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.”