New Jersey

Central Mills, which operates as FREEZE, will continue to occupy the facility under a long-term sale-leaseback arrangement.

“Originally only available for lease, we were able to negotiate an off-market sale that closed in record time,” says CBRE's Wiliam Waxman.

Lack of suitable class-A space elsewhere in the state and a shortage of large format buildings combine to make South Jersey more attractive, says David Greek of F. Greek Development. Listen to our audio interview.

The joint venture purchased the 522,000-square-foot office building from PGIM Real Estate. No purchase price was disclosed. Square Mile Capital Management LLC originated the financing for the deal.

“Monmouth County remains a strong market for investment sales especially in the shore towns of Long Branch and Asbury Park,” says Kislak's Daniel Lanni.

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

“Demand for warehouse space in New Jersey continues to be strong, particularly for modern properties in close proximity to the New York metropolitan area,” says Ben Rosen, Duke's vice president of leasing and development.

Heightened interest in urban areas is attracting significant development that can help turn around areas that had fallen on hard times, according to Anthony Cassano of NAI James E. Hanson.