FINANCING
PISCATAWAY NJ—The Cornerstone Group of NY has secured $4 million in financing for the 89,450 square-foot One Corporate Place South, Piscataway NJ, a class B owner-occupied office building with long term tenants. Cornerstone negotiated a long term financing arrangement with the lender that allows the building's owners to concentrate on their business and maintaining the property. “When a property is 51% or more owner-occupied, lenders really rely on the strength of the firm, and will underwrite the scenario to ensure that the company can hold the entire financing request, says Russell Nova, Cornerstone senior vice president. “We were able to showcase the strength of the business through its tech savvy building and strong corporate tenants.”
LEASES
SOUTH BRUNSWICK, NJ–Cassidy Turley represented both the tenant, LT Foods Ltd., and building owner Forsgate Industrial Partners, in the lease of 160 Herrod Boulevard in South Brunswick, NJ. Chuck Fern, executive managing director, and Jason Barton, associate vice president, led the Cassidy Turley team. The 120,501 square-foot facility is located on an eight acre site, with 75 car- and 24 trailer-parking spaces, 22 tailgates and one drive-in door. LT Foods, a processor and distributor of basmati rice under a variety of consumer and foodservice brands, chose the site due to its proximity to Exit 8A on the New Jersey Turnpike, which enables an expansion of the firm's shipping capabilities. “Leveraging our relationships and industry knowledge, we were able to match the right tenant with a high-quality facility and ownership in a convenient location to meet both clients' needs,” says Fern. “LT Foods needed a new facility to accommodate its growing distribution channel and burgeoning storage demands, and Forsgate happened to be marketing a prime property in a highly sought after submarket.”
NORTH BRUNSWICK–Bussel Realty Corp. arranged for Jordan Logistics to lease 65,000 square feet of industrial space at 1600 Route 1 in North Brunswick, NJ. Leo Esses, BRC vice president, represented the tenant. “We are pleased to have represented Jordan Logistics in expanding its operations to this great location on Route 1, which has great highway access to major thoroughfares such as the New Jersey Turnpike and Route 130. This location enables Jordan Logistics to best service its major retailer and e-commerce customers,” says Esses. “The company will utilize the facility to provide logistics, trucking and warehousing services for clients.” Totaling 615,000 square feet, 1600 Route 1 is an industrial property offering high ceilings, multiple loading docks and 1 drive-in loading door, wet sprinklers, heavy power and 200 trailer and car parking spaces.
TEANECK, NJ—Evans Chemetics LP has renewed its headquarters lease for 1,836 square feet on the fourth floor of Alfred Sanzari Enterprises' Glenpointe Centre West. “We are pleased th
at Evans Chemetics has chosen to remain in place at Glenpointe,” says Jerry L. Barta, Sanzari's vice-president/director of leasing and marketing for. “Recent leasing activity and strong tenant retention clearly reflect the importance of this location for the international business community.”
“This location and proximity to our customers has worked very well for us,” says Anthony J. Moschetti, CFO of Evans Chemetics, a manufacturer of sulfur chemicals and related products. The company also distributes specialty products produced by parent Bruno Bock of Germany.
Read about Glenpointe's amenities in previous GlobeSt.com coverage.
EXECUTIVE APPOINTMENTS
BRIDGEWATER, NJ–Transwestern's new New Jersey managing director Jeffrey Furey will lead the leasing team for Middlebrook Crossroads, an 18-building business park featuring 583,618 square feet of flex space in Bridgewater, NJ, on behalf of the property owner, Terreno Realty Corp. Transwestern has been selected as the exclusive leasing agent for the complex. Furey has long served as the leasing agent for Middlebrook Crossroads and successfully increased the buildings' tenancy by more than 50 percent during a time when occupancy throughout the Somerset County submarket improved by just 4 percent. “Given Jeff's outstanding track record of positioning this property, we look forward to continuing this partnership,” says Andrew Burke, senior vice president at Terreno. “We see a great opportunity to continue to draw a wide variety of tenants to the space.” Currently 90 percent occupied, Middlebrook Crossroads houses tenants ranging from food services to light manufacturing and recreation, including a CrossFit franchise and a basketball center.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
