16B — August 17 - 30, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ew J ersey
Bergen County industrial building Prism teams with The Davis Cos. to acquire 180,000 s/f
With new leases and expansions Accordia Realty’s Essex property boosts occupancy
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LMWOOD PARK, NJ — Prism Capital Part- ners LLC and The Davis
Companies have teamed up to acquire 41 Slater Dr., a 180,000 s/f industrial building in Elm- wood Park, from an affiliate of paper products manufacturer Marcal, announced PrismPrin- cipals Eugene Diaz and Edwin Cohen. The all-cash transac- tion was brokered by Thomas Carragher of Studley. “This transaction marks our first venture with The Davis Companies,” said Diaz, noting that the Boston-based Davis and its affiliates own and manage a six million-square- foot real estate portfolio. “The acquisition of 41 Slater Drive NEWARK, N.J., July 6, 2012 – It has become harder to find an empty table or hotel room in Newark’s Central Business District these days, according to Miles Berger, chairman and chief executive officer of The Berger Organization. With “America’s Got Talent” filming underway at the New Jer- sey Performing Arts Center (NJPAC), the added popula- tion and spotlight on New Jersey’s largest city definitely is good for business. The Berger Organization is among the many companies that are benefiting. America’s Got Talent staff and con- testants currently have 50 rooms booked at Berger ’s Best Western Robert Treat Hotel. Located at 50 Park Place, the 176-room hotel is located next door to NJPAC. “Every contestant will stay with us through this season, so those bookings likely will grow,” said Shah Deen, the hotel’s general manager. “Add to that their family members and fans of the show, and our property truly is enjoying a new level of energy. Our Maize restaurant is busier, too, due to our proximity to the film- ing site.” Deen noted that the Robert Morristown, NJ—Cresa NJ – North/Central, part of Cresa LLC negotiated two leases on behalf of Homeless Solutions Inc. totaling 21,100 s/f. The non-profit organization renewed a lease for its head- quarters at 6 Dumont Place in
Greenbrook Executive Center
41 Slater Dr.
Fairfield, NJ —Accordia Realty announced that Green- brook Executive Center execut- ed new leases and expansions with more than a half dozen companies, boosting occupancy to 90 percent. Accordia completed sev- en lease agreements for the 203,000 s/f, class A office building at 100 Passaic Ave. The largest lease is with The Chadler Group Inc., an insurer that grew its office footprint to 12,100 s/f as it moved to Green- brook Executive Center from a smaller space at another Fair- field location. Newmark Grubb Knight Frank negotiated the lease for The Chadler Group. Woodmont Properties leased 12,000 s/f in Greenbrook to serve as its new headquarters. Associated Realty negotiated on the tenant’s behalf. Edison, NJ — Mack-Cali Realty Corporation announced it has entered into a ground lease with Wegmans Food Markets, Inc. at its undevel- oped site located at Sylvan Way and Ridgedale Avenue in Hanover Twp. Subject to receiving all necessary govern- mental approvals, Wegmans intends to construct a store of approximately 140,000 s/f on a finished “pad” to be delivered by Mack-Cali. Mack-Cali was represented in Moonachie, NJ — Greg Sholom and David Cantor of Team Resources SBWE signed a lease with a tenant one week after the first showing at 141 West Commercial Ave. . The space of 32,000 + s/f is part of a recently renovated 87,000 s/f building owned by
Other new leases and expan- sions include: Quadrant Capital Manage- ment, LLC relocated from Montclair to 4,700 s/f of leased space. Colliers International represented Quadrant Capital in its lease negotiation. Synergy Professional Asso- ciates leased 6,200 s/f. Realty Executives International ne- gotiated the lease for Synergy Professional Associates. Bleakley, Schwartz, Cooney & Finney, LLC, added 3,000 s/f to its space for a total of 25,000 s/f. Cushman & Wakefield rep- resented the company, which has been a tenant in the prop- erty for the past 15 years. Strategic Family Wealth Counselors, LLC renewed and expanded its lease to 6,800 s/f. The Schultz Organization rep- resented the tenant. n Mitchell Hersh, Mack-Cali president and chief executive officer, said, “We’re delighted that Wegmans has joined the Mack-Cali family. A super- market of this caliber will be a welcome addition to Hanover Township and the surround- ing towns in Morris County. This was a great opportunity to put our strategically located land bank to use in a diverse manner.” n Paradisio Rosen. The building boasts upgrades such as high capacity ESFR sprinkler, a brand new and insulated white roof (keeps the building cooler in summer) and energy efficient T8 warehouse lighting. The property was leased to DV8 Enterprises, LLC. n
provides the opportunity to create substantial addition- al value, and we will apply
our creativity and deal-mak- ing experience to accomplish that.” n
America’s Got Talent leases inside Berger’s Robert Treat Center
s/f space was NJN’s home for 20 years, prior to its opera- tions being outsourced by the State of New Jersey. “AGT has two sets in place there for in- terviews with the judges and contestants,” Berger noted. “It was a great match – they needed a high-quality studio, and we had one available.” Beyond the revenue-gener- ating advantages of having one of the nation’s most popu- lar reality television talent shows in residence, America’s Got Talent is proving to be a real boost for Newark. “Acts are rehearsing outside on the street, which adds ambiance to the area around NJPAC,” Berger said. “There is a gen- eral feeling of excitement in the neighborhood.” “Newark benefits from both its central east coast corridor location as well as its transit infrastructure, which has paved the way for continued rebound in the city’s office market and business climate in general,” Berger said. “In recent years, our world- class venues like NJPAC and Prudential Center, the Newark Museum, parks, universities and fine dining have worked toward making Newark a true destination,” he continued. n represented the tenant in both transactions. “After consider- ing opportunities throughout the Morris area, Powder Mill Plaza West was determined to be the property that best suited the specific operational needs of the new Furnishing Solutions enterprise,” said Semler. n
Treat Hotel has known it would play a central role in housing America’s Got Talent since March and had plenty of time to gear up for the influx. “The pace here cer- tainly is faster, but the vibe is really positive,” he said. “We have a guest lounge that serves breakfast, and theAGT people already are becoming regulars. They will be here for some time, and it is nice to see the familiarity already forming between these guests and our staff members.” America’s Got Talent also leased the former New Jersey Network studio at Berger’s Robert Treat Center, a 100,000 s/f office property that sits ad- jacent to the hotel. The 2,500 Shah Deen, general manager of the Robert Treat Hotel, greets America’s Got Talent Contestant Alonzo “Turf” Jones. Morristown. In addition, the company signed a retail lease at Powder Mill Plaza West in Parsippany, for a new Home- less Solutions venture called Furnishing Solutions, a home furnishings resale store. Tom Semler, principal of Cresa NJ – North/Central,
Triumph Realty reps Mack-Cali in 140,000 s/f ground lease with Wegmans the transaction byMark Needle of Triumph Realty Group.
Sholom and Cantor of Team Resources SBWE negotiates 32,000 s/f lease
Cresa NJ – North/Central negotiates leases totaling 21,100 s/f
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