Industrial Repurposed for Religious Use, Another for Russian Pancakes

The only constant in the New Jersey commercial real estate market is change. One industrial property is being repurposed for a religious community center and Hindu temple, and another will produce Russian pancakes called blinis for a popular restaurant chain. Multifamily properties are also changing hands.

Leasing

HACKENSACK, NJ—A Russian restaurant chain will open its first US location in industrial space in Hackensack, NJ. Teremok USA signed a long-term lease deal for 4,500-square-feet of industrial space at 141 English Street. Randy Horning and Darren Lizzack of NAI James E. Hanson secured the space for the popular restaurant that serves blinis, or a kind of Russian pancake, in 270 locations across Russia. The space will be Teremok's first US location. Teremok will use the site to prepare food and service restaurants it expects to be opening in the area over the next few years. The site was previously used to service 15 Dunkin Donuts locations in the area. “The scope of Teremok's operations in Russia is truly impressive and we were able to find them a space which was previously used to supply restaurants, saving them time and money in buildouts,” says Horning. “Teremok's intentions are to open two US locations in Manhattan, and after being named to USA Today's 'top foreign fast food companies we want in the US', we fully believe in their capability to successfully grow their operations and we look forward to working with Teremok as they expand their US presence.”  

Wolf Commercial Real Estate represented PCF Management in the exclusive leasing and marketing of approximately 3,162 square feet of office space to Keller Williams within the Sturbridge Office Park at 180 Route 73, Voorhees, NJ. Sturbridge Office Park is directly across from Virtua Hospital and within walking distance of restaurants, shopping and many more amenities.

Acquisitions

A religious organization has acquired 138 Bauer Drive in Oakland, NJ, part of the Oakland-McBride Center. The 24,610 square-foot property will be repurposed as a Hindu temple and community center, says Jeff Garibaldi, president of The Garibaldi Group, which brokered the sale from owner LDR Realty Corporation for an undisclosed amount. As traditional industrial tenants have vacated the park over the years, Oakland-McBride Center continues to see non-conforming applications for buildings within its campus, says Garibaldi. This trend has become common in the New Jersey real estate market, even as the central region has seen a significant uptick in industrial activity.  Ed Flanagan and Maureen MacLachlan of The Garibaldi Group arranged the deal.

Tryko Partners has acquired Liberty Park Townhomes in Camden, NJ from Vesta Corp. With a new PILOT agreement in place, the private equity real estate group will immediately launch an approximately $1.5 million capital improvement program at the 184-unit affordable housing property on South 8th Street. Tryko worked closely with the City of Camden to secure the PILOT awarded for Liberty Park Townhomes, with Steve Erie from Vesta Corp. and Earl Cole from MMA Capital Management, Vesta Corp.'s financing partner, to identify a scope of work that will enhance aesthetics, infrastructure and quality of life at the property. “This transaction involved a great deal of positive cooperation and persistence among many parties, with each of us eager to see this property succeed,” says Tryko Partners' Uri Kahanow, director of acquisitions. “It provides a great example of how public and private organizations can work together in the best interest of city residents and to improve neighborhoods.” According to Kahanow, Liberty Park had reached a crossroads requiring significant capital investment, which presented a logical time to transition ownership. “Vesta and MMA have done a great job managing Liberty Park over the years,” he says. “Tryko Partners – in partnership with The City of Camden – looks forward to building on their achievements.” Tryko Partners will re-side all buildings, replace windows (in phases), repair and repave parking areas and sidewalks as needed, install new signage, and update landscaping throughout the property. Planned infrastructure improvements include the reparation of sanitary lines, and replacement of hot water systems and electric outlets.  Additionally, the capital improvements will include the incorporation of an innovative, high-tech security system where cameras located throughout the grounds provide feed linking directly to the police department. “The program will provide peace of mind for our tenants by enabling public safety professionals to successfully and easily monitor the neighborhood,” Kahanow says.

Rose Real Estate closed four multifamily transactions recently for an aggregate value of just under $3 million, says company president Lauren Rose Federgreen. The properties were: 33-35 Elmwood Place, Elizabeth NJ, which included five multifamily units and sold for $360,000; 101-103 Center Street and 345 South Avenue, Garwood, NJ, six apartment units over two commercial units and a three-unit commercial building, which sold for $2.2 million; and 970 W Grand Street, Elizabeth, NJ, which included six apartments and a commercial unit, selling for $410,000.  

Executive Moves

CBRE added Nick Quinn as first vice president on its retail brokerage team. Nick comes to CBRE with more than 12 years of restaurant and hospitality experience, both on the service and real estate agency side of the business. He spent the past six years as a restaurant-focused commercial real estate agent with InnSite Hospitality Properties. He will be based out of CBRE's Center City Philadelphia office and will work with landlords, developers, as well as local independent, regional, and national chains in the restaurant and hospitality industry. Quinn holds a BS from Cornell University's School of Hotel Administration.

Industry veteran and former Jones Lang LaSalle executive vice president J.C. Giordano has joined Avison Young in New Jersey as a principal. He brings to the company nearly 35 years of commercial real estate experience, which he will leverage to provide tenant and landlord representation services for Avison Young's new and existing clients, with a particular focus on growing the firm's tenant representation business in New Jersey. Giordano has completed numerous significant transactions on behalf of major global companies, including numerous Fortune 500 firms. Giordano spent more than 10 years as a principal with real estate advisory firm The Staubach Company, before JLL acquired the firm in 2008. Earlier in his career, he worked at Cushman & Wakefield, where he also specialized in tenant representation. Giordano received a diploma in commercial real estate from New York University, and is an active volunteer with Special Olympics New Jersey, having previously chaired the organization's annual golf classic.