S hopping C enters N ew J ersey
M id A tlantic Real Estate Journal — New Jersey — Section B
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Welsh , Schulz and Tselepis represent seller in mixed-use sale Newmark Knight Frank announces sale & structured joint venture of 39-building Hoboken portfolio
H
OBOKEN, NJ — Newmark Knight Frank (NKF) an-
nounced the joint venture sale of a 39-property, mixed-use portfolio in Hoboken, NJ (Port- folio) on behalf of a private owner. Executive managing di- rector Kevin Welsh and man- aging director Brian Schulz of NKF’s Capital Markets group represented the seller in the transaction, along with support from NKF Retail managing director Dean Tselepis . The team was also responsible for procuring the joint venture partner, Federal Realty In- HI-LIGHTS APRIL 10 - 23, 2020 3-7B SPOTLIGHT SOUTHERN NJ BUSSEL REALTY HANDLES LEASES TOTALING 90,173 S/F
Hoboken rendering
the Portfolio comprises 129 residential units and 171,959 s/f of urban retail featuring a number of Hoboken’s leading brands. “We're very bullish on Hobo- ken as it continues to mature and find favor among NYC
commuters, especially given its proximity to the increas- ingly important West Side of Manhattan and the $25+ billion Hudson Yards development,” said Donald Wood , president and CEO of Federal Realty Investment Trust.
Washington St. aerial
an opportunity of unparalleled scale in one of the region’s most prominent urban lifestyle mar- kets. Concentrated primarily along Washington St., Hobo- ken’s premier retail corridor,
vestment Trust . The 278,879 s/f Portfolio rep- resents one the largest single sales of mixed-use properties along on the New Jersey water- front. The acquisition provides
Schilpof NAIHansonnegotiates sale toSpur Spec Industrial Development in Sparta
mixed-use building at 297-301 Lafayette Ave. in Hawthorne. NAI James E. Hanson’s An- drew Somple, SIOR , and Justin Allessio represented the seller, the Van Beuzekom family, in the transaction with the buyer, Lighthouse Preg- nancy Resource Center. Lighthouse Pregnancy Re- source Center is a non-profit organization that operates resource centers in Hacken- sack, Wayne, and Paterson for women, men and teens. Light- house Pregnancy Resource Center will be utilizing 297-301 Lafayette Ave. as their new corporate headquarters and fourth location. Featuring 7,381 s/f of office space along with two mezza- nine apartments, 297-301 La- fayette boasts a strategic loca- tion in Hawthorne’s downtown redevelopment district. The new headquarters in the heart of Hawthorne’s downtown rede- velopment district will ensure that Lighthouse will have a valuable role in the ongoing growth of the community.
SPARTA, NJ — NAI James E. Hanson has negotiated the sale of two industrial develop- ment sites at 2 and 4 Aaron Way in the White Lake Com- merce Park in Sparta. NAI Hanson’s John Schilp rep- resented the seller, Berardi Developers , in the NAI James E. Hanson transaction. Occupying 31.54 acres along the NYS&W freight rail line just off of Rte. 15, the White Lake Commerce Park is made up of 12 subdivided fully im- proved lots in the heart of Sussex County. Situated 12 miles from I-80 and less than five miles from Rte. 206, the property it ideally suited for a wide range of industrial uses. Purchased by a Morris Coun- ty-based developer, the land at 2 and 4 Aaron Way will be transformed into a 30,000 s/f spec warehouse to meet the growing demand for industrial space in the Sussex County market. Schilp was retained in 2019 to facilitate the sale of the 12 lots making up the site. With
2 and 4 Aaron Way in the White Lake Commerce Park
the last lot due to close in late March, Schilp has now brought several developers to the White Lake Commerce Center to con- struct spec industrial buildings ranging in size from 10,000 - 30,000 s/f. “Just a few years ago, Sus- sex County was far from front of mind when it came to spec industrial development. How- ever, record-high pricing to the
east has forced developers and tenants to look to the area to meet their industrial real es- tate needs,” said Schilp. “Where once there stood a vacant lot, it has been a pleasure to work with owners and developers for the marketing and sale of these properties”. Also in Northern NJ, NAI James E. Hanson has negoti- ated the sale of a 10,761 s/f
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