S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

Dunne, Welsh, Schulz and Ryan represent Columbia Property Trust CBRE brokers $174.5 million sale of 973,000 s/f 80 Park Plaza in Newark


venture between New York- based Nightingale Properties and private real estate inves- tor Simon Glick. 80 Park Plaza is a 973,000 s/f office complex that in- cludes an iconic 26-story of- fice tower and a three story plaza building. Serving as the headquarters for PSEG since 1979, the property is currently 85% net leased to PSEG for more than 14 years, providing stable credit cash flowwith an- nual increases. The property also offers additional upside through the leasing of the top five floors of the tower. 80 Park Plaza is situated at the center of Newark’s urbanization, just two blocks from Newark Penn Station with numerous rail, PATH, light rail and bus options pro- viding access to Manhattan and Newark Liberty Inter- national Airport in less than 15 minutes. The property’s locational value is enhanced by Newark’s expanding 24/7

E W A R K , N J — CBRE Group, Inc . announced that Jef-

HI-LIGHTS NOV. 11 - 24, 2016 frey Dunne , Kevin Welsh and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s Saddle Brook office, represented Columbia Property Trust in the $174.5 million sale of 80 Park Plaza, the corporate headquarters for Public Service Enterprise Group (“PSEG”) in Newark. The teamwas also responsible for procuring the buyer, a joint

80 Park Plaza

lifestyle environment with a growing number of national retailers (Whole Foods, Star- bucks, Nike, Chipotle), more than 1,500 residential units that are planned or under construction, several new hotels within two blocks, and a dedicated base of cor-

porate tenants (Prudential, Panasonic, Audible) and uni- versities (Rutgers-Newark, NJIT, Seton Hall Law) that continue to drive demand in the city. Dunne said: “The property’s long-term occupancy with PSEG provides stable cash

flowwith significant potential upside from the lease up of the top five floors. Nightingale and Glick plan to implement a new capital improvement program to enhance the lobby and amenities that may facili- tate lease up and augment the net operating income.” n

Central NJ 7-13B

Colliers team brokers sales of two former HQ assets for $10.1m

Denholtz Associates sells two fully occupied properties in East Brunswick totaling 107,000 s/f

access to Rte. 18 via Tices Lane and are in close proxim- ity to Exit 9 of the New Jersey Turnpike. Tenants at the two properties range from indus- trial to recreational including Center Stage Dance Studio and Jumping Jungle Chil- dren’s Recreational Center. “Our ability to stabilize and obtain full occupancy at both properties coupled with the assets’ centralized location near major area highways and ample parking made this pair of buildings highly attrac- tive to potential buyers,” said Steven Denholtz , CEO of Denholtz Associates. “Through our investment strategy we were able to capitalize on our investment and sell the build- ings to a qualified buyer.” David Zimmel of Zimmel Associates , was the broker representing Denholtz and Greek Development in the transaction. n

EAST BRUNSWICK, NJ — Denholtz Associates , a privately held, fully integrat-

ed real estate development, investment and manage- ment compa- ny, has an- nounced the sale of two fully-leased flex proper- ties totaling 107,000 s/f l o c a t e d a t On e K i m - berly Rd. and Te n A l v i n Court in East Brunswick. T h e s a l e was made to Greek Development .


Q&A: Michelle Raigosa of Design Management Services

One Kimberly Rd.

Steven Denholtz


ALSO INSIDE NJECA..........................................1B MCEDC......................................18B CREW NJ....................................21B www.marejournal.com

David Zimmel

These fully stabilized, 100% occupied properties are lo- cated only an hour from New York City and feature easy

Ten Alvin Court

Made with FlippingBook - Online magazine maker