RAHWAY, NJ—San Francisco-based Terreno Realty Corporation has acquired an industrial property located in Rahway, New Jersey for approximately $7.2 million. The property consists of one industrial distribution building containing approximately 84,000 square feet on 4.3 acres adjacent to Exit 12 of the New Jersey Turnpike and Route 1. The property, 900 Hart Street, provides eight dock-high and one grade level loading positions and is 52% leased to one tenant. The estimated stabilized cap rate of the property is 6.1%.

Penwood Acquires 20 Duke Road in Piscataway, NJ

PISCATAWAY, NJ—Penwood Real Estate Investment Management has closed on its first acquisition in New Jersey, 20 Duke Road in Piscataway. The 203,000 square foot building is located within 1.5 miles of two interchanges of I-287 and eight miles west of the intersection of I-287 and I-95. The property previously served as a satellite printing plant and distribution center for the Newark Star Ledger newspaper. Penwood plans a significant rehabilitation of the rail-served building to further enhance the appeal of the property. The rehabilitation plan includes expanded loading, energy efficient lighting, new HVAC systems, upgraded sprinkler systems, office improvements and various site and exterior upgrades. The rail siding and site egress can also be expanded on an as needed basis.

LEASES

Bussel Completes Leases at 240 Randolphville Road in Piscataway

PISCATAWAY, NJ—Bussel Realty Corp. has completely leased out a 22,500-square-foot industrial facilityat 240 Randolphville Road in Piscataway, NJ, with the signing of Palmieri Moving Inc. and All Jersey Moving Inc. to 12,500 square feet and 10,000 square feet, respectively. BRC executive vice president Gregory Irving and vice president Anthony Mircovich handled the transactions. 240 Randolphville Road has 400 amps of electrical power, two loading dock doors and two drive-in docks. The property's location is close to I-287 and Exit 10 of the New Jersey Turnpike.

Norman's Hallmark Inks Lease at Aldrich Plaza in Howell, N.J.

HOWELL TOWNSHIP, NJ—Norman's Hallmark, a family-owned and operated card and specialty gift retailer, has signed a lease to occupy 5,200 square feet at Aldrich Plaza in Howell, NJ. Levin Management is exclusive leasing and managing agent for the 150,000-square-foot shopping center. Retail availabilities at Aldrich Plaza include one 1,900-square-foot inline space, and a 10,000-square-foot proposed pad site.

CBRE Arranges Seaside Heights CVS Store Sale

SEASIDE HEIGHTS,NJ–CBRE has arranged the sale of 1600 Boulevard in Seaside Heights, NJ, a 13,160-square-foot property that is currently absolute triple net leased to CVS. Charles Berger, Elli Klapper and Susan Branch of CBRE's Investment Properties Group were exclusive agents for the out-of-state seller in the transaction, while Maurice Nieman of CBRE's Net Lease Group in San Diego, CA, represented the out-of-state buyer. CBRE was able to complete the sale within the property's first 60 days on the market. 1600 Boulevard, which was fully renovated due to damage from Hurricane Sandy, is leased to CVS with a corporate guarantee and 15 years remaining on the lease term.

EXECUTIVE NEWS

PARSIPPANY, NJ—NAI Hanson senior vice president Barry J. Cohorsky has earned official designation by the Society of Industrial and Office Realtors. With Cohorsky's designation, NAI Hanson now counts 10 SIOR designees among its ranks, more than any other commercial realty in New Jersey. Cohorsky has closed more that 20 million square feet in corporate real estate sales throughout Northern and Central New Jersey. His clients have ranged from small businesses to large multi-national corporations and he has provided a full suite of services including identifying market opportunities, managing client relationships, negotiating lease terms and executing contracts. He has also worked in close collaboration with partner brokers in other states. A graduate of Upsala College with a bachelor's degree in management and marketing, Cohorsky is a member of the Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area, Inc.

Conor Fennessy Joins Mercury

WESTFIELD, NJ—Mercury, a leading national, bipartisan public strategy firm, says seasoned lobbyist Conor Fennessy has joined the firm from the New Jersey Apartment Association. Fennessy will join Mercury as a senior vice president of government affairs and work out of the firm's new office in Trenton, NJ. Fennessy worked as the head of legislative, policy and political affairs for the NJAA for ten years.