6A — October 27 - November 9, 2017 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
Lewin and Evans sell 21,600 s/f at 765 River St. in Paterson, NJ Team Resources leases 57,843 s/f at 45 Mayhill St. in Saddle Brook, NJ to Team Logistics S Display Corp. in this long term transaction.
addleBrook, NJ — Joe Manganaro , COO and Jeffrey Volpi , vice president of TeamResources leased 57,843 s/f at 45 Mayhill St. in Saddle Brook to Team Logistics. Team Resources represented both the landlord and the tenant in this trans- action. “Team Logistics is expand- ing its operation currently lo- cated in Fair Lawn and was in need of additional warehouse space nearby. The building’s specs and its proximity to Fair Lawn made it an attractive choice,” said Volpi.
vice president, also of Team Resources, represented the buyer. The building was pur- chased to facilitate the ex- pansion of Sealy Mattress’s current facility in Paterson. Team Resources ’ Alan Frankel and Ron Schech- ter leased 11,000 s/f at 150 Commerce Rd. in Carlstadt to Sunrise Supply, a distributor and wholesaler of hangers & paper goods. Key Properties owns the 30,000 s/f building, which is now 100% leased. n Progress’ Cappello secures 98% LTV for NJ Beauty Com- pany to Double Corporate Facilities TOMS RIVER, NJ — When a young and rapidly growing NJ based beauty company decided they needed to expand their corporate of- fices and production facilities after just one year of operat- ing history, they approached David Cappello of Progress Capital Advisor s to discuss financing options and how to best leverage their assets for growth. The company has been oper- ating out of a 12,000 s/f leased facility that has reached pro- duction capacity. When a 27,467 s/f flex build- ing in Toms River went up for sale, the borrower knew it was a perfect opportunity for them to acquire the property and move their operations into the larger, more function- al space. In initial discussions with Cappello a requested $1.6 MM loan, representing an 80% LTV, was needed in order to acquire the facility. But, expansion meant not only securing the right size facility but also making sure the company had working capital to keep their opera- tions from slowing down dur- ing the transition. Cappello suggested using an SBA 7(a) loan to maximize the loan proceeds providing funds not only for acquiring the subject building, but also for working capital. Cappello secured $2 million for the company to acquire and fit-out the new corporate headquarters representing a 98% loan to cost ratio. Terms of the loan include a rate of prime +1.75% with declining pre-pay with a 20 year term and 25 year amortization. n
“All Merchandise Display Corp. is expanding its op- eration currently located in Red Hook, Brooklyn. The proximity to Brooklyn and the required power made 460 Hillside Ave a great fit,” said Lewin. Lewin and Glenn Evans , senior vice president at Team Resources sold 21,600 s/f at 765 River St. in Paterson to Sealy Mattress. Lewin and Evans represented the seller, D&D Company Properties, LLC while Jeffrey Fulton,
45 Mayhill St.
Eric Lewin , senior ex- ecutive vice president at Team Resources leased 27,000 s/f at 460 Hillside Ave. aka 7 West
Shelton Terrace in Hillside to All Merchandise Display Corp. Team Resources represented the tenant, All Merchandise
AUCTION SEALED BID REAL ESTATE Sealed Bids Due: Wednesday, November 8 th by 3:00 PM ET
Property Location: 315-329 E 2nd St, Boyertown, PA 19512
OFFICE SPACE: • Consists of 3 floors • Equipped w/ fiber optic & CAT 5e cabling • Ceiling heights of 8’-9’ • Carpet and vinyl tile flooring. WAREHOUSE SPACE: • Contains ceiling heights of 12’-14’ • Overhead aluminum dock doors with electric opener • Freight lift elevator off loading dock 90,000± SF Building includes oce & warehouse space on 2± Ac. Light Industrial Zoning
Great Opportunity for Owner Occupant or Investor!
TERMS: 10% Buyer’s Premium, Sold in As-Is Condition, 10% Deposit, Broker Participation Welcome Open House: Tues.,Oct. 10 th , 2-4 PM Open House: Monday, October 30 from 3:00-5:00 PM
in conjunction with Herb Real Estate
215-723-1171 • www.AlderferRealEstate.com
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