Deal-Tracker: Sales, Leases, and Executive Moves in NJ

Virgin Atlantic Lounge at Newark Liberty International Airport won AIA-NJ honors for New York-based Slade Architecture

Here is a roundup of recent sales, leases, agency assignments, and people in the news in the New Jersey market. Sales

600 Parsippany Road, Parsippany, NJ

PARSIPPANY, NJ—Mack-Cali Realty Corporation has sold a 100,000-square-foot office building located at 600 Parsippany Road in Parsippany, NJ, to a joint venture between Bukiet Building Management and Mountain Development Corp ., which purchased the asset free and clear of existing debt. Holliday Fenoglio Fowler’s investment sales team, led by senior managing director José Cruz , managing director Kevin O’Hearn , directors Michael Oliver and Stephen Simonelli and associate director Marc Duval, marketed the property on behalf of Mack-Cali . 600 Parsippany Road is situated just off exit 40 of Interstate 287 at the four-way interchange with Parsippany Road.  The three-story, black glass building is 92 percent leased to notable tenants, including Aerotek; Level 3 Communications; Sonneborn; Certified Financial Services; Inglesino, Webster, Wyciskala & Taylor; Property Title Group and Dewberry .  The building features a newly-renovated lobby with stone and tile flooring and a full-service café on the top floor. JERSEY CITY, NJ— A vacant multifamily building at 107 York Street, between Warren and Washington Streets, Jersey City, NJ, was sold in a transaction valued at $2.1 million, or approximately $420 per square foot. Cushman & Wakefield’s Fahri Ozturk exclusively handled the transaction. The four-story property contains approximately 5,000 square feet and sits on a 25′ by 100′ lot. It is comprised of four two-bedroom units spanning 1,500 gross square feet each. Each unit also features blonde oak paneling, cabinets, chef-grade kitchens, two bathrooms and a built-in study. All apartments feature rear double doors providing access to individual patios, a garden level enclosed courtyard and finished rooftop. Leases METUCHEN and EDISON, NJ— Colliers International Group Inc . has inked two leases for solar industry tenants in New Jersey’s Middlesex County. Doug Twyman of Colliers brokered the transactions for Momentum Solar and Code Green Solar as tenant representative. In Metuchen, Momentum Solar signed a long-term lease for 27,000 square feet at 325 High Street . The privately held firm designs systems for both residential and commercial properties, and is relocating its headquarters to 325 High Street in a significant expansion move. In Edison, Twyman brokered a multi-year lease for Code Green Solar at 95 Newfield Avenue in Raritan Center. The commitment marks an expansion into northern New Jersey for the firm, which already maintains a strong presence in the state’s southern region. Code Green Solar installs turnkey renewable energy solutions in more than one dozen states. HACKENSACK, NJ— Nail salon Noble Nails has leased 1,200 square feet at Summit Plaza in Hackensack, NJ. The 100,000-square-foot retail property is owned and maanaged by Alfred Sanzari Enterprises . Noble Nails is slated to open this September. Stephanie Greco of The Greco Realty Group negotiated the lease on behalf of Alfred Sanzari Enterprises . Located at 370-380 West Pleasantview Ave . at the intersection of Route 17, Summit and West Pleasantview avenues, Summit Plaza is anchored by a 62,000-square-foot Super Stop & Shop . The center’s smaller tenants include TITLE Boxing Club, Great Expressions Dental Centers, United Tae Kwon Do Center, Juicy Platters, Harmon Face Values, GNC, Payless ShoeSource, RadioShack, Dress Barn, The UPS Store , a dry cleaner and a pizzeria. AGENCY ASSIGNMENTS PARSIPPANY, NJ—Brookwood Financial Partners has named Cushman & Wakefield as exclusive leasing agent for Morris Corporate Center 1& 2 in Parsippany, NJ. William O’Keefe, Raymond Trevisan, Charles Parmelli and Kelsey Nakamura are heading the assignment out of the company’s Morristown, NJ, office. Morris Corporate Center 1 & 2 offers 529,000 square feet of class A office space at 300 Interpace Parkway and 1 Upper Pond Road . The 31-acre, two-building campus features preserved woodlands, a 1.5-mile walking/jogging trail and a courtyard with outdoor seating, pond and fountain. EXECUTIVE MOVES SHORT HILLS, NJ—The Blau & Berg Company promoted Alessandro (Alex) Conte, CCIM, SIOR, to senior executive director. Conte has extensive experience in industrial site selection, supply chain & logistics and landlord and tenant representation along with in-depth investment analysis and capital market sales. During his career, he has completed more than 20 million square feet of sales and lease transactions that total a value of over $400 million dollars.  He recently received the SIOR designation, a professional achievement that only 3,000 specialists have earned worldwide.

