A Brooklyn investor is placing a large bet on the redevelopment of downtown Newark, NJ, while office leasing continues apace in the urban core and in the outer rings. Here are some deals we noted:

SALES

NEWARK, NJ–Eastern Union Funding arranged a $28.8 million acquisition loan on behalf of Brooklyn based investment company PF Holdings LLC for its purchase of the Hallmark House, a 20 story, 429-unit luxury apartment complex, with an additional commercial space, located at 10 Hill Street near City Hall in Newark, NJ. Eastern Union's David Metzger and Nate Hyman originated and arranged a fixed-rate non-recourse, 10-year loan with a competitive rate of 3.25 percent. The financing covered 80 percent of the purchase price. The property is a prime example of the changing landscape, and positioned to benefit from all of the activity, says Hyman. “It's a prime location, there's a lot of upside on the commercial unit and we were able to get a great deal structured,” says Hyman. “We have close relationships with local banks that are noticing the redevelopment and will compete on leverage and rate in Newark.”

PHILADELPHIA, PA—CBRE has brokered the sale of Willow Grove Self Storage in Willow Grove, PA. Michael Howard, senior vice president of CBRE's Self Storage Advisory Group, along with Steve Marzullo and Justin Marlowe of CBRE's Investment Properties Philadelphia Commercial Group, represented the seller. The class A facility was sold to Metro Storage, a privately owned, fully integrated, international self-storage operating company with 11 facilities in the Philadelphia area. Willow Grove Self Storage is a 92,250 square foot facility with six single story non-climate controlled buildings and three fully climate controlled buildings, totaling 626 units. It was built in 2005.

LEASING

PARAMUS, NJ–Mack-Cali Realty has signed Valley Hospital to a new 10-year lease for 73,978 square feet at Mack-Cali Centre III in Paramus, NJ. Located directly off of the Garden State Parkway at 140 East Ridgewood Avenue in prestigious Bergen County, Mack-Cali Centre III features two distinct towers joined by a dramatic seven-story atrium, an on-site café with outdoor seating, and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant. Chris DeLorenzo, senior vice president of leasing, represented the Landlord. 

JERSEY CITY, NJ—Colliers International has arranged a corporate headquarters relocation and expansion, with global clinical trial transparency and compliance solutions provider TrialScope, Inc. subleasing 11,807 square feet at Harborside Plaza 5.  TrialScope provides clinical trial tools so life sciences companies can comply with legislation and internal policy, address disclosure risk, register clinical trials, and disclose results across the globe.  TrialScope will relocate within Jersey City to occupy their space on the 29th floor at Mack-Cali Realty Corp.'s 34-story, 977,225-square-foot office building. The company is subletting its office space from property, casualty, and specialty insurance provider, Torus Insurance.  “TrialScope was in need of a larger space to accommodate its recent growth, but wanted to maintain its Jersey City location to continue attracting and retaining top talent,” says Richard Mirliss, executive managing director at Colliers International, who represented the tenant in the transaction. “This premier property is an outstanding  Jersey City asset, which features stunning views of New York City and is situated right on the waterfront, steps away from the PATH Train and NJ Transit light rail and bus lines at Exchange Place.”  Nick Hilton of CBRE represented the sub-landlord, Torus Insurance. Tom Savoca represented Mack-Cali in-house.

PRINCETON, NJ–CBRE has completed two lease renewals at 700 Alexander Park in Princeton, NJ. The firm facilitated the deals with a Fortune 100 company tenant it did not identify and with Buchanan Ingersoll & Rooney, PC, a prominent national law firm and lobbying group with offices in 19 cities. The CBRE team of Carolyn Sica, senior vice president, and Adam Englander, first vice president, who serve as the exclusive marketing and leasing agent for the property, represented owner Multi-Employer Property Trust and its real estate advisor, Bentall Kennedy, in both transactions. Robert Coulman, vice president, Bentall Kennedy, is asset manager of 700 Alexander Park on behalf of MEPT.  Buchanan Ingersoll & Rooney, PC has been at 700 Alexander Park since 2001, while the Fortune 100 tenant has been in the building since 2008. Both companies have committed to an additional five-year term at the property, bringing Buchanan's total lease span to 19 years and the Fortune 100 tenant's total lease term to 12 years. 

PHILADELPHIA, PA-Southern Land Company has announced leasing agreements with four popular national retail companies at its new 3601 Market Street development in the University City section of Philadelphia, PA. The retailers include: Herban Quality Eats, a fast-casual restaurant that focuses on fresh ingredients and healthy food; Danlu, an Asian-influenced bar and restaurant; Jimmy John's, sandwich shop; Schmear It, a socially conscious build-your-own bagel sandwich outlet;  PWS, a local pizza joint that also features wings and steak; and Dunkin Donuts. 3601 Market Street is the first residential development at University Science Center – an urban research park on a 17-acre campus. Construction on 3601 Market Street began in 2013. The building, which will have 363 luxury apartments, will be open for residents this summer.

EXECUTIVE MOVES

PHILADELPHIA, PA–Marcus & Millichap has named Pennsylvania native John Wilson a senior associate and director of its National Retail Group. Wilson has worked in the commercial real estate industry since 2001, and established Cushman & Wakefield's Retail Services Group in the Philadelphia Region in 2006.  His experience includes acquiring and selling retail properties on behalf of Landlords and retailers throughout key Central Pennsylvania, Southern New Jersey, Delaware and Philadelphia markets.