A number of sales transactions have taken place in recent weeks including a 76-unit multifamily property in Fort Lee, a foreclosed six-story building in Union City, and the arrival of French skin care company Caudalie in a Carlstadt industrial.

Here is a roundup:

Z Realty Group Brokers 76-Unit Multifamily Sale In Northern New Jersey

FORT LEE, NJ—Z Realty Group announced the firm has successfully arranged the sale of 220 Straight Street in Paterson, NJ, a 76-unit apartment complex in Hudson County.  Zeynep "Z" Ekemen, managing principal at Z Realty Group, says both U.S. and foreign buyers expressed interest in the property, since few properties like it come on the market in Northern New Jersey.  220 Straight Street has been converted into 76 units for residential use from a former textile mill building. The 60,000 square foot building features 45-flex convertible two (2) bedroom units in which a loft can be used as a second bedroom, 3-flex three (3) bedroom units, 3-flex four (4) bedroom units and 15-fourth floor Duplex two (2) bedroom units. All units in the building are market rent apartments. Z Realty Group represented the foreign investor, and American Properties Realty represented the seller.  

NAI DiLeo-Bram & Co. Represents Magyar Bank in Sale of Six Story Elevator Building at 535 30th Street in Union City

UNION CITY, NJ—NAI DiLeo-Bram represented Magyar Bank in the disposition of a six story, 10 unit elevator building in Union City. Construction of the 26,000-square foot building halted when the recession hit, and in 2011, Magyar Bank was forced to foreclose on the asset. Eric Jacobov of Concord Capital New York, who primarily invests in non-performing debt and lender owned properties, led a group of investors including Lantower Realty to purchase the property from Magyar. Ray Kenwell and Peter Brown of Magyar assisted the buyer with acquisition and construction financing to complete the project. The total deal amount including equity and construction costs totaled $3 million. Jeff Jones, the broker of the deal, says the 10 unit building will be completed as high end rentals which will include spacious 1,700-square-foot layouts, indoor parking and washer/dryer in each unit. Higher floor units have stunning views of the New York skyline.

CenterPoint Properties Sells 30 Commerce Road in Carlstadt, NJ

CARLSTADT, NJ— CenterPoint Properties has sold 30 Commerce Road, Carlstadt, NJ to Caudalie, the French skin care company. The DTZ team of Andrew Houston, Larry Casey and Robin Ritter-Ceriello represented the seller. Blake Chroman of Jones Lang LaSalle represented the buyer.

The 35,038 square foot facility, on 1.44 acres, features two exterior loading docks in close proximity to New York and major highways including Interstate 95, the New Jersey Turnpike and New Jersey Routes 46 and 80. DTZ says several parties expressed interested in acquiring the facility. The Bergen County industrial submarket is experiencing tremendous demand that is outpacing the current supply.

“Though 30 Commerce was initially marketed for lease, demand quickly made a sale the optimal strategy,” says Houston, vice president of DTZ. “The deal negotiated allowed our client, CenterPoint Properties, to maximize its return on investment while simultaneously providing the tenant, Caudalie, with maximum utility.”

Cedar Brook, New Jersey Adds U-Haul to Community

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. Located at 59 North Route 73, the facility offers truck and trailer rentals, self-storage and moving supplies to people coming to and from the area. An abutting parcel of land at 65 North Route 73 was also acquired by U-Haul. This land will become a U-Box® moving and self-storage container warehouse, which will increase customer convenience.

Choice Pet Supply Now Open at The Village at Livingston in Livingston, N.J.

LIVINGSTON, NJ—Choice Pet Supply recently celebrated its grand opening at The Village at Livingston in Livingston, NJ.  The natural pet products retailer occupies 3,000 square feet at this key Essex County shopping destination.  The 93,000-square-foot shopping center is managed and developed by Livingston-based Eastman Companies. David Perlmutter of Perlmutter Properties negotiated the long-term lease on behalf of Eastman. Jeff Kintzer and Farron Roboff of Royal Properties represented the tenant.