10B — September 16 - 29, 2016 — Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey Manveer Sanghera and Trevor Fiebel represent the buyer
Marcus & Millichap completes $1.9 million sale of a 10,500 s/f retail property in Bridgewater, NJ
RIDGEWATER, NJ — Marcus & Millichap announced the sale of a 10,500 s/f retail property locat- ed in Bridgewater, for $1.975 million, according to Brian Hosey , regional manager of the firm’s New Jersey office. Manveer Sanghera and Trevor Fiebel represented the buyer, a limited liability company. The subject property is lo- cated at 728 Thompson Ave. in Bridgewater. It was formerly known as The Office Bar & Grill and was sold to an execu- tive chef who will convert the B
restaurant into a high-end bar and grill. The buyer and his partner are projecting a fall opening after their complete remodeling of the building is finished. After two months of negotiations, Manveer and Trevor were able to secure the buyer’s property for 80% of the asking price. When issues with the liquor license arose, the team advised their buyer to bring on a second attorney who specializes in liquor license transfers to ensure a prompt closing. The deal was closed on the original projected closing date of July 18th. n JLL relocates Tokio Marine to Jersey City JERSEY CITY, NJ — JLL has completed two new, direct transactions, totaling 67,859 s/f of office space, for Tokio Marine North America. The global insurance firm signed for 21,499 s/f at 1221 Ave.of the Americas inMidtownManhat- tan with building owner The Rockefeller Group , and also inked a lease for 46,360 s/f at 499 Washington Blvd. in Jer- sey City, with The LeFrak Organization . Tokio Marine was repre- sented in both transactions by Peter Riguardi , chairman and president of New York Operations ; Cynthia Was- serberger and Michael Berg , managing directors, all with JLL. The owner of 1221 Ave. of the Americas, The Rockefeller Group, was represented in- house by EdGuiltinan , senior vice president and head of leas- ing in New York, along with a Cushman & Wakefield Inc. team led by John Cefaly , executive vice chairman. The owner of 499Washington Blvd. was represented in-house by Marylou Berk , senior vice president and head of commer- cial real estate at LeFrak Com- mercial, along with a C&W team ted by Charles Borrok , executive vice chairman. TokioMarine inked a 15-year lease for 21,499 s/f of office space and will occupy a por- tion of the 15th floor at 1221 Ave. of the Americas, which is located in Rockefeller Center. The global insurance firm is relocating from its previous offices at 230 Park Ave. Tokio Marine also completed a 15-year lease for 46,360 s/f and will occupy the entire 15th floor at 499WashingtonBlvd. n
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