8B — September 17 - October 21, 2021 — Northern NJ — M id A tlantic Real Estate Journal


N orthern NJ Salemarks 1 st step inproject to reimagine 108k s/f landmarkprop. NAI Hanson and Van Houten Group ink sale inPaterson, NJ

CBRE brokers 153,437 s/f in Bergen County, NJ


ATERSON, NJ — NAI James E. Han- son and Van Houten Group announce they have negotiated the sale of 468 Totowa Ave., a 108,000 s/f, four-story historic loft com- plex in Paterson. NAI James E. Hanson’s Michael Wal- ters, SIOR and Cameron Silverstein along with Van Houten Group’s Richard Van Houten represented the seller, 468 Totowa Avenue, Inc. in the sale to 100 Mile Renard Totowa LLC. Standing at the highest point in Paterson, 468 Totowa Ave. boasts an unmatched view of the city and the near- by Garrett Mountain Reser- vation. Formerly the home of Miesch Silk Company, 468 Totowa Ave. was once a key piece of Paterson’s economic fabric. However, since the company vacated the property decades ago, it had fallen into disrepair. With deep experi- ence in northern New Jersey and Paterson, NAI James E. Hanson’s Walters and Silver- stein along with Van Houten were retained to secure a visionary and creative buyer who could find a second life for the historic property. The sales team understood that 468 Totowa Ave. of - fered a rare opportunity to acquire a property in an area primed for a resurgence. Un- der the leadership of Paterson Mayor André Sayegh, the once formerly industrial area around 468 Totowa Ave. has seen substantial investment and redevelopment activity over the past several years. The property is adjacent to Hinchliffe Stadium, the site of a new, fully funded $70 million mixed-use redevel- opment project which was financed by Goldman Sachs and US Bank, Vista Park, an 8.4-acre hilltop property recently purchased and pre- served by the State of New Jersey in perpetuity, and Great Falls National Historic Park, a popular tourist des- tination with over 400,000 annual visitors. Further en- hancing its redevelopment potential, 468 Totowa Av - enue is also situated in an Opportunity Zone, an Urban Enterprise Zone, and a New Jersey Growth & Redevelop- ment Zone. Adeptly navigating the challenges of marketing prop- erties amidst the COVID-19

800 Corporate Dr. in Mahwah

468 Totowa Ave.

pandemic, Walters, Silver- stein, and Van Houten were able to procure a buyer hop- ing to tap into the ongoing re- naissance of Paterson. Intro- duced byWalters, Silverstein, and Van Houten, Procida Funding and Asset Realty & Construction purchased the property as partners in June 2021. Though new own- ership’s plan for the property has yet to be conveyed, it is rumored that a potential re- development of the site would retain and restore much of the site’s historic structures. “As we sought to market 468 Totowa Avenue, we knew we were not just selling a building, but a vision of what Paterson could be,” said Wal- ters. “Through the continued vision and leadership of May- or Sayegh’s administration, we are confident that Pater- son’s best days lay ahead. We are honored to have a hand in helping to bring another tangible and transformative redevelopment project to the City and look forward to being a part of its continued progress” HACKENSACK, NJ — NAI James E. Hanson has negotiated the sale of four ad- jacent properties designated for redevelopment at 89, 93, 95 and 107-109 Anderson St. in Hackensack. NAI James E. Hanson’s vice president An- thony Cassano represented the buyer, Anderson Street Urban Renewal LLC , and sellers in the sale and ap- proval of the project. Located in one of Hacken- sack’s Designated Opportu- nity Zones and its Downtown Rehabilitation Zone, the four properties at 89, 93, 95 and 107-109 Anderson St. include two vacant 5,500 and 2,244 s/f

freestanding buildings. The entire site is within proxim- ity to the Anderson Street train station and stands in the heart of Hackensack’s re- development zone. Anderson Street Urban Renewal LLC, an affiliate of McGowan Builders , recognized that the four Anderson Street lots had the potential to be the next new redevelopment project in the ongoing revival of Downtown Hackensack. Along with their acquisition of the properties, McGowan Builders has secured ap- proval from the City of Hack- ensack for the four lots to be assembled into one property in order to construct a 60,000 s/f of mixed-use building with 224 residential apartments and approximately 4,000 s/f of ground-level shopping. Help- ing to construct millions of s/f in a wide range of market sectors since its founding in 2001, McGowan’s experience paired with its use of cutting- edge technology and innova- tive building techniques will ensure the project is highly sought after by residents and businesses alike. “The sale and proposed re- development of this space is just one of many projects hap- pening throughout Hacken- sack right now,” said Cassano. “Hackensack is in the midst of an exciting renaissance that has already seen over 3,500 modern apartment units built and thousands of s/f of retail space added. Bergen County’s capital is on the rise, and we are pleased to be able to leverage our knowledge and expertise of the northern New Jersey market to help move this project forward and drive continued investment in Hackensack’s revival.” MAREJ

303-325 Midland Ave. in Garfield

“The buyer was amazingly diligent in pursuing the asset because they truly understood the uniqueness of the building along with the quality of the tenant. The property is vital to the tenant’s business and provides a great addition to Ur- bana Partner’s U.S. portfolio,” added Neuer, executive vice president, CBRE. In a separate transaction, Dunne, Neuer , Bardsley, Gavin, and McHale repre- sented a private seller in the sale of 303-325 Midland Ave. in Garfield. 303-325 Midland is a mixed-use property, an- chored by a 69,157 s/f indus- trial building that is 100% leased. The largest tenant, Wearbest Weavers (59,057 s/f), is a leading textile manu- facturer which has been in occupancy at the property for 35 years. The CBRE team was also responsible for procuring the buyer, Snowball Develop- ments LLC, a New York City based investment firm that sources cross-border capital from Canada. The transaction marks Snowball Development’s first acquisition in New Jersey. Dunne commented, “The New Jersey industrial market continues to be one of the stron- gest markets in the country. Investors’ appetite for this as- set class increased significantly during the pandemic and have shown no signs of slowing down.” “The Snowball team identi- fied this as their first acquisi- tion and were very diligent in getting this deal across the finish line. I expect them to be very active in the coming years,” added Neuer. MAREJ

BERGEN COUNTY, NJ — CBRE' s Inst i tut ional Properties group completed the following transactions in Bergen County: Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, Da- vid Gavin, Travis Langer , and Zach McHale of CBRE’s Institutional Properties group represented AVR Realty in the $15.6 million sale of 800 Corporate Dr. in Mahwah. 800 Corporate Dr. is 100% leased to Nobel Biocare and serves as a high-precision, light assembly facility for the manufacturing of dental implant products. The CBRE team was also respon- sible for procuring the buyer, Urbana Partners, a South American-based investment management firm with real estate holdings throughout the United States and United Kingdom. Nobel Biocare has been in occupancy for over 16 years and has invested a significant amount of capital to build out this highly specialized 84,280 s/f facility. The property’s im- mediate neighborhood has been extremely active highlighted by an e-commerce company’s new delivery station and Volvo’s recent acquisition of the former DressBarn complex. CBRE vice chairman Jef- frey Dunne said, “AVR Realty has done a tremendous job maintaining a high-quality relationship with the tenant, as evidenced by their long- term occupancy, and have done a spectacular job manag- ing the asset. This was made evident by the strong interest shown through the invest- ment community.”

Made with FlippingBook Online newsletter maker