Here is a roundup of middle-market transactions in New Jersey in recent weeks.

DEALTRACKER

JERSEY CITY, NJ—Kushner Companies and The KABR Group acquired 26 Journal Square, a 16-story, 105,000-square foot commercial tower in the heart of Jersey City's growing Journal Square neighborhood. The property had been owned since 2006 by Knightsbridge Properties, which paid $15 million for the asset, according to Real Capital Analytics, a proprietary research firm. The price for the current sale could not be determined. The partnership intends to upgrade the building into a hub for creative firms. 26 Journal Square is the latest addition to the Kushner Cos./KABR Group partnership in Jersey City. The partnership is teaming up on mixed-use projects at 1 and 30 Journal Square, and two buildings in the Powerhouse Arts district: the planned 65 Bay Street luxury rental tower, and a mixed-use complex at 124-134 Bay Street. In all, the partnership has more than 4 million square feet under development in Jersey City.

SADDLE BROOK, NJ—Spring Valley, NY-based Exclusive Management, a private capital investment firm, has acquired 222 & 233 Mount Airy Road in Basking Ridge, NJ, from Mack-Cali Realty Corporation for $9.6 million in a transaction brokered by CBRE. The property consists of two office buildings totaling 115,961 square feet that are currently 65-percent leased to a diverse tenant base. The rent roll provides in-place cash flow while the buyer executes a repositioning strategy through aesthetic enhancements and rebranding.

BAYONNE, NJ—Three mixed-use assets totaling approximately 47,300 square feet in Bayonne, NJ were sold to an undisclosed buyer in a $4 million deal brokered by Cushman & Wakefield. Transactions include the $1.175 million all-cash sale of 462 Broadway, 464 Broadway and 15-17 Library Court; the $1.6125 million sale of 813-819 Broadway; and the $1.35 million sale of 544-556 Broadway. Fahri Ozturk and Lev Kimyagarov, directors in Cushman & Wakefield's Capital Markets Group, exclusively arranged the sale of 462 Broadway, 464 Broadway and 15-17 Library Court. The sale of 813-819 Broadway and 544-556 Broadway were exclusively arranged by Ozturk.

RIVERTON, NJ—601 Lippincott LLC acquired 601 Lippincott Road, a 4,000 square-foot industrial building in Riverton, New Jersey, from DJ Enterprises. Pricing could not be determined. The warehouse property is located off River Road in Riverton, NJ, has four garage door bays, and is situated on about 1.5 acres. Leor Hemo, executive vice president, and Chris Henderson, senior associate for WCRE exclusively represented both parties in this transaction.

HASBROUCK HEIGHTS, NJ—Essay Group, which makes natural products for entertainment, recreation and outdoor living, has leased 3,400 square feet of space at Heights Plaza, located at 777 Terrace Ave. in Hasbrouck Heights. The 200,000-square-foot class A office building is owned and managed by Alfred Sanzari Enterprises of Hackensack, which negotiated the transaction in-house with Stephen C. Jennings, vice-president of leasing and marketing. Joe Tormen of Lee & Associates represented the tenant. Essay Group is relocating to Heights Plaza from Lyndhurst in order to accommodate its recent and anticipated growth. The company offers high-quality products, both innovative and natural, for the fireplace and the patio. Along with firewood and kindling, Essay Group regularly introduces new products such as the Light N' Go Yule Log and the Light N' Go Bonfire Log.

NEWS AND NOTABLES

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, located in Essex, Union, Middlesex, Morris and Passaic Counties, ranges in size from 12,200 to 151,000 square feet.

Here is a roundup of middle-market transactions in New Jersey in recent weeks.

DEALTRACKER

NEWS AND NOTABLES

Instant Insights /

New Jersey Middle-Market Digest for October 11, 2016

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