Nicole Jadoo, left, and Jonathan Schlussel, new associates at Colliers International

PARSIPPANY, NJ—Nicole Jadoo of Ridgefield, NJ, and Jonathan Schlussel of Teaneck, NJ, have joined Colliers International as associates, focusing on retail leasing and investment sales, respectively. Jadoo previously served as a lead leasing consultant for Aimco , where she managed the leasing of a 266-unit residential community, and as a sales agent for Coldwell Banker , where she sold residential properties in Bergen County. Her diversified real estate industry experience also includes a prior account executive role at Apple Title Agency . A member of the International Council of Shopping Centers and the New Jersey Association of Realtors , Jadoo earned a bachelor’s degree from Rutgers University . For Schlussel , who graduated from Brandeis University with a bachelor’s degree in economics in 2015, the associate role at Colliers marks his first full-time industry position. Previously, Jonathan has held internship positions with various firms in the commercial real estate sector including Broad Street Development, The KABR Group, Hirschman Realty and Cushman & Wakefield . Schlussel holds a New Jersey Real Estate license.

EJ Moawad

NORTH PLAINFIELD, NJ—E.J. Moawad of Rutherford, NJ, has joined Levin Management as a leasing representative. In his new role, Moawad is responsible for leasing and marketing efforts at eight New York/New Jersey properties within Levin’s shopping center portfolio: Mayfair Shopping Center in Commack, NY; 35-71 South Ocean Avenue in Patchogue, NY; Twin City Shopping Center in Jersey City, NJ; Quick Chek Center in Bayonne, NJ; West Orange Plaza in West Orange, NJ; St. Georges Crossing in Woodbridge, NJ; Blue Star Shopping Center in Watchung, NJ; and Edgewater Harbor in Edgewater, NJ. Moawad brings 10 years of diverse real estate industry knowledge to Levin Management , offering expertise in tenant and landlord representation, contract negotiation, site selection, and relationship management. He has completed numerous transactions with major developers including Mack-Cali, Vornado Realty Trust, Port Authority of NY and NJ, Silverstein Properties , the LeFrak and Trump Organizations , and others. Before joining Levin , Moawad was senior leasing director for NJR Group , a full-service real estate brokerage firm. He is a licensed New Jersey real estate salesperson. NEW BRUNSWICK, NJ — Patricia (Trish) Giaquinto has joined NAIOP New Jersey as chapter administrator and executive assistant. In her role, she will replace Kathleen Keating Iola , who is retiring. Giaquinto , a resident of Somerset, will manage office operations and provide support to Michael McGuinness , NAIOP-NJ CEO. Her responsibilities include interaction with vendors, processing general inquiries, coordinating with IT consultants, event registration, Board meeting backup, maintaining calendars, ensuring adherence to operating procedures and governance policies, and more. She previously served as director of marketing and operations for Professional Women in Construction in New York. AWARDS AND HONORS NEWARK, NJ— The New Jersey Chapter of the American Institute of Architects recognized three firms recently for architectural projects in New Jersey. Boston–based architecture firm D.W. Arthur Associates Architecture received a merit award in the built open category in recognition of its work expanding the Ironbound Community Children’s Center in Newark, NJ. The Center was founded in 1969 and is Newark’s first community-based, accredited child care and early education program, helping neighborhood children develop vocabulary and social skills, and instilling them with a love of learning. The center is located within Newark’s Ironbound section and incorporates children’s facilities, including classrooms and play areas, with those that can be used by the broader community, including a multi-purpose room for communal gatherings. The structure includes a two-story courtyard that is visible and accessible from all new classroom spaces. The building’s upper level incorporates administrative rooms, a multipurpose room and a roof garden playscape. The AIA-NJ Chapter also recognized New York–based architecture firm Slade Architecture with a Merit Award in the Interiors Category in recognition of its work on the Virgin Atlantic Clubhouse in Newark Liberty International Airport. The Newark Clubhouse , located airside after security checks in Terminal B, completed renovations in 2012.  The Clubhouse is organized around a faceted bar in the center of the lounge, culminating in a crystalline bottle display under the central skylight.  Light ripples across the ceiling, encompassing an abstract geometric canopy that spills up into the two skylights.  Slade Architecture designed the Clubhouse with a series of distinct spaces that pinwheel around the bar. The firm MABU received a Merit Award in the Unbuilt category in recognition of its work designing the transformation of a vacant 14,500 square foot warehouse into a community center. Continuing the efforts to rebuild the Jersey Shore in the wake of Hurricane Sandy’s destruction, MABU’s design offers a flexible mix of community, arts, and entertainment uses, in combination with a farm-to-table restaurant, rooftop farm and beer garden.  Located in Long Branch, NJ, one block from the beach, which is within both a flood zone and urban redevelopment zone, the project takes on the challenge of delivering economic growth in an environmentally at-risk location.