- DC

Alan Cafiero & Ben Sgambati represent sellers and procure one buyer Marcus & Millichap sells two NJ shopping centers for over $29 million P ARAMUS, NJ — Mar- cus &Millichap , one of the leading commercial

ISSUE HIGHLIGHTS Volume 27 Issue 15 August 14 - 27, 2015 Financial Digest Featuring... Multi-Family Financing

real estate investment servic- es firmwith offices throughout the United States and Cana- da, arranged the sale of two Northern New Jersey shop- ping centers in June 2015 for over $29 million, according to Brian Hosey , regional man- ager of the firm’s New Jersey office. One of the properties is the Sprout Brook Shopping Center, a 21,875 s/f multi- tenant retail center in Para- mus, that sold for over $680 psf, which is one of the highest prices per square foot paid for a multi-tenant center in New Jersey. The other multi-tenant asset is Franklin Commons, a 43,327 s/f neighborhood shop- ping center and medical office building that brought $14.825 million or $342 psf. Alan Cafiero and Ben Sgambati , vice presidents investments in Marcus & Millichap’s New Jersey of-


NJ’s Company of the Month

Sprout Brook Shopping Center

Franklin Commons

fice, represented both sell- ers, and procured the Sprout Brook Shopping Center buyer. John Abuja , vice president investments in Marcus &Mil- lichap’s Chicago Downtown office, secured the purchaser of Franklin Commons. Both assets were acquired as part of a 1031 exchange transaction. “The strength of New York City’s job market has given stability to the Northern New Jersey retail market,” said Cafiero. “The vibrant econ-

omy, readily available low- cost financing and dropping vacancy are fueling investor demand.” “For the past year, the mar- ket has been dominated by local investors and buyers from across the Hudson,” adds Sgambati. “In particular, exchange buyers from New York City remain active in the market. Time constraints associated with 1031 transac- tions are prompting aggressive bidding and many of these

investors are accustomed to higher-pricedmarkets, driving Northern New Jersey prices upward.” Sprout Brook Shopping Cen- ter is located on 2.4 acres at 556 Rte. 17 North in Paramus. Rte. 17 has a traffic count of 150,000 cars per day. At the time of the sale, the center was fully occupied. Built in 2007 on five acres, Franklin Commons is locat- ed at 454 Elizabeth Ave. in Franklin Township. n multitude of uses, including “E-commerce” fulfillment. Topping the list of Heller’s design advantages will be the ability to store class I to class IV commodities in racks to a maximum of 40’ without the need for in-rack sprinklers. Next is the ESFR sprinkler system, designed specifically to operate without the need of a fire pump, saving the substantial and ongoing cost of frequent testing and main- tenance. Third is the clever interior roof-column layout, which allows the customer to install either standard aisle or narrow aisle pallet racking, without ever having a column protrude into an aisle. “Site work commenced this week,” according to Steve Adamowitz , executive vice president of I. Heller Con- struction Co., Inc . “The building should be under roof before winter sets in, and inte- rior tenant fit-out can continue throughout the winter.” n



Feinberg Real Estate Advisors represents seller in $4.65 million sale in Allentown, PA

Heller Industrial Parks breaks ground on new 285,000 s/f ind. warehouse/distribution center

SOUTH BRUNSWICK, NJ — Heller Industrial Parks has broken ground on a 285,000 s/f industrial warehouse / distribution cen- ter at Heller Park North in South Brunswick. The newest building in the New Jersey Turnpike Exit 8A submarket will re-affirm Heller as the


leader in industrial develop- ment in central New Jersey by setting new standards for building design and land-use efficiency. “This new building is part of Heller’s long-stand- ing strategic plan to develop the best buildings in the best locations,” said Brian Ban- aszynski , president of Heller Industrial Parks. “We have been diligently monitoring the market demand for class A product, and determined it is an appropriate time to proceed with this new building on a speculative basis. Given the advantageous building design and the market condi- tions throughout Northern and Central New Jersey, we are confident that this new facility will be leased quickly.” The size of the building when it was originally de- signed was 350,000 s/f, maxi- mizing the building envelope with little regard to trailer and car parking. Heller’s new- ly approved design now offers full depth 190’ truck courts al- lowing ample room for trailer storage across from the docks, with other land available on- site for additional cars and/or trailers if needed. The current design allows for the build- ing to be easily adapted for a Rendering of 285,000 s/f industrial building at Heller Park North


Upcoming Spotlights August 28, 2015 Commercial Real Estate Law PA/NJ/DE ICSC Conference & D.M DelMarVa • DC...........................................................5-8A Pennsylvania Featuring PA’s Elite Companies........15B-BC Financial Digest......................................................9-18A New Jersey........................................ Front Cover B - 14B Central New Jersey...................................................5-9B


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