SALES

PASSAIC, NJ—CBRE has arranged the sale of 615-625 Main Avenue, Passaic, NJ, for $8.42 million. The 65,000-square-foot building, anchored by Valley National Bank, is located on one square block of property. Charles Berger and Elli Klapper, of CBRE Tri-State Investment Properties, represented the seller and procured the buyer in the transaction. The property, in the heart of Passaic, includes a two-story parking deck. The new owner, a long-time CBRE client, intends to hold the building for investment purposes, while improving on its efficiencies. The building was fully renovated in 2007, with more than $5 million in capital improvements. Besides Valley National Bank, which has been in the location for over 40 years, the building tenants include multiple medical practices.

CHADDS FORD, PA—KarMar Realty Group, Inc. has sold two Delaware County, PA properties for a total in excess of $1.2 million.  One property was a 3,119 square-foot, single-story, free standing building at 67 Wilmington Pike in Concord Township. The second property was raw ground located at the corner of Brandywine Drive and Route One in Chadds Ford, PA. The Wilmington Pike property was sold by Arora Leasing Group, LP to Orth 202. The property had been a retail site, but the new owners intend to use the building as office space. The second property, a 5.7 acre site on Route 1 owned by Gakis Property Holdings, LLC, was soldto the Henderson Group, Inc. Pending appropriate approvals, the Henderson Group is planniang to build a hotel and restaurant complex on the site. Justin M. Soss and Marshall J. Soss of KarMar Realty Group, Inc. represented all parties in the transactions.

LEASES

AVENEL, NJ—Coney Island Auto Parts has completely leased 29 Mileed Way in Avenel, NJ, a 30,080-square-foot industrial property, for distribution of auto parts to retailers in the region. Bussel Realty Corp. senior vice president Herb Zimmerman handled the transaction and represented the tenant.  29 Mileed Way has 22-foot ceilings, four loading docks and 1 drive-in loading door, wet sprinklers, 400 amps electric power and 25 parking spaces.  The building is half a mile from Routes 1 and 9 to the east and Exit 12 of the New Jersey Turnpike to the west.  The property has excellent access to Newark Liberty International Airport, the ports, and the Goethals Bridge to Staten Island and Brooklyn, NY.

TEANECK, NJ—Nitto Americas, Inc., a provider of technology-based products like industrial tapes and environmental solutions, has renewed its lease for 4,866 square feet of office space at Glenpointe, 300 Frank W. Burr Boulevard, in Teaneck. The East Rutherford, NJ-based Cushman & Wakefield team of Richard Baumstein, Marc Graham and Christian Politan serves as exclusive leasing agent for the Alfred Sanzari Enterprises-owned Glenpointe complex.

Dividends

EDISON, NJ—Mack-Cali Realty Corporation says its Board of Directors has declared a cash dividend of $0.15 per common share (indicating an annual rate of $0.60 per common share, paid in cash) for the period October 1, 2014 through December 31, 2014. The dividend will be paid on January 14, 2015 to shareholders of record as of January 6, 2015.