplaces. Vision Real Estate Partners and Rubenstein Partners also completed the multi-million- dollar adaptive reuse of a for- mer powerhouse structure at The Crossings, introducing a stand-alone amenities center. Aptly named The Powerhouse, the 11,000 s/f building pro- vides enhanced gourmet food services with indoor and open- air seating; a multi-function business lounge with casual seating and WiFi; and a 2,300 s/f health and wellness center offering state-of-the-art equip- ment, free weights, and locker rooms with showers. JLL’s Tom Walsh and Joe Garibaldi represented Vision Real Estate Partners and Ru- benstein Partners in the Cross- ings sale. Dan Loughlan and Scott Lesh of JLL represented Barclays Capital. n new and existing space. Our northern New Jersey industrial portfolio offers immediate ac- cess to large population centers making it highly attractive for companies requiring last-mile facilities. With demand high and product limited now was the right time to execute our investment strategy and sell the portfolio. Together with our internal team at Hampshire, HFF proved to once again be an excellent partner in assisting us to market the transaction and produce a qualified buyer for the highly sought-after portfolio.” The HFF team was led by ex- ecutive managing director Joe Thornton, Jr. , senior manag- ing directors Jon Mikula and Jose Cruz , managing director David Giancola and associate director Robert Borny . n
ORRISTOWN, NJ — The Hampshire C omp a n i e s a n -
Lodi (73,373 s/f); 301 May- h i l l S t . i n Saddle Brook ( 2 0 0 , 0 0 0 s/f); 30 Wes- ley & Worth i n S o u t h Hackensack (245,824 s/f);
nounced the $146.85 mil- lion sale of a six-building i n d u s t r i a l portfolio total- ing 1.2 million s/f in northern New Jersey. H o l l i d a y
Todd Anderson Mark Rosen
and 5 Henderson Dr. (210,530 s/f) and 2 Dedrick Pl. (80,000 s/f) in West Caldwell. All of the properties are in infill lo- cations in established indus- trial submarkets and are near both demand Dr.rs and major transportation arteries servic- ing their respective markets. The stabilized portfolio is 96% leased to a variety of tenants,
Fenoglio Fowler, L.P. (HFF) marketed the transaction on behalf of The Hampshire Com- panies. HI-LIGHTS July 14 - 27, 2017
including Continental Termi- nals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air. The Hampshire Companies team was led by principals and executive VPs Todd Anderson and Mark Rosen . “Given its access to the Ports and major area highways, northern NJ has become a hub for logistics real estate,” said Anderson. “As e-commerce continues to grow it will fuel demand for logistics real es- tate. This demand will include Six-building industrial portfolio totaling 1.2 million s/f in NNJ
Barclays Capital acquires 525,000 s/f asset from VisionReal Estate Partners/RubensteinPartners
Southern NJ 5-15B Rhodium Capital Advisors gain Jersey City office building for $20m
WHIPPANY, NJ — With the sale of The Crossings at Jefferson Park in Whippany, VisionReal Estate Partners and Rubenstein Partners have completed a benchmark New Jersey suburban office campus transformation. Bar- clays Capital – an anchor ten- ant at the 525,000 s/f, class A property – purchased the asset for $69 million. In a joint venture partner- ship, Vision Real Estate Part- ners and Rubenstein Part- ners purchased the Crossings property, located at 115 South Jefferson Rd., in 2013. The firms immediately launched a multi-million-dollar revi- talization and rebranding of the 65-acre campus, with a redesign specifically focused on promoting health, wellness, and sustainability. “From the outset, we recog- nized the outstanding potential of this property,” noted Vision Real Estate Partners’ Sam Morreale , founder and man- aging partner. “We purchased The Crossings for a smart price and invested significant capital in creating an envi- ronment that would attract
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The Crossings at Jefferson Park
today’s most discerning office space users. The fact that an existing tenant – particularly such a prominent tenant as Barclays Capital – approached us with the desire to become owner/occupier provides the greatest testament to what we have accomplished.” “Within the suburban New Jersey office market, there are certain well-located properties that have great potential to be remade into second-generation class A assets. We recognized The Crossings is a great ex- ample of a property that could
be modernized through strate- gic investment into improve- ments,” said Stephen Card, principal and Mid-Atlantic re- gional director for Rubenstein Partners. “We are incredibly proud of the outcome and our ability to attract a global organization like Barclays Capital.” The Crossings offers class A space in three buildings, all of which were renovated as part of the repositioning. Notably, this included a complete gut and rebuild of the property’s 150,500 s/f 200 Building, which
C6 Real Estate Ptrs. acquires multifamily for $27 million
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