ON THE SCENE: Latest middle market sales

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Redwood Realty Advisors arranged the $4.25 million sale of a 24-unit multifamily asset in Jersey City’s Journal Square Neighborhood. Located at 100-104 Romaine Avenue, the property features two-bedroom floor plans and is a short walk to the JSQ PATH. The seller was a long-time owner, and this is the first time the property has changed hands in more than 20 years. Steve Matovski represented both the seller and purchaser in the transaction. The property sold for $177,000 per unit.

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R.J. Brunelli & Co. announced the following sales:
Mario Brunelli represented property owner WOW Plaza III, LLC, the retail real estate brokerage sold a 25,000 s/f freestanding building in East Brunswick housing a Jersey Strong health club to KHC Development, Inc. of New York. The site, which is located at 762 Rte. 18, near the Brunswick Square Mall, sold for $4.93 million at a 7.6% cap rate. The buyer was represented by Ellen Quentzel of Jordan Baris, Inc.
Mario Brunelli represented East Orange Retail Holdings in its sale of a 12,682 s/f Dollar Tree building at 325 Central Ave. in East Orange. Real estate investor Arie Wilensky acquired the central business district building for $2.9 million at a 7.4% cap rate. Dollar Tree will continue to operate at the site, where it has been a tenant for six years.

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NAI DiLeo-Bram & Co. announced that Marc Shein closed on the sale of a 20,000 s/f mixed-use building located at 322-324 W. Front Street in Plainfield, New Jersey. Shein represented both the seller, MAP Front LLC, and the buyer in this transaction. The building was sold to a private investment partnership. The sale price was $1,250,000. Approvals are currently in place for 12 apartments to be constructed on the existing second, third and fourth floors of the property. The redevelopment will consist of three two-bedroom; six one-bedroom; and three studio apartments. Situated in an Opportunity Zone 322-324 W. Front Street is steps away from NJ Transit bus stops and a few minutes from the Plainfield Train Station.

111-121 Roberts Street

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Colliers Hartford announced the sale of The David Associates Connecticut Portfolio. Ian Hunt, Nick Morizio and John Cafasso represented the seller. The 200,950 s/f portfolio traded for $13,250,000. It is comprised of industrial and flex properties located at 111-121 Roberts Street in East Hartford, 125 McKee Street in East Hartford, and 480 & 570 Hayden Station Road in Windsor. The stabilized portfolio boasted an overall occupancy of 90% . The buyer is a private investor based in New Jersey.

Union Lake Shopping Center

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Irgang Group has acquired Union Lake Crossing, a 393,000 s/f power center serving the greater Millville-Vineland market in southern New Jersey. The Nyack, N.Y.-based real estate investment and management firm acquired the 43.39-acre site from Goodman Properties. Built in 2006, Union Lake Crossing is shadow-anchored by Target, and houses a mix led by a recently expanded and remodeled Shop-Rite supermarket, Kohl’s, Ross Dress For Less, Staples, and PetSmart. Metro Commercial Real Estate has been retained to lease up the balance of the center’s space. Irgang Group was represented on the acquisition by Ben Bruner, President of the Bruner Group, while the seller was represented by Chris Munley, Senior Managing Director; James Galbally, Senior Managing Director; and Colin Behr, Senior Director, all at JLL Capital Markets.

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