Friday, August 26, 2016

Deal-Tracker: A Roundup Of Sales, Leases And Activities In NJ/PA

by Steve Lubetkin, Globest.com

Here is a roundup of some of the smaller transactions reported in recent weeks in the New Jersey and Philadelphia markets.

Sales

CAMDEN, NJ—CI Architecture, a regional architecture, interior design and land planning firm, has acquired 121 Market Street, Camden, NJ, from RFB Properties, a Republic Bank subsidiary, for $450,000. The buyer plans to fully transform the 9,500 square-foot building interior into a state-of-the-art work workplace

SEA ISLE CITY, NJ— Uncle Mike’s Arcade in Sea Isle City, NJ was successfully sold. The Arcade seller was Michael Dolio . Anthony Shea and Todd DeMott are the new owners.

Leases – New Jersey

SOUTH HACKENSACK, NJ—Lumber Liquidators has renewed 11,000 square feet of industrial/warehouse space at 14 East Wesley Street in South Hackensack, NJ. Located in the Meadowlands submarket, the industrial property is owned and managed by Alfred Sanzari Enterprises of Hackensack, NJ. The transaction was negotiated in-house by Sanzari.

FORT LEE, NJ—PixarBio, a Boston-based biotechnology company specializing in post-operation pain management, is leasing 4,881-square-feet of class A office space at the Fletcher Office Center, 2200 Fletcher Avenue, Fort Lee, NJ.

Leases – Pennsylvania

WEST CHESTER, PA—Optical provider New Vision Family Eye Care has leased 2,300 square feet at Bradford Plaza in West Chester, PA. Located at 700 Downingtown Pike, the 161,000-square-foot grocery-anchored shopping center is exclusively leased and managed by North Plainfield, NJ-based Levin Management.

PHILADELPHIA, PA—Miller’s Ale House has signed a 15-year lease with The Goldenberg Group for 8,860 square feet of space at the Columbus Commons shopping plaza in South Philadelphia. Miller’s Ale House is the latest addition to the 647,266-square-foot regional retail hub serving Central and South Philadelphia and South Jersey. Columbus Commons is located at Columbus Boulevard and Snyder Avenue in Philadelphia and has direct access and visibility from I-95 and the area’s major bridges including Walt Whitman and Ben Franklin. The shopping center is anchored by the city’s first and only IKEA, as well as Raymour & Flanigan, Lowe’s Home Improvement, Best Buy and Pier 1 Imports.

PHILADELPHIA, PA—Archetype Solutions of Trevose is moving to 2124 Race Street and Strassheim Graphic Design & Press Corporation is relocating its downtown offices to 1500 Spring Garden Street under long-term leases. The leases total approximately 7,300 square feet with an aggregate value exceeding $625,000.  Biomeme and UK US Tax Services also expanded and relocated its respective downtown offices to 1015 Chestnut Street and Two Penn Center.

Exclusive Agencies

PISCATAWAY, NJ—Keystone Property Group is marketing 30 Knightsbridge Road, a 680,000-square-foot, class A office campus in Piscataway. Thirty Knightsbridge Road features four interconnected buildings on an expansive corporate campus. Since acquiring the property, Keystone has invested several million dollars enhancing the amenity package, which now includes a newly renovated cafeteria, several conference/training rooms, a 200-seat auditorium with its own servery and a state-of–the-art fitness center. Tenants also benefit from robust infrastructure including redundant power with an onsite substation, high-end fiber optic infrastructure, an advanced security system with 24/7 card access and a three-bay covered loading dock with a separate freight elevator.

PARAMUS, NJ—Former occupied by defunct national sporting goods chain Sports Authority 50,000-square-foot, big-box retail space is being marketed for lease. Located at 200 Ikea Drive in Paramus, the prominent site is located at the intersection of routes 4 and 17 – in the heart of the highly sought-after Bergen County retail corridor. Situated directly across from the Garden State Plaza and just moments from the Garden State Parkway, 200 Ikea Drive offers exceptional visibility, high traffic counts and strong demographics. The property’s in-place retailers include IKEA, Bed Bath & Beyond and Christmas Tree Shops.

Capital Markets

MORRISTOWN, NJ—G.S. Wilcox & Co. secured $19.5 million in financing for clients, arranged by Gretchen S. Wilcox, president, and Al Raymond, principal. One loan for $13.5 million with a fixed 2.85 percent interest rate for five years with a 30-year amortization was secured by a 202,148 square foot warehouse building at 1000 Secaucus Road, Secaucus, NJ. The second loan of $6 million was placed on a 100,626 square foot warehouse at 118 Algonquin Parkway, Whippany, NJ. This loan has a three percent interest rate fixed for seven years with a 30-year amortization. Both loans were placed with Kansas City Life Insurance Company.
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