"We are encouraged by the sudden increase in activity," Udell says. "We're confident that all of the economic indicators point to a continued increase in the volume of transactions completed in the second half of this year."
In some of the larger deals on the office side, the activity was led by EVP W. Joshua Levering's and VP George Simson's representation of the Polish and Slavic Federal Credit Union's acquisition of a 72,000-sf class A office building in Fairfield, NJ. The seller, 9 Law Drive Associates, represented itself. The buyer will occupy about half the building and lease the rest out.
Also on the office side, Weichert SVP Margaret Lapadura sold a five-building, 33,000-sf office complex in Union City, NJ, representing both seller Hudson Physicians Associates and buyer Goal Investments. And in Paramus, NJ, SVP David Hirschman and associate Darren McGowan negotiated a five-year extension of a lease by Neilsen & Bainbridge for 25,500 sf at Eisenhower Drive Associates' 40 Eisenhower Dr.
As far as the largest deals on the industrial side, sales associates Michael Kerins and James Diminich sold an 80,416-sf industrial building in Paterson, NJ, repping the seller, TT Electronics. Team Resources spoke for the buyer of the 2.1-acre property, Rothschild Realty Inc.
In Jersey City, vice president Arthur J. Reinitz, Jr. represented both the buyer and seller, who were not identified, of a 71,000-sf industrial property on Amity St. And in Hillside, NJ, SVPs David Fisher and John Sievers and sales associate Terence Kenny, repped the seller, Associated Industrial Developers, in the sale of a 42,000-sf property. Bussel Realty represented by buyer.
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