Sales

PLAINFIELD, NJ–Bussel Realty Corp. has brokered the sale of 1280 North Avenue in Plainfield, New Jersey, a 19,400-square-foot industrial facility. The property was purchased by 1280 North Avenue Associates for $1.45 million from TJK Associates, a client of BRC executive vice president Gregory Irving, SIOR, for more than 25 years.  Irving and BRC vice president Manny Judah were responsible for the transaction and represented the seller.  Cresa New Jersey represented the buyer. 1280 North Avenue is a fully-leased 19,400 square foot industrial property with 18' ceiling heights, 40-foot by 40-foot column spacing, two loading docks and two drive-in doors.  The property offers access to Routes 28 and 22, and is in close proximity to I-78.

WHITING, NJ–Eastern Union Funding arranged a $7 million acquisition loan for a 113,000 square-foot retail property in Whiting, NJ.  The 12-unit property, 108 Lacey Road, is anchored by Dollar General, Sav-a-Lot, and Wells Fargo. Buyer Angelo Gambino - who owns several assets throughout the greater metropolitan area - purchased the property from Abe Tress of Sun Equity Partners. EasternE Union Funding's Mark Perlowitz and Martin Zelcer negotiated the deal. Provided by Columbia Bank, the loan features a fixed rate of four percent for ten years on a 15 year amortization schedule. “Our answer to the claim that retail centers are going dark would be deals like this,” says Perlowitz. “The retail sector, nationwide and here in New Jersey, is heating up.” 

PARAMUS, NJ–The former Electronics Expo, at 166 North Route 17 in Paramus, NJ, has been sold by a New York-based family trust to an established investor and owner of north Jersey retail properties. Florian Suserman of Ripco Real Estate, represented both sides in the transaction. The two-story freestanding retail building consists of 18,200 square feet on two floors. “We weren't surprised to receive multiple offers on this prime Route 17 property,” says Suserman. “Paramus remains one of the top retail zip codes in the country. With approximately 150,000 cars passing the site daily and five major regional malls (Simon's Riverside Square, Westfield's Garden State Plaza, Vornado's Bergen Town Center, GGP's Paramus Park, and The Fashion Center) within three miles, this site offers true value to retailers.” Located in the heart of Paramus' retail epicenter, the property is conveniently located north of Route 4 between the Century Road and Midland Avenue turn-around area and just south of the Garden State Parkway. It has great access and exposure on the highway. Area retailers include: Dick's Sporting Goods, Michael's, Golf Galaxy, Chef Central, Starbuck's, Moe's Southwest, Men's Wearhouse, Dunkin' Donuts, Raymour & Flanigan, and Bassett Furniture.

RADNOR, PA—On behalf of an affiliate of Equus, Jones Lang LaSalle has sold Radnor Court, a class A office property. Goldman Sachs purchased the 121,371 square foot building. JLL declined to disclose the sale price. Vice president John Plower, executive vice presidents Doug Rodio and Jim Galbally and managing director Joseph Garibaldi led the JLL team on the transaction. “Radnor Court represented a rare opportunity for the investor to gain access to the highly coveted Radnor submarket,” says Plower. “The long-term, in-place cash flow coupled with the high-quality rent roll and transit-oriented location highlighted the core nature of this transaction.” This is the fourth of several Philadelphia market office sales transactions that have closed in December 2014 as JLL's Philadelphia Capital Markets experts anticipate exceeding $1 billion in sales by year's end.

LEASES

WCRE represented SONUS Productions, Inc. in the leasing of approximately 4,000 square feet of office/flex space at 717 Fellowship Road, Mount Laurel, NJ. 717 Fellowship Road, owned and operated by The Bloom Organization is a 53,000 square foot property conveniently located near Interstate 295, the NJ Turnpike and Route 73. Located in the heart of Southern New Jersey's business corridor, this new expansion location will provide SONUS Productions with a conveniently located operations center. Todd Levin, senior associate of WCRE exclusively represented the tenant in this transaction.

DEVELOPMENT

CEDAR BROOK, NJ–U-Haul Company of Southern New Jersey recently added U-Haul Moving and Storage of Cedar Brook to its growing list of self-storage locations in New Jersey. Formerly Cedar Brook Self Storage, this facility measures 40,159 square feet of building space and 11.58 acres of land. The land features four one-story metal self-storage buildings containing 265 storage rooms, 62 of which are climate controlled. A one-story rental office, one-story maintenance building and 33 RV parking spaces are also on site.

MAGNOLIA TOWNSHIP, NJ–Komfort & Kare, Southern New Jersey's largest home medical store, is leaving its longtime location in Westmont and moving to nearby Magnolia, where it has started renovations on its destination showroom at 424 White Horse Pike. The store's location will feature model areas to allow testing of products in a home-like setting; a mobility track for trying out walkers, scooters, and wheelchairs; a model staircase with a working stair glide; and a meeting room for family consultations and community gatherings. There are plans to offer several new services at the new location which will enhance customers' independence, comfort, and safety in the home. “Once we conceived of our new retail model, I knew we would have to build it from scratch,” says Seth Auerbach, president of Komfort & Kare. “The new Komfort & Kare will have features that no other home health store offers.”