S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Multiple bidding rounds, $65mcombined price reflects strong regional investor demand Cushman & Wakefield arranges Avenel industrial property sale
VENEL, NJ — Mul- tiple rounds of bid- ding and a combined $65 million sale price for two industrial buildings in Ave- nel reflect continued strong investor demand for class A product in New Jersey’s Port submarket. Cushman & Wakefield’s East Ruther- ford -based investment sales team orchestrated the trades of 191 Blair Rd. and 215 Blair Rd. from Sitex Group to Barings Real Estate on behalf of an institutional investor. A HI-LIGHTS April 13 - 26, 2018
park. The center, just 17 miles from Manhattan, is situated at a busy intersec- tion of I-80 and routes 46 and 23. Constructed in 1962 and redeveloped in 1998, Tulfra acquired the property from a New York investment group in 2015. Tulfra implemented more than $5 million in im- provements since acquiring the property. In addition to the self- storage facility, the building houses several industrial condominiums. Tyco, whose space was recently bought by an investor for $185/psf; RDD Associates Food Brokers; and Emergence Church, which operates a day care center and a sanctuary out of the facility. “The demand for this type of mixed-use commercial space in North Jersey is growing,” Jumani said. n Des igned by Michael Green Architecture , the class A building has been crafted to enhance environ- mental sustainability and tenant wellness. “People re- act differently to wood envi- ronments, including higher productivity and workplace satisfaction,” John Picco said. “The entire master plan is pedestrian centric, with five acres of open space that will blend seamlessly into the wider neighborhood. n Riverfront Square will oc- cupy the 11.8-acre site, which includes the former Newark Bears and Eagles Stadium and the site of the former Lincoln Motel. The ambitious mixed-use project, estimated at $1.7 billion, is expected to provide up to 2,000 residen- tial units, large and small- scale retail, cultural and public open spaces, a hotel and parking spaces in the heart of Newark’s downtown, adjacent to the Broad Street Station.
our region,” said Cushman & Wakefield investment special- ist Gary Gabriel , who repre- sented the seller and procured the buyer with A ndrew Me- rin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald . “Both buildings exhibited significant leasing interest prior to close,” Schmidt added. “Users are drawn to the prop- erties’ Port location, highly functional building designs and site layouts that accom- modate highly sought-after excess trailer parking.” The offerings drew institutional, REIT and private investors, and ultimately included three rounds of bids. In other news, Cushman & Wakefield has been named leasing agent for the country’s largest planned mass timber office building. The 500,000 s/f, 11-story tower will anchor Phase I of Lotus Equity Group’s mixed-use project proposed in Newark, named Riverfront Square.
215 Blair Rd.
“We maintain a positive outlook on the industrial sec- tor and are pleased to acquire these high-quality, well-lo- cated properties that offer the opportunity to add value to our investors,” said Mike Zammitti , head of U.S. Real Estate Equity for Barings Real Estate. “We appreciate the efforts made by Cushman &Wakefield and Sitex Group
to close this transaction.” Located at Exit 12 of the N.J. Tpke./I-95, the sales included a fully-renovated, 175,182 s/f building and a newly constructed, 198,854 s/f building. Both structures were unoccupied at the time of marketing. “These vacant- forward sales demonstrate the sustained appeal of well- located industrial product in
SPO TLIGHT Southern NJ
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Tulfra Real Estate &The Hampshire Companies complete $19.5M sale of Totowa self-storage facility
Tulfra completes $5M sale of 27,000 s/f space at 930 Riverview Dr., Totowa
TOTOWA, NJ — Real estate investment partners Tulfra Real Estate and The Hampshire Compa- nies announced the sale of a 91,000 s/f self-storage facility in the Totowa Business Cen- ter, located at 930 Riverside Dr., Totowa. The building was acquired by an undisclosed public com- pany for $230/psf. “This acquisition is a tes- tament to the growing self- storage market in the metro New York area,” said Sonny Jumani , president and part- ner of Rochelle Park-based Tulfra Real Estate. The two firms acquired the property in 2016 and rede- veloped it into a self-storage facility totaling 1,500 units of varying sizes. The compa- nies have undergone several joint ventures, developing more than five million s/f of
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Upcoming Spotlights Spring Preview Central New Jersey Industrial/Distribution Centers Contact Kimberly Brunet For more info: P: 781-740-2900 kbrunet@marejournal.com www.marejournal.com
Totowa Business Center
commercial real estate over decades of partnership. “Our companies have the same goal: to focus on under- utilized sites with tremen- dous potential and convert them to the best possible use for investors,” Jumani
said, noting that the firms are also joint venturing the redevelopment of the former Roche Diagnostics property, a 20-acre site in Belleville. The self-storage facility is part of Totowa Business Center, a 225,000 s/f office
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