4A — July 25 - August 14, 2014 — M id A tlantic

Real Estate Journal


M id A tlantic R eal E state J ournal

Kislak completes $136m sale of Rachel Gardens...

Team recognized for relocation of GAF headquarters NorthMarq secures two NY transactions totaling $2.775m

E W Y O R K — Charles Cotsalas , senior vice president/ senior director of North- Marq Capital ’s New York Metro based office arranged the refinancing of the Chow Down Diner and Poco Loco for a combined $2.775 mil- lion. NorthMarq arranged the transactions for sepa- rate borrowers through its relationship with StanCorp Mortgage Investors, LLC . Poco Loco: Located at 1431 Old Northern Blvd., Roslyn, New York, this 5,800 s/f res- taurant was refinanced at $1.275 million. The transac- tion was structured with a 25-year term and 25-year amortization schedule. “This is cash out refinance N UNION, NJ — Bussel Re- alty Corp. (BRC) , a corpo- rate and industrial real estate services firm in New Jersey, announced Kalustyan Corpo- ration has expanded by 50,000 s/f into Building C at 1835 Burnet Ave. in Union. Origi- nally, the company leased 32,472 s/f in Building B at the three-building industrial park. The expansion brings the company’s total occupancy at the industrial complex to 82,472 s/f. Vice president James Hodgkins of BRCwas responsible for the transaction and represented Kalustyan Corporation. The building was represented by Ken Lund- berg of NAI Hanson , who also represented the owner in the original transaction. CONSHOHOCKEN, PA – The Borough of Conshohock- en and Keystone Property Group announced that they have formed a public-private partnership to redevelop the former Verizon Building at 400 Fayette into a modern office, retail and community facility that will house the new Borough Hall, admin- istrative offices and police headquarters. Last year, Keystone was selected by the Borough to serve as redeveloper for the site, which involves renovat-

Chow Down Diner

Poco Loco

for an owner occupied restau- rant,” said Cotsalas. Chow Down Diner: Located at 40111 Hempstead Tpke., Bethpage, New York, this 9,000 s/f diner was refinanced at $1.5 million. The transac- tion was structured with a 10-yaer term and 25-year amortization schedule. North- Marq arranged financing for the borrower, HVS Enter-

prises, Inc. “This was a cash-out refi- nance for an owner occupied property,” said Cotsalas. “In addition to recapitalizing the cost of the property and im- provements, the loans were used to secure equipment financing. The property had recently opened with no his- torical operating numbers,” said Cotsalas. n

Rachel Gardens aerial

Constructedbetween1989and 1999, RachelGardens consists of 531 two bedroom apartments, 226 one-bedroom apartments and seven studio apartments in 32 three-story buildings. 596 of the units are market rate and 168 of the units are affordable. It is the onlyapartment property in Montville. Montville was ranked 13th in the nation in Money magazine's 2013 Best Places to Live rank- ings, the second-highest in New Jersey of the top 50 nationwide. In 2012, Morris County was ranked the10thwealthiest coun- ty in the nation by the American Community Survey. n

continued from FC-A “There are only a handful of apartment complexes of the size and quality of Rachel Gardens in northern New Jersey and they rarely, if ever, sell,” said Squires. “Our exclusive listing represented an extraordinary and unique opportunity for investors to acquire a large well-performing property in an affluent community only thirty minutes from Manhattan. Oc- cupancy at Rachel Gardens is consistently high with waiting lists for some units. These fac- tors contributed to a frenzy of interest from many investors, several at a sub 5% cap rate.”

Bussel Realty Corp. represents 50,000 s/f tenant expansion in Union, NJ

NAI Hanson facilitates 13,350 s/f lease in Branchburg, NJ

1835 Burnet Ave.

“Several years ago I repre- sented Kalustyan Corp in its original lease at the industrial park,” said Hodgkins. “With the company’s growth in busi- ness, Kalustyan decided an expansion within the indus- trial park could continue to ac- commodate its present needs and future plans.” 1835 Burnet Ave., Building ing the former Verizon build- ing to incorporate a brand new facade, elevators, roof and building systems. The building’s lower level will be converted to tenant parking for approximately 40 vehicles. The Borough has hired con- tractor Geppert Bros., Inc. a women’s business enter- prise, to oversee remediation and demolition work. The Bo r ough o f Con- shohocken will be entering into a lease agreement with affiliates of Keystone for the balance of the space within

C offers eight cross docked tailgates, one drive-in door, 60 parking spaces, and wet sprinkler system. The indus- trial park’s location provides easy access to the New Jersey Tpke., Garden State Parkway, and Rte. 78 East. It is 15 minutes to Ports Newark and Elizabeth and Newark Liberty Airport. n the building, which will com- prise 16,500 s/f of office space and 5,500 s/f of retail space along Fayette Street. The space will be marketed by Keystone. “We are excited by the op- portunity to transform this underutilized building into a high-performance facility that will be well-equipped with state-of-the-art infra- structure to effectively serve the needs of the Borough and its residents,” said Bill Glazer , president of Key- stone Property Group. n

3434 Route 22 West

The Borough of Conshohocken and Keystone Property Group launches redevelopment of former Verizon Building

lord is Normandy Fox Hollow LLC. “Cimquest was attracted to Fox Hollow Business Center due to the flexibility of the space, as well as the building’s convenient location on Route 22,” Mayer said. “Fox Hollow will provide the company with space for its headquarters, training, show room and stor- age requirements.” Fox Hollow is a 42,600 s/f, class B flex and R&D mul- tiple-tenant building with 22-foot ceilings and ample parking. With this lease, the building is now 100% occupied. n

BRANCHBURG, NJ — NAI James E. Hanson , a New Jersey-based commercial real estate firm, announced that it has facilitated a long- term, 13,350 s/f office lease at Fox Hollow Business Center, located at 3434 Rte. 22 West in Branchburg. The tenant, Cimquest Inc., which represents manufactur- ers of 3D printers, production systems, and design software, is relocating from a location in Bedminster, NJ. The NAI Hanson team of vice presidents Barry Mayer and Arthur Hixson repre- sented the tenant. The land-

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