S hopping C enters N ew J ersey

Real Estate Journal — New Jersey — Section B


M id A tlantic

Teammarketed the property on behalf of the seller, The Hampshire Companies HFF announces $51 million sale of Northern New Jersey industrial building

OTOWA, NJ — Hol- liday Fenoglio Fowl- er, L.P. (HFF) an- nounced the $51 million sale of 700 Union Blvd., a 382,596 s/f, newly constructed indus- trial building in the Northern New Jersey community of Totowa. The HFF team marketed the property on behalf of the seller, The Hampshire Companies. The property was marketed along with a $146.85-million, six-building industrial portfolio totaling 1.2 million s/f in Northern T HI-LIGHTS JANUARY 11 - 24, 2019

700 Union Blvd.

assets throughout the state,” Cruz said. “This closing com- pletes the acquisition of the portfolio.” HFF and Holliday GP Corp. are licensed New Jersey real estate brokers. 

New Jersey, the sale of which was closed by HFF in 2017. Situated on 26 acres, 700 Union Blvd. is just off Inter- state 80 and less than 13 miles from the New Jersey Tpke., which provides easy access to

the rest of the northern part of New Jersey and New York City. The single-story building was completed in 2018. The HFF team included executive managing director Joe B. Thornton, Jr. , se-

nior managing directors Jon Mikula and Jose Cruz and directors Marc Duval and Jordan Avanzato. “We continue to see inves- tor interest in high quality and well-located industrial

JLL sells class A, 679,251 s/f Atrium Corporate Park in Somerset for $33.5 million


SOMERSET, NJ — JLL Capital Markets experts have completed the sale of Atrium Corporate Park in Somerset. The buyer acquired the three-building, class A, 679,251 s/f office park for $33.5 million. The buyer and seller were represent ed by Joseph Garibaldi and Thomas Walsh , managing directors; Heather Lombardi, vice president; and Katelyn Boro- vsky and Nick Vanderslice , associates, all with JLL. “Atrium Corporate Park is an institutionally owned and maintained office port- folio that offered the buyer a compelling combination of credit cash flow stability and value-add leasing upside,” said Garibaldi. “Atrium Cor- porate Park offers one of the best value propositions in the Lower 287 submarket.” Atrium Corporate Park is comprised of three class A office buildings: 300, 400 and 500 Atrium Dr. Situated on 47.8 acres, Atrium Corporate Park provides easy commut- ing access to both Central and Northern New Jersey’s deep labor pools with convenient highway access to I-287, I-78,




Atrium Corporate Park

Rte. 22, NJ Tpke. and the Garden State Pkwy. In a separate transaction, JLL has completed a new transaction for Andalex at 940 Sylvan Ave., located within the Sylvan Corporate Center in Englewood Cliffs, with OwnBackup Ltd. The cloud- based data backup and restore provider signed a lease for approximately 30,000 s/f of of- fice space at the class A office

building. Sylvan Corporate Center is represented by Frank D. Recine , executive managing director, and Nicolas De- Cotiis , associate, both with JLL. OwnBackup was repre- sented by Jason Fray , senior managing director; and Har- lan Hollander , senior vice president, both with Savills Studley . OwnBackup completed an

11-year lease for 30,000 s/f of office space and will occupy the entire 1st floor at 940 Sylvan Ave., which is located near the intersection of Sage Rd. and Sylvan Ave./Rte. 9W, in Englewood Cliffs. Sylvan Corporate Center comprises four, three-sto- ry office buildings, totaling 270,000 s/f of class A office space, all linked by a central lobby. 




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