6B — March 16 - 29, 2018 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
Located at 432 Rte. 22 (West) in Whitehouse REMCO Realty Group sells PNC Bank for $1.765 million in Hunterdon County
W
a population earning over $186,000 of median household income within a seven mile radius. The property is under a long term lease that contains multiple renewal options with annual rental increases mak- ing this an ideal investment opportunity. The property sold for $1.765 million representing a 5.25% cap rate on existing NOI. Remco represented the 1031 exchange buyer in this trans- action. n Advance Realty inks 12,733 s/f lease at NJ Center of Excellence in Bridgewater BRIDGEWATER, NJ — The partnership of Advance Realty and CrossHarbor Capital Partners, LLC an- nounced that Vertice Pharma, a pharmaceutical manufactur- er and distributor, has signed a significant lease expansion at the New Jersey Center of Excellence (NJCOE) in Bridge- water. Vertice, which manufac- tures, markets and distributes pharmaceutical products, will expand its original space by 8,200 feet, and will now occupy 12,733 s/f on the first floor of Building L at NJCOE. The organization has been a ten- ant since March 2017 and is one of a host of progressive life sciences companies that occupy the NJCOE – many of which have also expanded their initial footprints on the campus. “Vertice Pharma’s expansion at the New Jersey Center of Excellence not only validates the growth and development of the company, but also speaks to the campus’ overall success as a venue where bio and pharma companies on the leading edge of the industry can thrive,” said Peter Cocoziello , founder and CEO of Advance Realty. “As our vision for the Center of Excellence continues to take shape, we’re thrilled to see it establish itself as a primary destination for the people and companies that are central to life science innovation.” Advance and CrossHarbor acquired the NJCOE in 2014, after Advance learned global pharmaceutical company Sano- fi was relocating its research and development arm to the Boston area. n
hitehouse, NJ — Peter Gallic- chio president of
Somerset, NJ based Remco Realty Group has announced that the firm recently sold the single tenant net leased PNC Bank located at 432 Rte. 22 (West) in Whitehouse. Built in 2007, this 3,600 s/f building sits on 1 acre of land at the corner of Rte. 22 West and Ramsey Rd. and features 13 car parking with 3 drive- thru lanes and 1 pass thru lane. The site benefits from area demographics that include
432 Rte. 22
YOUR PARTNER OF CHOICE FOR MULTIFAMILY LENDING ACQUISITION | REFINANCE | REHABILITATION | CONSTRUCTION FREDDIE MAC SELLER SERVICER | FHA MAP APPROVED LENDER
“With CPC’s lending expertise I’m not just buying a building, I’m revitalizing the block.”
UNCOMMON EXPERTISE. UNMATCHED IMPACT. communityp.com I 646.822.9356
Made with FlippingBook - Online catalogs