S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
HFF closes $66 million sale of 300 Kimball Drive Transwestern Investment Group sells 400,000 s/f office building in Parsippany, New Jersey
ARSIPPANY, NJ — Transwestern Invest- ment Group (TIG) has sold a 400,127 s/f, class A office building at 300 Kimball Dr. in Parsippany, on behalf of a large national insurance com- pany. The sale follows an ex- pansive capital improvement program which transformed the asset from a single-tenant property into a state-of-the- art, multitenant facility. Fully occupied by the seller until 2013 when renovations began, property improve- ments included redesigns of P HI-LIGHTS MAY 10 - 23, 2019
has provided leasing and prop- erty management services for 300 Kimball Drive since 2012 and oversaw the renovations. The office leasing team of TCS Partner and New Jersey mar- ket leader James Postell and managing director Matthew McDonough achieved out- standing leasing momentum at the property over the next few years. Now the property is 78% leased to notable ten- ants, including FM Global, Fiserv, Langan Engineering andWesternWorld Insurance. The Holliday Fenoglio Fowler, L.P. (HFF) team representing the seller includ- ed senior managing directors Kevin O’Hearn and Jose Cruz and senior directors Stephen Simonelli and Michael Oliver. HFF also procured the private buyer.
300 Kimball Dr.
the building’s 4,900 s/f lobby, 8,600 s/f bistro, and 3,000 s/f fitness center. Additionally, numerous sustainable im- provements were implemented to strengthen the building’s
performance. As a result of these efforts, the building received LEED Silver certifica- tion, has earned an ENERGY STAR certification four times, and won the Grand TOBY
award from the Building Own- ers and Managers Association in 2017, the association’s high- est honor. Built in 2001, Transwestern Commercial Services (TCS)
NorthMarq’s Ranieri completes $16 million refinance of Village Manor in Nutley, NJ
SPOTLIGHT CENTRAL NJ
7-12B
NUTLEY, NJ — Robert Ranieri , senior vice presi- dent/managing director of NorthMarq’s White Plains- based regional office arranged the $16 million refinance of Village Manor, a 227-unit multifamily property located on Adams St. in Nutley, New Jersey. The transaction was structured with a 10-year term on a 30-year amortiza- tion schedule. NorthMarq arranged financing for the bor- rower through its relationship with Freddie Mac . The garden-style complex featuring one and two bedroom units is located near Route 3 in the center of Nutley, New Jersey. The property benefits from close proximity to retail shopping, restaurants, rec- reation, post office and town hall—all within a few blocks. Village Manor’s location offers easy access to major highways and close proximity to public transportation. Community amenities include laundry fa- cilities, 24-hour on-site main- tenance and assigned surface and garage parking.
DEVELOPMENT OF THE MONTH
The River Club Bogata, NJ
10-11B
CONTRIBUTING COLUMNIST
Village Manor
“This was a low-leverage refinance of an existing Fred- die Mac loan with a long-term
recognize the importance of repeat business with quality clients.”
NorthMarq Freddie Mac bor- rower,” said Ranieri. “Freddie Mac and NorthMarq always
2B
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