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M id A tlantic Real Estate Journal — Central New Jersey — February 2024 — 5B
www.marej.com
Teams headed by Maffey & Marchisio execute two industrial transactions totaling 733,000 s/f Lee & Associates New Jersey facilitates major industrial & medical CRE transactions in Central NJ
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functionality and Burlington County address were major draws for our client, as was
In Madison, Lee & Associ- ates has negotiated the sale of 170 Main St., a 7,900 s/f historic building that served as a Masonic Lodge for nearly a century. The commercial real estate firm’s Peter Ras- musson and Rick Marchisio represented the seller, Madison Lodge #93, F&AM, in the $1.1 million transaction. The Bor- ough of Madison, the property’s purchaser, was represented by its business administrator, Ray Codey . The nearly 200-year-old, Federal-style specialty asset will be preserved and repur- posed by the borough for use in part as a senior center. The two-story structure was originally constructed in 1825 as the Presbyterian Church of Chatham Twp. When the Presbyterian Church moved to a larger building on Green Ave', Madison Lodge purchased the former church and began meet- ing there in 1931, according to the Madison Lodge’s website. Set on nearly three quarters of an acre, with parking for 35 vehicles, 170 Main St. sits in the heart of Madison. MAREJ
ENTRAL, NJ — Lee & Associates New Jer- sey announced re-
the opportu- nity to occupy the building as its sole tenant,” said Maffey. “The move to 1620 River Rd. will enable supe- rior access to regional
cent trans- actions in Central NJ : U n d e r - scoring the ongoing de- mand for well-located warehouse and logistics space, Lee &
Drew Maffey
Rick Marchisio
thoroughfares while maintain- ing proximity to the company’s additional area operations.” In South Brunswick, Maffey, along with Will Ziegler and Matt Esposito of the New Jersey team, arranged a 255,000 s/f sublease at 301- 321 Herrod Blvd. on behalf of a secure storage company. Lee & Associates’ Dave Saltzman represented the sublandlord in the transaction. “Flexible sublease terms were very attractive to our cli- ent,” Maffey said. “Ultimately, this property’s class A features and Middlesex County location within the Exit 8A submarket created an ideal scenario. Both
Associates NJ teams headed by Drew Maffey and Rick Marchisio have arranged two industrial transactions total- ing 733,000 s/f in Burlington and Middlesex counties. In the larger of the two sign- ings, an international third- party logistics provider inked a 478,000 s/f, full-building lease at 1620 River Rd., within Burlington Industrial Park in Burlington. Maffey and Marchisio worked with Mi- chael Lee of Lee & Associates’ City of Industry, CA, office, as tenant brokers in the transac- tion; Nate Demetsky of JLL represented the landlord. “This property’s class A
301-321 Herrod Blvd. in Bridgewater, NJ
of these transactions speak to sustained tenant activity within the market – with the advantage going to quality product in prime locations.” In Bridgewater, Kings Row Medical Properties has pur- chased a medical office/sur- gery center at 1081 Rte. 22 for $10.5 million. Lee & Associates' Erica Davidson represented the private-entity seller and procured the buyer in the trans- action; the firm’s Gary Sopko provided transactional support. Located in a market with strong demographics, this
well-maintained asset with long-term triple-net leases drew numerous offers, according to Davidson. “1081 Rte. 22 serves as an orthopedic hub, and its qual- ity and stability commanded a premium price,” Davidson said. “The healthcare and medical office sectors continue to perform well in the cur- rent real estate environment. Ultimately, the buyer is an experienced local operator, and their hands-on approach will benefit the property and its tenants moving forward.”
Marc Shein and Robert V. DiLeo of NAI DiLeo-Bram & Co. arrange $8.55 Million sale of Middlesex, grocery-anchored shopping center
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brings a much-needed super- market back online within the borough to meet the daily
community on South Lincoln Ave., as well as other key residential neighborhoods. Middlesex’s main commer- cial districts include Lincoln Blvd. and Bound Brook Rd., both of which are lined with local, regional and national retailers, cafes, shops and restaurants. Bridgewater Com- mons and Menlo Park Mall are minutes away. As a hub within the Raritan Valley Region, Middlesex is bordered by Dunellen and Pis- cataway Twp. in a county that bears the same name as the borough. It is about 35 miles southwest of NYC and offers commuters two NJ Transit rail stations as well as bus and highway connectivity. The buyer was represent- ed by Bennett Realty & Development . MAREJ
IDDLESEX, NJ — NAI DiLeo-Bram & Co. (NAIDB) senior
grocery needs of about 294,000 peo- ple within a five-mile ra- dius,” said Shein, who spearheaded the NAIDB brokerage team that
VP Marc Shein has orchestrated the $8.55M sale of a 69,750 s/f su- permarket- anchored re- tail center on behalf of the seller in Mid-
Marc Shein
Robert V. DiLeo
included Robert V. DiLeo , associate. “This modern neigh- borhood retail center also attracted the buyer because of its high-visibility presence along one of the most-traveled commercial districts in the area and walkable proxim- ity to an adjacent 200-unit multifamily development.” Located at 242 Lincoln
dlesex. Following the sale, the retail center’s fully renovated supermarket space opened as an all-new SuperFresh in time for the 2023 holiday season. Part of the Key Food Stores cooperative, SuperFresh Mid- dlesex is the chain’s second- largest store behind Linden and part of Food World Market. “SuperFresh Middlesex
SuperFresh In Middlesex, NJ
Blvd., SuperFresh Middlesex occupies 57,000 s/f of space that was a former Price Saver. There is 6,300 s/f of second- floor office space as well as a separate 6,115 s/f liquor store tenant. Additionally, the building has seven loading
docks, a compactor pad and more than 200 parking spaces. Situated on 3.9 acres adja- cent to The View Apartments, SuperFresh Middlesex is less than two miles from The Lofts at Middlesex, another new 146-unit multifamily
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