De Russel Hall, former garrison headquarters at Fort Monmouth, NJ, has been sold to cloud computing company TetherView, which has retained Colliers International to lease out space in the building. Russel Hall, former garrison headquarters at Fort Monmouth, NJ, has been sold to cloud computing company TetherView, which has retained Colliers International to lease out space in the building.

SALES

EDISON, NJ—Miss Sportswear acquired 745 Joyce Kilmer Avenue in New Brunswick, a 138,000-square-foot industrial property, from KLCNY, for $4.8 million and is investing $800,000 in upgrades. The sale was brokered by Leo Esses, senior vice president of Bussel Realty Corporation, who represented the buyer. KLCNY was represented by CBRE.  The property features 14’-20’ ceiling heights, eight tailboards and six drive-in doors for loading, 4,000 amps of electric power, and 200 surface parking spaces.

LEASES

HASBROUCK HEIGHTS, NJ—Fast-growing digital media company G3 Communications has leased 6,400 square feet of office space at Heights Plaza, 777 Terrace Ave., Hasbrouck Heights, NJ. The six-story class A building is owned and managed by Alfred Sanzari Enterprises. The transaction was negotiated in-house by Stephen C. Jennings, Alfred Sanzari Enterprises’ vice-president of leasing and marketing. Joe Tormen of Lee & Associates represented the tenant.

STAFFORD TOWNSHIP, NJ—Retail store chain Five Below’s newest Ocean County location at Stafford Park Shopping Center is now open for business. The 8,176-square-foot Five Below store is the third location in Ocean County. Co-anchored by Costco and Target, Stafford Park Shopping Center features a diverse retail mix including, PetSmart, Dick’s Sporting Goods, Best Buy, Olive Garden, AT&T, The Vitamin Shoppe and Ulta Beauty. The 400,000-square-foot shopping center is owned and managed by Walters Group.

EXECUTIVE MOVES

BRIDGEWATER, NJ—Advance Realty hired industry veteran Bruce Katona as senior development manager. Katona will oversee a range of development processes for the company, including work related to entitlements and approvals, design, site improvements, construction and budgeting. On building and design matters, Katona will work in close collaboration with Advance’s internal project teams and third-party consultants. Katona is both a landscape architect and professional planner licensed by the State of New Jersey and a member of the American Institute of Certified Planners.

PARSIPPANY, NJ—NAI James E. Hanson hired Nicholas B. DePaolera, Sukhchain Sandhu and Lewis Dorf as sales associates in the firm’s Parsippany office.

EXCLUSIVE AGENCIES

OCEANPORT, NJ—Colliers International Group has been named marketing agent for Russel Hall, an iconic, 42,300-square-foot office building on the former Fort Monmouth military base in Oceanport, NJ. The property at 1000 Sanger Avenue is the only multi-tenant corporate property available for lease within Fort Monmouth; it formerly was the garrison headquarters for the Fort. Colliers’ Doug Twyman, based at the global commercial real estate services firm’s Princeton, NJ, office, is heading the assignment. Cloud computing services company TetherView purchased Russel Hall this summer from the Fort Monmouth Economic Revitalization Authority. The company, which initially subleased the building’s third floor in late 2015, has completed substantial renovations to position the property as a class A leasing opportunity.

HACKENSACK, NJ—NAI James E. Hanson has added 669,930 square feet of industrial and mixed-use space, owned by Tulfra Real Estate, to its property management division, NAI Hanson Management. The 11 building New Jersey-based portfolio ranges in size from 12,200 to 151,000 square feet. The properties are located in Essex, Union, Middlesex, Morris and Passaic Counties.

OLD BRIDGE, NJ—R.J. Brunelli & Co. has been appointed exclusive broker for four new and existing retail sites in central New Jersey’s Monmouth, Middlesex and Somerset counties. In Monmouth County, the company is now handling leasing for Freehold Mall, an established community center on Route 9 North, near the intersection of Route 79. With a new Aldi Market and Auto Zone under construction, the approximately 180,000-square-foot center is currently anchored by Burlington Coat Factory and Workout World. Other prominent tenants include Vitamin Shoppe, Payless Shoes and Rainbow Shops. Five spaces ranging from 780 to 7,988 square feet are currently available. In Somerset County, R.J. Brunelli was appointed exclusive broker for a 6.75-acre site at Route 22 East and Morgan Lane in Bridgewater, where plans have been approved for a proposed 64,700-square-foot hotel and a 9,000-square-foot retail building to join an existing, high-volume Houlihan’s Restaurant. In Middlesex County, the firm is now leasing a new 27,400-square-foot retail center at 4138 Route 1 North, just off Stouts Lane, in the heart of the fast growing South Brunswick retail and hotel corridor. As planned, the four-building site has been approved for all retail uses, fast food, a full-service restaurant (with liquor license available), and a daycare center with an outdoor play area. Also in Middlesex County, Brunelli was appointed exclusive broker for a new 8,000-square-foot retail building at 410 Amboy Ave. in Woodbridge.

CLIFTON, NJ—Value Asset Management will oversee leasing and management of two neighboring apartment buildings totaling 96 homes in the Essex County Town of Montclair. The Montclair portfolio consists of The Montclarion, a 56-unit rental building originally built in 1985; and The Montclarion at Bay Street Station, a new five-story, 40-home LEED certified apartment building expected to open leasing in early 2017.  Value Asset Management will immediately take over management, leasing and marketing efforts on behalf of Richard Polton, the building’s owner and developer.

OFFICE OPENINGS

HOLMDEL, NJ: Having spent the last four years as a partner of one of the region’s leading retail firms, industry veteran Tyler Bennett has opened Bennett Realty Group in Holmdel, NJ. The boutique firm will focus on retail commercial real estate and development throughout the tri-state area, with a concentration on tenant representation.

HONORS AND AWARDS

CLINTON, NJ –  For 17 years Freedom House, a Hunterdon County based non-profit which serves the entire state of NJ, has been recognizing individuals who have made a significant contribution through their support, involvement and leadership in the community and fight against substance use disorders.  This year’s recipients are Anthony R. Slimowicz, Esq., executive vice president, Crum & Forster, and Mark M. Scott, president, Commercial Mortgage Capital. The two will be recognized at a dinner October 19 in Bedminster, NJ.