Real Estate

Marcus & Millichap closes on $10 million office building in Clark

  Marcus & Millichap announced the sale a 74,000-square foot office property located in Clark for $10,525,000, according to Brian Hosey, regional manager of the firm’s New Jersey office. Fahri Ozturk, Alan Cafiero and Ben Sgambati, investment specialists in Marcus & Millichap’s New Jersey office, had the exclusive listing to market the property on behalf ...

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CBRE arranges $1.325M sale

CBRE announced the sale of 5005 Bergenline Ave. in West New York. The 7,000-square-foot, mixed-use corner lot property was sold for the benefit of a Charitable Remainder Annuity Trust, who is donating the proceeds of the sale to a nonprofit school organization, according to a CBRE press release. CBRE’s Charles Berger, first vice president; Elli ...

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HFF announces $70M financing for Harrison apartment community

On Monday, Holliday Fenoglio Fowler announced $70 million in financing for Steel Works, a recently completed, 286-unit apartment community in Harrison. The HFF team worked exclusively on behalf of the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure the 10-year, fixed-rate loan with an institutional lender.  Loan proceeds were used to ...

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Bell Works facility provides a vision of tech in the suburbs (access required)

With a wide reflective façade once dubbed “The Biggest Mirror Ever,” the Bell Labs Holmdel Complex marked the forefront of modernist architecture and the optimism of scientific discovery that characterized the 1960s. Opening in 1962 and measuring two million square feet, the building was the centerpiece of a sprawling office campus in suburban Monmouth County. ...

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NAI Mertz adds to Mount Laurel team

Commercial real estate firm NAI Mertz announced it has appointed two new commercial agents to its Mount Laurel headquarters. Joseph Riggs, an industry professional for more than 35 years, will serve as senior vice president – office division. Josh Johnson, sales associate, will work with Riggs, rounding out the strengths and capabilities of the NAI ...

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Wilcox closes $170 million with Thrivent Financial

Morristown-based G.S. Wilcox & Co. announced it recently closed $170 million of apartment and warehouse loans through their exclusive correspondent, Thrivent Financial. Two apartment transactions totaled $100 million. One was for a 280-unit apartment complex in Kearny, and the other was for a project with 218 units located in Lyndhurst. The company said both of ...

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Case-It signs long term lease in West Caldwell

Rochelle Park–based real estate investment firm Tulfra Real Estate announced it has signed a 15-year lease with binder manufacturer Case-It for 68,000 square feet in West Caldwell. Case-It, the school and office supply company which has been in the business for four decades, will relocate approximately 16 miles from Lyndhurst to West Caldwell. According to ...

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Joint venture acquires 1.6 million square feet of Newark’s Gateway Center

The joint venture between Garrison Investment Group, Axonic Capital LLC, Taconic Capital Advisors and Onyx Equities LLC announced on Thursday its acquisition of One, Two and Four Gateway Center in Newark. This 1.6 million-square-foot transaction represents New Jersey’s largest office deal of 2018. Prudential Financial said it will participate as a co-investment partner. According to ...

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DSM North America opens expanded 66-acre solar field

DSM North America is holding a grand opening of its newly expanded solar field in Belvidere on Thursday. The 20.2 MW solar project, located on 66 acres, is now the largest net-metered solar installation in New Jersey, and the second largest on the East Coast. The on-site solar generation facility is comprised of more than ...

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Bussel Realty brokers sale of Carteret property

Bussel Realty Corp. announced it arranged the sale of 1001 Roosevelt Ave. in Carteret to Seagis Property Group for an undisclosed amount. Sitting on 3.67 acres, the property is a multi-tenanted industrial building totaling approximately 97,000 square feet and is located within minutes to Exit 12 of the New Jersey Turnpike, and is close to ...

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PSEG sells 2 retired coal sites to Hilco Redevelopment Partners

PSEG Power, a subsidiary of Public Service Enterprise Group, announced on Wednesday the sale of its retired Hudson Generating Station, in Jersey City and Secaucus, and Mercer Generating Station, in Hamilton Township, sites to Hilco Redevelopment Partners, an operating company within Hilco Global. Both coal-burning power plants were built in the 1960s and retired in ...

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STRO announces hire of new chief operating officer

The Stro Cos. announced the addition of Mitchel Kay as its new chief operating officer and general counsel. In this new role, Kay will lead Stro’s operations, legal and cybersecurity functions. Kay, formerly with Greenbaum Rowe Smith & Davis LLP, has worked in both the business and legal fields, concentrating on leasing, acquisitions, sales and ...

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