S HOPPING C ENTERS N EW J ERSEY
Mid Atlantic Real Estate Journal — New Jersey — November 9 - 22, 2012 — 23A
Eight-story, 104,750 s/f South Orange Towers CBRE New Jersey breaks Orange Township record with $11m sale O RANGE TOWNSHIP, NJ — CBRE Group, Inc. announces the according to CoStar Group database.
offers a mix of studios, and one-to-four bedroom units on 104,750 s/f. The 100 per- cent occupied property offers amenities such as assigned and covered parking, laundry facilities, a swimming pool, elevators, and an on-site su- perintendent and porter. Berger, based out of CBRE’s Saddle Brook office, said he was able to coordinate with Klapper in the New York City Outer Boroughs office, to find willing buyers outside the Garden State. Within three months of getting the as- signment, CBRE had several offers, including one from a West Coast buyer, which met or surpassed the owner’s ex- pectations.
“This sale is a prime ex- ample of how we were able to use the CBRE platform as a way of bringing our clients something that no other firm was able to provide – a buyer willing to pay the asking price,” Berger said. “We were able to bring in a number of interested buyers from out- side New Jersey who were willing to pay more than local buyers and a deal was struck immediately.” The building is located just two blocks away from a Tran- sit rail station, providing 30- minute access to New York City for commuters. Also eas- ily accessible is the Garden State Parkway, 1-280, and I-78. ■
CBRE’s Charles Berger , of the NJ Private Capi- tal Group (PCG) , and Elli Klapper , of the NY Invest- ment Properties team , completed the transaction on behalf of the owner and an un- disclosed buyer. The building, located on the direct borders of SouthOrange, West Orange and Orange, had been on the
completed sale of South Or- ange Towers, a 108-unit mul- tifamily apartment building for $101,851 per unit – $11 million overall – by tapping CBRE’s national platform to secure an out-of-state buyer. The final sale price is the high- est recorded price per unit for multifamily in Orange,
South Orange Towers
NOVEMBER 9 - 22, 2012
market for several years, as various brokers were unable to find a buyer willing to meet the owner’s non-negotiable $11 million price tag, accord- ing to Berger. The eight-story building
Reilly, Knee, Chroman, Kossar & Hile handle the transaction Jones Lang LaSalle reps Hartz Mountain in 25,000 s/f relocation
WCRE reps HEI in 3,500 s/f lease of Class A office space
WCRE is proud to have suc- cessfully represented Hen- derson Engineers, Inc. (HEI) in its leasing of approxi- mately 3,500 s/f of Class A office space at 5 Greentree Centre in Marlton. See page 27A.
CARLSTADT, NJ — Jones Lang LaSalle announces The Hartz Mountain Cor- poration has agreed to lease the industrial property lo- cated at 640 Gotham Park- way, an approximately 25,000 s/f building in Carlstadt. The pet supply manufacturer is relocating its research and development facilities from Bloomfield, NJ. Owned by Prologis, 640 Go- tham Parkway features 3,500 s/f of office space, a 16-foot ceiling height, three exterior loading docks and approxi- mately 45 parking spaces. Just minutes from New York City and located in the Go- tham Industrial Park within the Meadowlands submarket, the building has easy access to the New Jersey Turnpike, I-80 and Routes 3, 4, 17, 46 and 120. The Jones Lang LaSalle team of managing directors TomReilly and David Knee and vice president Blake Chroman represented Hartz in the transaction, while the Jones Lang LaSalle team of managing director Rob Kos-
Kislak completes $5.03m Elizabeth, NJ multifamily sales
The Kislak Company, Inc. recently completed four multifamily sales in Elizabeth, NJ totaling $5,030,000. See page 29A.
640 Gotham Parkway
sar and vice president Chris Hile represented Prologis. “The facility had previously been used for production and testing and, as such, was equipped with certain infra- structure that Hartz found attractive. That said, Hartz is planning to make a significant capital investment to convert the property into a modern research and development facility,” Chroman said. “The location works well for Hartz because it is close to the firm’s Secaucus headquarters, but
still allows for a separation of the business lines.” Jones Lang LaSalle is also serving as the sales broker for the Hartz’s former manufac- turing and R&D facility — a 16.5-acre redevelopment site located at 192 BloomfieldAve., in Bloomfield. The company phased out of the 400,000 s/f plant over an 18-month period starting in 2010, relocating the majority of its manufac- turing operations to other facilities it occupies around the country. ■
C ENTRAL N EW J ERSEY S POTLIGHT ......................29-32A
ICREW NJ O RGANIZATION ..................................... 33A
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