SALES

SOUTH HACKENSACK, NJ—The Hampshire Companies sold its 112,270-square-foot industrial warehouse building at 490 Huyler Street in South Hackensack, NJ, to Park Avenue Motor Corporation. The company has leased the building since 2012 and the tenant chose to exercise its purchase option. “This sale allows The Hampshire Companies to generate an attractive yield on its investment,” says Igor Derbaremdiker, senior investment manager of Hampshire.  “Hampshire made extensive renovations to the property in 2010 in order to improve the property, both aesthetically and functionally in order to attract qualified, prospective buyers. The Park Avenue Motor Corporation is also able to streamline its operations between this property and its nearby location at 530 Huyler Street which they purchased from The Hampshire Companies in 2013.” Located within minutes of I-95, I-80, Routes 46, 3, and 17, the New Jersey Turnpike and the George Washington Bridge the facility is ideally situated in Bergen County's premier industrial marketplace. Its proximity to major highways combined with its 16-18-foot ceiling heights and multiple loading docks made 490 Huyler Street an attractive purchase option for the buyer.

 NEWARK, NJ—CBRE has arranged the sale of 100-percent occupied multifamily buildings at 1 & 2 Noll Place in Newark, NJ, for approximately $1.9 million. The two buildings have 36 apartment units between them. Charles Berger of CBRE Capital Markets' Investment Properties team in New Jersey and Elli Klapper of CBRE Capital Markets' Investment Properties team in New York represented the seller in the transaction. The new owner, an out-of-state buyer, plans to hold the property for investment purposes. “This transaction was especially complex, as environmental remediation was required and the income from the rooftop cell tower was previously sold to a third party,” says Berger. “Demand for high occupancy multi-family assets in Newark has increased significantly as investors recognize the value in renewed tenants and the demand for affordable rents in revitalized employment urban centers close to New York City. The out-of-state buyer saw the value in moving their capital from the New York market into Newark and northern New Jersey.”

WOODBURY, NJ—Starkman Realty Group arranged the $1.4 million sale of the Delaware Apartments, 143 Delaware St., Woodbury, NJ. Jason Starkman, president of Starkman Realty Group, represented the owner, Budd Realty. Woodbury Delaware Management Company LLC acquired the two-story garden complex that has two buildings with a total of 26 one-bedroom units and a new garage with a 1,200-square-foot office on top in the rear of the property.   

LEASES

MORRISTOWN, NJ—Jones Lang LaSalle completed two new leases totaling 8,600 square feet at The Point at Morristown, 36 Cattano Avenue in Morristown, NJ, with building owner Washington Cattano Co. LLC. NorthMarqCapital LLC and Diamond Financial Consultants LLC each signed a lease for 4,300 square feet at the class A, 25,800-square-foot office building. Chris Conklin, vice president, and Dan Spero, associate, both with JLL, represented the building owner in both transactions. “The Point at Morristown is one of the newest buildings in town and really caters well to professional services firms looking for a modern office solution in a vibrant downtown environment,” says Conklin. “Companies continue to be attracted to Morristown because of its tremendous amenities and connectivity to the train line. The building's prime location makes it ideal for firms seeking to recruit younger employees who appreciate the downtown setting.” NorthMarqCapital relocated to the building from its previous offices at 1 Gatehall Drive in Parsippany. Harlan Hollander, executive director, with Cushman & Wakefield, represented Northmarq. Diamond Financial Consultants is relocating to 36 Cattano Avenue from its previous offices at 55 Main Street in Chester. Kathryn Oram, sales associatewith Godby Realtors, represented Diamond. The six-story The Point at Morristown is a modern, Energy Star-rated building constructed in 2008. The office building is directly across from the Morris County Courthouse and is located just one block from historic Morristown Green. The property is situated in the heart of downtown Morristown and is walking distance from a wide range of transportation, dining and shopping options.

MOONACHIE, NJ—NAI Hanson arranged for AMK USA, an existing tenant at 131 W. Commercial Avenue in Moonachie, NJ, has expanded and extended its lease. The facility features ample office space, 21-foot ceilings, four loading docks, 36' X 30' column spacing and a wet sprinkler system. NAI Hanson senior vice president Tom Ryan and vice presidents Jeffrey DeMagistris, SIOR and Thomas Vetter, SIOR represented both the landlord and AMK USA in this transaction.

CAPITAL IMPROVEMENTS

EGG HARBOR TOWNSHIP, NJ—MCR Development LLC has completed renovations at The Residence Inn by Marriott Atlantic City Airport, a 101-suite hotel located at 3022 Fire Road in Egg Harbor Township, New Jersey. The hotel's lobby was freshly painted with a soft mix of gray and blue and received all new furniture, including a communal table with power outlets that guests can use to stay powered up. Guest suites received new pull-out sofas, desk chairs and plush carpeting, while new drapery was added to complement new and calming wall tones. Additionally, the fitness center received all new high-quality equipment including treadmills with individual TVs, while the meeting room and pool area received new furniture. In the spring, MCR says it will install a fire pit in the hotel's patio area. The Residence Inn by Marriott Atlantic City Airport is one of the most conveniently located, all-suite Atlantic City airport hotels, in proximity to area attractions including Atlantic City casinos, Storybook Land, Historic Smithville, Lucy the Elephant and The Walk Atlantic City Outlet. The hotel is just minutes from popular Jersey Shore beaches like Ocean City, Margate and Longport and offers ideal accommodations with separate areas for sleeping, working, eating and relaxing. Amenities at the hotel include an indoor swimming pool, a sports court with options for volleyball, basketball and tennis and a picnic/barbeque area.

EXECUTIVE MOVES

PHILADELPHIA, PA–SSH Real Estate has promoted Gregory B. Muller, Esq. to chief operating officer and partner. Since joining the company in December 2003, Muller has grown into a leadership role with direct, daily involvement in the brokerage, management and investment divisions of SSH.  An attorney, Muller oversees all legal aspects of SSH's three divisions, while also playing an integral role in financing, underwriting, due diligence, and asset management for SSH's investment division. In addition, he is responsible for investor relations and SSH's daily legal work, including drafting and negotiating leases, and is the liaison with outside counsel.  “Greg has been a key part of our growth and success,” says Jeffrey Seligsohn, partner of SSH along with Peter Soens. “We are thrilled to promote him to this important role and welcome him as our partner.” A Philadelphia resident, Muller holds a BA in International reltions from the University of Pennsylvania, and a JD from Temple University's James E. Beasley School of Law. He is admitted to the Pennsylvania Bar and is a member of the American, Pennsylvania, and Philadelphia Bar Associations as well as the Union League of Philadelphia.

MORRISTOWN, NJ— Nicholas Caravella, Associate AIA, will serve as regional associate director of the New Jersey chapter of the American Institute of Architects (AIA-NJ) for a two-year term. Since 2014, Caravella has been employed by global design firm Gensler, where he oversees projects in the consumer products practice area of Gensler's Morristown, NJ office. He will be responsible for increasing membership in AIA-NJ and providing support and advice for the local regions and their established and up-and-coming professionals. A graduate of New Jersey Institute of Technology, Caravella began his career at Arcari + Iovino Architects in Little Ferry, NJ, where he served various communities by working on libraries, police and fire stations, and other municipal structures. He then worked for Kamlesh Shah Designs, where he had the opportunity to design laboratories and workspace for clients including Bristol-Myers Squibb and G&W Labs. He also has experience in the retail sector, having designed various Dunkin Donuts and 7-Eleven stores throughout New Jersey.