Cherry Hill Medical Sale at $2.7M; ikon.5 honored for Newark Center

In this week's Deal-Tracker, a medical office in Cherry Hill sells for nearly $3 million, a self-storage company expands, a Princeton architectural firm is honored for its design for a Newark community center, and another Glenpointe tenant expands its space.

Sales/Acquisitions

MANVILLE, NJ—Compass Self Storage, a member of the Amsdell family of companies, has acquired a self storage center at 55 Beekman Road in Manville, NJ. The Manville center offers more than 45,000 net rentable square feet. It's Compass' seventh store opened this year, and its fourth location in New Jersey. The Manville location offers drive up access, indoor climate controlled units, individual door alarms, digital surveillance, electronic access, online payments, outdoor parking, truck rental and a full line of moving and packing supplies. There is also a second, satellite self storage location on S. Main Street. The rental office on Beekman Road services both self storage properties. "We are thrilled to grow our store presence to service the Manville community, and believe our top notch service and product will bring value. We will serve as a convenient, one-stop shop for the moving and storage needs of our new customers," says Todd Amsdell, president.

CHERRY HILL, NJ—Markeim Chalmers represented the buyer and the seller in the acquisition of 1400 Route 70, Cherry Hill, NJ, a 15,000 square-foot class A medical building which sold for $2.7 million. Scott Martin, vice president, Markeim Chalmers, represented the buyer and seller, who were not named. The building will soon be available for lease, Markeim Chalmers says. Presently home to Penn Medicine Cardiology and formerly to BBB's Orthopaedics, the new owner is planning facade upgrades and will begin marketing the building for lease immediately. Space will be available for occupancy in late 2016.

Multifamily

NORTH ARLINGTON, NJ—After completing an aggressive repositioning program at the request of its owners, Value Asset Management says almost all of the 234 apartment homes are now leased at Arlington Park, a garden-style community located at 20-B Ridge Park Drive in the North Arlington. The Clifton, NJ-based advisory and management firm created a community-specific plan to reinvigorate and re-launch the leasing, marketing and management efforts and address existing challenges.  The reinvigorated property successfully tapped into the strong demand for competitively-priced rentals created by the influx of high-rise luxury buildings along the New Jersey “Gold Coast” and low vacancy rates at existing apartment complexes in Bergen, Passaic and Hudson Counties. “There's outstanding opportunities in northern New Jersey for proactive apartment owners willing to invest in capital improvements, improved operations and advanced marketing,” says Andrew Abramson, CEO and president of Value Companies,  which was named the 2014 New Jersey Apartment Association Property Management Company of the Year. “They can quickly turn underutilized properties into well-performing communities by modernizing homes and grounds and improving operations and maintenance to appeal to the large pool of apartment hunters who don't want to pay premiums for new construction buildings.” 

Leases

TEANECK, NJ—Phibro Animal Health Corporation has expanded its corporate headquarters lease at Alfred Sanzari Enterprises' Glenpointe in Teaneck by 4,700 square feet for a total occupancy of 49,600 square feet. A Glenpointe tenant since 2012, Phibro Animal Health Corporation occupies the entire third floor and part of the fourth floor at Glenpointe Centre East. The company is a diversified global developer, manufacturer and marketer of animal health and mineral nutrition products for several animal species.

Executive Moves

NEW BRUNSWICK, NJ—Chanchal Singh has been named Education Coordinator for NAIOP New Jersey, says Michael McGuinness, CEO of the commercial real estate development association. Singh is responsible for the association's continuing education program, including certifying programs and speakers and maintaining continuing education credit records. Singh is currently a candidate for a Masters in City and Regional Planning at Rutgers University's Edward J. Bloustein School of Planning and Public Policy. She received her undergraduate degree from Maulana Azad National Institute of Technology in Bhopal, India.

Awards

NEWARK, NJ—Princeton, NJ-based design firm ikon.5 Architects, has received a Merit Award in the Unbuilt category from the New Jersey chapter of the American Institute of Architects, for the design of a new Training, Recreation and Education Center in Newark, NJ. As conceived by Ikon.5, the community center will be housed in one building composed of two interlocking triangular wedges. One wedge is transparent, and is designed to contain meeting and educational facilities, while the adjacent building, with its opaque walls, will be used for recreational activities. The unique creation was inspired by the geometric clash of the city's urban grid and idyllic Weequahic Park in southern Newark. The 22,000-square-foot building will feature a gymnasium, fitness and aerobic room, community meeting rooms, locker room and showers, childcare center, and a library and study area. “The design's two triangles represent an important and iconic trait of this city,” says Joseph G. Tattoni, FAIA, principal of ikon.5 Architects. “The final product will demonstrate the complementary nature of the two components, which will combine to create a multi-use community facility that will benefit the entire neighborhood.” The project was commissioned by the Newark Housing Authority and will serve the residential Dayton Neighborhood in the South Ward of Newark. The United States Department of Housing and Urban Development and the New Jersey Economic Development Authority both contributed funding.