S hopping C enters N orthern NJ S potlight

M id A tlantic Real Estate Journal — Northern NJ — September 17 - October 21, 2021 — 5B


152,900 s/f of industrial/mixed-use properties sell in Bergen &Hudson Counties totaling $ 25.24M Marcus & Millichap New Jersey office arrange three sales in Northern Jersey


ORTHERN, NJ — Marcus & Millic- hap New Jersey office

completed three industrial/ mixed-use sales in North Jer- sey: Marcus & Millichap an- nounced the sale of the Kearny Industrial Complex, a 135,000 s/f industrial property located in an opportunity zone in Ke- arny. The asset sold for $21.15 million. “We facilitated 50-plus prop- erty tours and received over 20 offers on the property,” said Mark Gjonbalaj , first vice president investments in Marcus & Millichap’s New Jersey office. “The property was delivered vacant at clos- ing and a 40,000 s/f parking lot across the street was included in the sale.” Gjonbalaj and Marcus & Millichap’s Alan Cafiero, Ben Sgambati and David Adjmi had the listing to market the property on be- half of the seller and procured the buyer. Located seven miles from NYC, the Kearny Industrial Complex includes 10,000 s/f of CLIFTON AND PATER- SON, NJ — Lee & Associ- ates completed two transac- tions in North Jersey: Lee & Associates New Jer- sey has arranged a long term lease at 174 Delawanna Ave. in Clifton, on behalf of Weee! Inc. Weee! Inc. will occupy the entire 220,000 s/f building. Chris Schofield, SIOR principal at Lee & Associ- ates Oakland office, repre- sented the tenant along with principal, Brian Lynch and associate Kyle Janoczkin from Lee & Associates New Jersey. William Waxman, David Gheriani , and Kevin Dudley , from CBRE , along with Jack Shulman , from The Stro Companies , rep- resented the landlord in this transaction. “We are pleased to have helped Weee! Inc. find a home

Kearny Industrial Complex

29 Elm St. in Morristown

120 Woodland Ave. in Woodland

office space and at the time of the sale, the balance was being used as warehouse and manu- facturing space. The property has ceiling heights between 15 feet and 20 feet, nine loading docks, one drive-in door, two 10-ton cranes and 4,000 amps of electric service. Marcus & Millichap an- nounced the sale of Morris- town Medical Mixed Use, a 6,000 s/f mixed-use property located in Morristown, accord- ing to James McGuckin , regional manager of the firm’s New Jersey office. The asset sold for $2.5 million. Brian Kaplan and Chip Collins , investment specialists

in Marcus & Millichap’s New Jersey office, had the listing to market the property on be- half of the seller. The buyer, a limited liability company, was also secured and represented by Kaplan and Collins. Morristown Medical Mixed Use is located at 29 Elm St. in Morristown. The property is 100% occupied with two commercial and one residen- tial tenant. Smile Brands, which occupies the first two floors, is on a ten-year NNN lease. “This building had been painstakingly renovated with class A finishes by the seller and received multiple offers from investors who recognized

Ave., this facility is currently made up of four suites with one suite to be delivered vacant at sale. The current layout fea- tures 2,900 s/f of office space, 3,000 s/f of warehouse space, and a 5,900 s/f mechanic shop. At the time of sale, the prop- erty was 75% occupied. This building is situated on a 0.69- acre parcel size with 30,056 s/f of land. The property includes 46 parking spaces, four 12-foot overhead bay doors, and 9-foot to 18-foot ceiling heights,” said Chris Kallensee. 120 Wood- land Avenue is located half a mile away from Hackensack Meridian Health Pascack Val- ley. MAREJ associates, Tarang Ramani represented both the buyer and seller in this transaction. “We were able to command top dollar for a value-add investor who purchased the property with only a few of the units occupied and pay- ing rent,” said Ramani. “Since this property had significant renovations and effective management processes, there was substantial interest from investors looking for a stabi- lized asset in an appreciating submarket.” Due to recent activity in the New Jersey real estate mar- ket, there was tremendous activity and a bidding war for the asset with substantial qualified offers and 25 tours. The team achieved an aggres- sive cap rate and price per unit metric due to the success- ful marketing process. MAREJ

a quality asset in a vibrant community with strong demo- graphics”, said Collins. Marcus & Millichap an- nounced the sale of 120 Wood- land Ave., an 11,900 s/f in- dustrial property located in Westwood. The asset sold for $1.59 million. Christopher Kallensee and John Sala , investment specialists in Marcus & Mil- lichap’s New Jersey office, had the listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Kallensee and Sala. “Located at 120 Woodland

Lee & Associates NJ completes lease of Clifton building and sale of Paterson multifamily complex

174 Delawanna Ave. in Clifton

773 E 19th St. in Paterson never been higher. Lee & Associates New Jer- sey has arranged a 22-apart- ment-unit multifamily com- plex sale for a private investor at 773 E 19th St. and 149-151 Warren St. in Paterson. Iron- bound Partners LLC., bought the asset for $2.865 million. Lee & Associates NJ as- sistant vice president, Jerry Joseph and investment sales

in New Jersey,” said Lynch. “The company has been grow- ing rapidly and will be well- positioned in this new space, which is nearly four times larger than their previous New Jersey property. Weee! Inc. joins several other Cali- fornia-based companies we’ve seen expand into the New Jer- sey market in recent months.” The property includes over

100,000 s/f of dry warehouse space accompanied by 26,200 s/f of cooler space and over 36,000 s/f of freezer space. The building hosts refrigerated docks, plenty of parking and easy access to the parkway and turnpike corridors. The demand for freezer and cooler space in New Jersey, specifically in central and northern New Jersey has

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