S HOPPING C ENTERS N EW J ERSEY
Section B of the Mid A TLANTIC Real Estate Journal
ANOVER, NJ—Col- liers International, through its Colliers Oram & Ortiz represented both the buyer & seller in the 114,265 s/f class A sale Colliers International arranges the $13 million sale of 110 Algonquin Parkway H trial property and is leased to General Electric Aviation Systems through 2018.
Based in Chicago, Illinois Griffin Capital Net Lease REIT, Inc. is a publicly regis- tered non-traded REIT with a portfolio that currently includes 10 office and indus- trial distribution properties totaling approximately 2.7 million rentable s/f. “Both buyer and seller must be commended for their
Investment Services Group, has arranged the sale of 110 Algonquin Parkway in Ha- nover, New Jersey for $13 million or ±$114 per s/f for Hartz Mountain Industries. Colliers International also procured the buyer Griffin Capital. 110 Algonquin Parkway is a 114,265 s/f Class A indus-
AUGUST 17 - 30, 2012
HI-LIGHTS
110 Algonquin Parkway
hard work in closing this sale, which included a pro- tracted loan assumption,” said Jeffery Oram an ex- ecutive managing director of Colliers International’s Investment Services Group who, along with Jonathan Ortiz, an associate director with Colliers International,
represented both the buyer and the seller in the transac- tion. “Hartz Mountain did a great job securing General Electric as the tenant and Griffin Capital will enjoy long term stable cash flow for many years from this high quality asset.” “Hartz is always a reluctant
seller – especially of a great assetwitha solid tenant,” said Emanuel Stern, president and COO for Hartz Mountain Industries. “Colliers brought us an opportunity that lets Griffin enjoy the income stream and we can reallocate the capital to something more entrepreneurial.” ■
CBRE completes the $2.6m sale of multifamily property
Phibro Animal Health Cor- poration has leased 44,000 s/f at Glenpointe Centre in Teaneck. The company has relocated to the class A office complex from Ridgefield Park in a headquarters relocation. See page 5B. CBRE announced that the firm represented the seller and procured the buyer in the sale of a 32-unit apartment complex at 65-69 Howe Av- enue and 70-72 Grove Street, Passaic. The sale price was approximately $2.6 million. See page 2B.
18 units, two commercial spaces in Jersey City De Ruggiero Realtors sells $4.65m investment property J
Cushman & Wakefield brokers 44,000 s/f lease in Teaneck
ERSEY CITY, NJ — Norma De Ruggiero, VP of Robert De Ruggiero, Inc. announced the sale of 353 Grove St. The three- story brick and concrete building contains 18 units, including two commercial spaces, and is equipped with an elevator, forced air heat- ing and central air condition- ing. There are eight parking spaces. Llisted by De Rug- giero Realtors, the sale was handled by Jean Jacques Dubane, a De Ruggiero sales associate. Represented by attorney John F. O’Donnell, the seller was 353 Grove St. LLC. The buyer of the $4.65 million
ALSO INSIDE:
NJ P ROJECT OF THE M ONTH : R IVERWALK ............7-10B C ENTRAL N EW J ERSEY S POTLIGHT ......................11-13B C OMPANY N EWS ........................................................14B P EOPLE ON THE M OVE .............................................15B ICREW NJ O RGANIZATION .................................IBC-B
www.marejournal.com Section B, 20 pages
353 Grove St.
property is 304 Pavonia Av- enue LLC.
Scanlon, Scanlon &Guess- represented the buyer. ■
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