Real Estate Journal — New Jersey — May 12 - 25, 2017 — 13B


M id A tlantic

N ew J ersey

Sholom of Team Resources represented the Seller in the transaction CenterPoint announces 100K s/f acquisition in Northern New Jersey


president of investments at CenterPoint. “The location of the building is tremendous and the asset offers flexibil- ity for outside storage type uses, while in the future has potential for e-commerce and high throughput distribution into NYC. This investment is a long-term income play on a last-mile oriented asset with a strong tenant in place.” The building offers approxi- mately 20K s/f of high qual- ity office space, 92 dock high doors, and ample truck courts with multiple points of in- gress/egress off both Com-

mercial Ave. and Gotham Parkway. The property sits on 8.5 acres with rare outside storage capabilities and was renovated in 2011. “Over the last year Cen- terPoint has grown our East Coast portfolio by over 5.4 million s/f, investing over $400 million,” added Charlton. “The Northern NJ industrial market is a major focus point for CenterPoint and we look forward to continuing to ag- gressively pursue additional acquisition and development opportunities in NJ in the near term.” n

ARLSTADT, NJ — CenterPoint Prop- ert ies announced

its recent acquisition of 700 Commercial Ave. The 100K s/f transload facility with outside storage capabilities is located on an 8.5 acre site in the Meadowlands submarket of Northern NJ. Greg Sho- lom of Team Resources represented the seller in the transaction. The facility is leased on a long-term basis to Safway Atlantic – one of the largest hoisting and scaffolding com- panies in US. “We are excited to add this unique asset to our portofilio and expand our presence in Northern NJ with a strategic acquisition in the heart of the Meadowlands submarket,” said PJ Charlton, senior vice Sheldon Gross Realty brokers deal on 3,600 s/f, Rte. 10 location WEST ORANGE, NJ — The LensCrafters location at 389 Rte. 10 in East Hanover has been renewed for lease, via arrangements by Shel- don Gross Realty VP Eric Weston . The 3,600 s/f show- room space features parking immediately adjacent to the front door and also in a rear lot. “This location has been ex- tremely successful for Lens- Crafters, so it’s particularly advantageous that we were able to renew their lease,” said Weston, who represented the property owner in negotiations with LensCrafters’ parent com- pany, Luxottica Retail North America. “For a retailer, hav- ing this spot on the eastbound side of Rte. 10, immediately across from a busy strip mall, is exceptional. It’s an arrange- ment that absolutely benefits everyone.” Luxottica Retail North America of Mason, OH is the North American arm of global, Milan-based eyewear design, production, and distribution leader Luxottica. In addition to the LensCraft- ers location – and an Enter- prise Rent-a-Car office – the 389 Route 10 building also features a 15,600 s/f unit that’s currently available for lease through Sheldon Gross Realty. It has 10,180 s/f for retail and 5,420 s/f of warehouse space, with frontage and signage fac- ing directly on to Route 10. n

700 Commercial Ave.

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