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Mid Atlantic Real Estate Journal — New Jersey — June 14 - 27, 2013 — B
www.marejournal.com
Including 79,062 s/f in Pompton Lakes Marcus &Millichap arranges $14.58 million in NNJ sales
185,000 s/f office and laboratory in Rockleigh Ghp Office Realty inks sale of 8 King Rd. for $15.553m
UPPER MONTCLAIR, NJ — Marcus & Millichap real estate investment services has announced the sale of 510 Val- ley Rd., a 43,130 s/f A&P-an- chored shopping center located in Upper Montclair, according to Michael Fasano , VP and regional manager of the firm’s New Jersey office. The asset commanded a sales price of $8,531,708. Ben Sgambati , a VP invest- ments, Alan Cafiero , a senior associate and David Cafiero , an associate, all in Marcus & Millichap’s NJ office, repre- sented the seller. Sgambati and Alan Cafiero also repre- sented the buyer. POMPTON LAKES, NJ — Marcus & Millichap an- nounced the sale of a 79,062 s/f property. The asset com- manded a sales price of $6.05 million. Barbara Dansker , an as- sociate in the Marcus & Mil-
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ockleigh, NJ — GHP Office Realty , an owner and manager
of properties in the suburban tri state area announced the sale of a 185,000 s/f office and laboratory at 8 King Rd. in Rockleigh, Bergen County for $15.553 million. The property was fully leased at the time of the sale to Spectra East. The seller was 8 King Rd. LLC and was represented by GHP Office Realty. The sale was arranged by Andrew Greenspan and James Hou- lihan . The purchaser was MCP 8 King Rd. LLC a Boston MA based real estate investor and developer. Seller’s attor- ney was Elizabeth Smith, Esq. of Goldberg, Weprin, Finkel, Goldstein, LLP . The purchaser’s attorney was Da- vid Steinmetz, Esq. of Zarin Clifton, NJ — Mack- Cali Realty Corporation announced that it has sold an office building located at 777 Passaic Avenue in Clifton for approximately $5.8 million to a joint venture comprised of Gottesman Real Estate Partners and Mountain De- velopment Corp. (MDC) . Mitchell Hersh, president and chief executive officer of Mack-Cali, commented, “This sale will allow us to redeploy the proceeds into more stra- tegic growth opportunities.” The five-story, approximately 77,000 s/f 777 Passaic Avenue is approximately 65% occu- pied. MDC, which is based in nearby Woodland Park and manages one million s/f of of-
226-247 Wanaque Avenue
lichap’s New York office along with Michael Lombardi , a senior associate in New Jersey office, had the listing to market the property on be- half of the seller, a New York investor. The buyer, was secured and represented by MarkGjonba- laj , a senior associate in Mar- cus & Millichap’s NJ office. The property is located at 226-247 Wanaque Ave. and consists of Windsor School, three apartments, the borough of Pompton Lakes, a local gymnastic studio and Smiling Rhino Theater. n
8 King Road in Rockleigh
& Steinmentz and title was handled by First American Ti- tle Insurance. 8 King Rd. was purchased by the principals of GHPOffice Realty and a group of private investors in 2000. “8 King Rd. is a great property in a terrific location and Spectra is an excellent Tenant. As ac- tive owners and opportunistic
investors, we felt it was time to identify other investment opportunities”, Greenspan said. The property will undergo a multi-million dollar renova- tion and will house Spectra’s state of the art infrastructure and world class laboratory space. n
Tishman manages construction of mixed-use in Hoboken, NJ
Mack-Cali sells Clifton office property to Mountain Development Corp. for $5.8 million
Park Place rendering
Hoboken, NJ —AECOM Technology Corporation an- nounced that its Tishman Construction operation is managing the construction of Park Place, a premier green development in the northeast corridor of Hoboken. Developed by Bijou Proper- ties in partnership with the AFL-CIO Building Invest- ment Trust (BIT) , the 412,350 s/f building will feature 212 rental units, retail space, a six- level parking garage and edu- cational areas. When finished, Park Place will be one of only two LEED-certified Gold resi- dential rentals in Hoboken. “We are proud of Tishman’s work with Bijou Properties
and the AFL-CIO BIT on this significant project,” said John Dionisio, AECOM chairman and CEO. “Working to realize their vision, our team looks for- ward to transforming the site into a new icon for Hoboken.” OnMay 7, the representatives from the development partners and project teams were joined by local officials and labor orga- nizations to celebrate the site’s official groundbreaking. Hav- ing already provided precon- struction services, Tishman is currently clearing the site and beginning the project’s initial construction phase. Completion of the $131 million mixed-use development is expected in early 2015. n
777 Passaic Avenue in Clifton
fice space in Passaic County, will serve as the property man- ager and leasing agent for the
joint venture. First mortgage financing was provided by TriState Capital Bank . n
MOORE S TOWN , N J — G R E Y - H AWK , a construction project man- agement and c o n s u l t i n g firm, has pro- moted Fritz Marth, PE , GREYHAWK promotes Marth to senior managing consultant (shown left) from managing consultant to senior managing consultant. Marth has worked with GREYHAWK for the past five years where he has performed lead/testifying expert roles for the company’s diverse client base. In his new role Marth will help grow and manage the consulting practice. “We are pleased to promote Fritz to this position as his industry knowledge and ex- perience, and commitment to clients have contributed to the overall growth and success of our consulting practice,” said Charles Boland , principal of GREYHAWK. n
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