S hopping C enters N ew J ersey S potlight C entral NJ
Real Estate Journal — Central New Jersey — May 11 - 24, 2018 — 9B
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M id A tlantic
Company completes trade of Monmouth Shores Corporate Park in Wall Twp. Cushman & Wakefield arranges three-building sale in Basking Ridge, NJ
ASKING RIDGE, NJ — A three-building of- fice park in Basking Ridge has traded in a sale orchestrated by Cushman & Wakefield’s East Ruther- ford, investment sales team. Cranford-based Signature Acquisitions purchased 106, 110, and 150 Allen Road from The Silverman Group . The assignment was led by Cushman & Wakefield’s Gary Gabriel, Andrew Me- rin, David Bernhaut, Brian Whitmer and Frank DiTom- maso II . Located immediately off of I-78 at Exit 33, the Park totals 524,260 s/f throughout three, four-story buildings. The class- A buildings were acquired in three separate transactions since 2010 and have been re- branded as The Offices at Liberty Corner. Each of the buildings caters to a range of tenant sizes and uses, featur- ing renovated common areas, covered parking options, on site Hamilton, NJ — NKF Capital Markets announced its representation of Mack- Cali Realty Corporation in the sale of The Horizon Center, a 236,284 s/f, six- building and two development site portfolio in Hamilton, to Denholtz Associates. The NKF Capital Markets team led by executive managing director Steven Schultz and managing director Tony Georgiev represented Mack- Cali Realty Corporation, while NKF’s leasing team experts, executive managing director Steve Tolkach and director Robert Loderstedt , repre- sented Denholtz. Senior man- aging director Dan Fromm aided Denholtz in securing financing. The Horizon Center, insti- tutionally owned, managed and maintained since 2007, is currently 86% leased to 18 ten- ants and boasts an impressive weighted average historical occupancy of 11.3 years. The properties included in the portfolio are 2 South Gold Dr., B
mouth Shores Corporate Park inWall Twp.,, an eight-building office/flex complex totaling 400,000 s/f. Monmouth 2 LLC, an affiliate of BHN Associ- ates , purchased the asset from Mack-Cali . Monmouth Shores Corporate Park is situated along Campus Pkwy., Wyckoff Rd. and Hwy. 34 in Wall Township. The Park was 88% leased to 24 tenants at the time of sale and is com- prised of five single-story flex assets and three office build- ings. Cushman & Wakefield’s NJ investment team members represented the seller. “Mack-Cali has done an ex- ceptional job with the Park, maintaining a high historical occupancy rate and catering to a diverse base of regional and national credits,” said Gabriel. “Most notably, the Park serves as home to Monmouth County’s largest employer, who has maintained a presence there for over 15 years and continues to expand,” DiTommaso added.
The Offices at Liberty Corner and was able to consolidate and expand a number of tenants,” he added. “The I-78 corridor, particu- larly at Exit 33, remains of interest to globally recognized companies seeking quality of- fice space near amenities and conveniences. This is evidenced by the Park’s occupancy, which increased from 93% to near-full during the short time the Park
food service, extensively land- scaped grounds and outdoor seating areas. “The Portfolio features a diverse, credit-laden rent roll with over 40 tenants offer- ing numerous synergies from shared amenities and multiple price points for occupiers,” noted Gabriel. “Prior ownership capitalized on the flexibility of the park, and its amenities,
was marketed for sale,” added DiTommaso. Cushman &Wakefield’s leas- ing experts Bill Brown, Ben Brenner and MariaGrace Iantosca assisted in the sale and will continue to serve as leasing agents on behalf of Signature Acquisitions. In a separate transaction, Cushman & Wakefield has arranged the trade of Mon-
NKF Capital Markets Completes Complex Trade of Mack-Cali’s 6-Building searched to deploy capital in markets and property types that provide our firmwith ide- al value-add opportunities,” said Stephen Cassidy , presi- dent of Denholtz Associates. “Our acquisition of the Hori- zon Center exemplifies that commitment as we recognize the strong growth trajectory of the Mercer County market and the unique prospects pre- sented by this property. With a limited supply of quality of- fice buildings in the area, the acquisition of this property will enable us to apply our in-house capabilities to bring the portfolio to full occupancy and provide strong returns to our investors.”
“This market has become an increasingly desirable area for corporate users seeking to tap in to the skilled employment base, and we look forward to working with Denholtz to leverage the properties’ versatile floor plates, conve- nient accessibility by major thoroughfares, and wealth of amenities,” said Tolkach.
prime development potential. “We are pleased to have completed this complex port- folio trade on behalf of Mack- Cali, which is part of its plan to dispose non-core assets,” said Shultz.” The premier Ho- 3 AAA Drive in Hamilton
100 Horizon Dr. 200 Horizon Dr., 300 Horizon Dr., 500 Hori- zon Dr., and 3 AAA Dr., a two- story office building; as well as the two additional land sites at 5 and 6 AAA Dr. with more than 12-acres combined and
rizon portfolio is an excellent fit for Denholtz and a rare op- portunity in one of a few core New Jersey suburban real estate submarkets.” “Since our founding 65 years ago, our teamhas aggressively
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