S hopping C enters N ew J ersey
Real Estate Journal — New Jersey — Section B
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M id A tlantic
Drummond, Perotti and Reider arrange new leases at 2147 Rte. 27 in Edison NKF’s Schultz, Georgiev and Silver sell large office property in Neptune on behalf of Mack-Cali
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class A office space, has seen an 8.8% increase in average asking rent over the last two years, in addition to positive net absorption.” “Monmouth County is an active market with so much to offer, particularly to office tenants looking for space that is easily accessible via mass transit near restaurants, shop- ping centers and hotels,” added Silver. “This premier building is well-located in the heart of that activity with high visibil- ity from Rte. 66.” In Rutherford, Newmark Knight Frank (NKF) has ar- ranged two new leases at Lin- coln Place at 2147 Rte. 27 in Edison, NJ on behalf of prop- erty owner, American Equity Partners . The new tenants, Crown Castle USA Inc. and Choice Home Warranty, leased 15,000 s/f and 36,000 s/f respec- tively. The transactions, total-
and consists of 24 residential units located at 114-138 River Rd. in Bogota. Queen Anne Apartments is a three-story building with 25 residential units built in 1985. The property is located at 230 Polifly Rd. and includes a parking lot. All of the properties were fully occupied at the time of closing. Financing for each purchase was provided by Oritani Bank . For legal rep- resentation, Richard Kahn of Winne Banta Basralian & Kahn, P.C. represented the seller in each transaction. Kevin Kelly of Kelly, Kelly, Marotta & Tuchman, LLC represented the purchaser of the property located on Prospect Ave. and Passaic St. and Joseph Maccarone of Maccarone Law represented the purchaser of Queen Anne Apartments. Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. American Equity Partners recently completed a multi- million dollar improvement program to modernize Lincoln Place. The four-story property now boasts renovated lobby, common and restroom areas, as well as new elevator cabs. Additionally, tenants enjoy the convenience of a full-service café and lounge and a new gym in the building. ing over 50,000 s/f, leave only two remaining available spaces in the 250,000 s/f building. Senior managing director Jamie Drummond and As- sociate directors Andrew Pe- rotti and Dan Reider of NKF represent American Equity Partners in the leasing and marketing of Lincoln Place. CCI was represented by Tim Kuhn of Colliers Interna- tional , while Choice Home was represented by David Zimmel of Zimmel Associates .
EPTUNE, NJ —Glob- al commercial real estate advisory firm
Newmark Knight Frank (NKF) is pleased to announce the sale of 3600 Rte. 66 in Neptune, NJ for $26 million on behalf of the building’s current owner, Mack-Cali . Repre- senting Mack-Cali are NKF’s executive managing director Steven Schultz and manag- ing directors Tony Georgiev and Adam Silver . 3600 Rte. 66 is a four-story, class A office property totaling 188,408 s/f. Its convenient loca- HI-LIGHTS JANUARY 17 - 30, 2020
3600 Rte. 66
tion just off the Garden State Pkwy. on Rte. 66 makes it an ideal office space, easily ac- cessible by a variety of roads. It sits on 14.6 acres and is currently 100% leased to four globally-recognized tenants. Aspen Real Estate and Devli Real Estate in a joint venture acquired the building. “We are very excited with the
acquisition and enjoyed work- ing with the NKF team,” said Aspen principal, Phil Proetto and Devli’s chief investment officer, Mark Devli . “This property presented a great opportunity for the Aspen-Devli team to add a best- in-class, energy efficient trophy asset,” said Schultz. “The mar- ket, which has 5.8 million s/f of
Kislak’s Scheinerman completes off-market sales in Bergen County for $15.725 million
SPOTLIGHT
SOUTHERN NJ
BERGEN COUNTY, NJ — The Kislak Company, Inc. announced the recent off-
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market sale of a three- p r o p e r t y multifamily portfolio with a total of 87 res ident ial units in Ber- gen County for a total of $15.725 mil- lion.
SOUTHERN NEW JERSEY CHAPTER
Andrew Scheinerman
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The separate transactions included the $6.45 million sale of a 38-unit property located at 403 Prospect Ave. and 333 Passaic St. in Hackensack; the $4.9 million sale of Riverside Terrace, a 24-unit property in Bogota; and the $4.375 million sale of Queen Anne Apart- ments, a 25-unit property in Hackensack. Vice president Andrew Scheinerman represented the seller, Sanzari Residen- tial, LLC , in the transactions. Scheinerman also procured the purchasers for Riverside Ter- race and Queen Anne Apart-
403 Prospect Ave. and 333 Passaic St.
record per unit price of more than $180,000.” The property located at 403 Prospect Ave. and 333 Passaic St. consist of 38 one-bedroom units in two adjacent, three- story buildings with parking. The property, built in 1970, is centrally located on Prospect Ave. and has on-site laundry facilities and hardwood floors. Riverside Terrace is a three- story building built in 1962
ments. Vice president Robert Squires procured the purchas- er for the property located on Prospect Ave. and Passaic St. “Our offering of the portfolio presented an extraordinary opportunity for investors to acquire well-maintained and well-performing garden apart- ments in among the strongest rental markets in northern New Jersey,” said Scheiner- man. “The sales resulted in a
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