6B — December 7 - 20, 2012 — New Jersey — Mid Atlantic Real Estate Journal



HESTER, NJ — The New Jersey office of NorthMarq Capital For 32,000 s/f French’s Mustard building in Chester NorthMarq Capital arranges $10m sale and $5.5m mortgage C

NGKF & CBRE orchestrate transaction The Silverman Group signs 21,431 s/f lease

tion effort that has included common area upgrades, new mechanical systems and en- hanced landscaping. “We are pleased to welcome Hub International to the Summit Corporate Center as our anchor tenant,” says Blake Silverman , president of The Silverman Group. “We felt Hub was attracted to the Summit Corporate Center because of value and location, as well as easy access to major roadways.” Newmark Grubb Knight Frank executive managing director Henry Kobrin and principal Frank Recine rep- resented Hub International in the transaction. The Silver- man Group was represented by CBRE . ■ MORRISTOWN, NJ — The owners of Godfather’s Brick Oven recently signed a lease for more than 4,500 s/f of restaurant space at The Highlands at Morristown Station. The restaurant be- comes the latest addition to the ever-evolving culture, shopping and dining scene in Morristown, which has seen a number of prominent regional and national retailers set up shop in the downtown area within the last two years. “The overall redevelopment of downtownMorristown that brought quality new hous- ing and thousands of new residents has combined with a significant daytime work- force, active evening leisure crowd and mass public trans- portation system to create a much-improved retail cli- mate that is resonating with the business community,” said Debra Tantleff , a vice president of development at Roseland Property Com- pany , which has partnered with Woodmont Properties to develop The Highlands at Morristown Station, 40 Park, The Metropolitan at 40 Park and Vail Mansion, four new in-town properties that feature luxury condominium and rental residences with street-level retail. “The influx of new dining, boutique shops and conve- nience services complements the area’s existing retail fab- ric, resulting in a dynamic, pedestrian-friendly setting that epitomizes downtown, urban living.” ■ Roseland Property inks 4,500 s/f lease

SUMMIT, NJ — The Sil- verman Group announced that leading global insurance brokerage Hub International has signed a long-term lease for 21,431 s/f, comprising the entire second floor at Summit Corporate Center, a 43,120 s/f class A office building. With this transaction, the building at 180 River Road is now more than 82% leased. Only one unit totaling 7,647 s/f remains available at the property. Originally built in 2001, The Silverman Group acquired the two-story building in Decem- ber 2011 and has embarked upon an extensive renova-

with only six years remaining on the lease to this S&P “A” rated tenant, we advised the seller that we could execute a very aggressive sale with one of our institutional clients who specializes in acquiring single-tenant net-leased build- ings to credit tenants. A sale of $313 per s/f in a secondary commercial market such as Chester was a very favorable outcome for the seller while a five-year interest only loan against a six-year lease was a very accretive outcome for our borrower.” ■

recently brokered a $10million off-market sale and arranged $5.5 million in financing for the acquisition of a 32,000 s/f single-tenant office building serving as the NorthAmerican headquarters for the French’s Mustard Division of Reckitt Benckiser located at 2-4 Mill Ridge Lane in Chester, New Jersey. Financing was based on a 5-year interest-only term and was arranged for the borrower by NorthMarq through its relationship with a regional

2-4 Mill Ridge Lane

bank. “The seller originally ap- proached NorthMarq to assist him with the refinancing of this asset,” said Nalbandian. “Given the reality that the property was overleveraged

Success is a done deal.

$10,000,000 French’s Mustard Building OFFICE - 32,000 SF CHESTER, NJ LENDER: REGIONAL BANK $77,500,000 Tufts University Medical Center PORTFOLIO - 252,087 SF BOSTON, MA LENDER: LIFE COMPANY

$11,400,000 Orion Retail Condominium RETAIL - 42,774 SF NEW YORK, NY LENDER: REGIONAL BANK $9,500,000 Rahway Plaza Apartments 228 UNITS RAHWAY, NJ LENDER: FANNIE MAE DUS

Capital Markets


New Jersey Office ONE GATEHALL DRIVE, SUITE 101 PARSIPPANY, NJ 07054 973.538.2330

Gary Cohen SENIOR VICE PRESIDENT 973.944.5724 gcohen@northmarq.com

Greg Nalbandian MANAGING DIRECTOR 973.944.5728 gnalbandian@northmarq.com

33 offices coast-to-coast

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