Outerstuff LTD, a designer and manufacturer of children’s sports apparel, signed a 10-year lease for 16,000 square feet in the office building located at 60 Walnut Ave. in Clark, NJ. The four-story building totals 46,000 square feet. The property was delivered in 1986 and features conference facilities and a fitness center. With the newest deal, an expansion for Outerstuff within the building, the asset is now fully leased. "It is an attractive...
Posted: September 19, 2017, 8:13 am
Duff & Phelps, an independent advisor, signed a 10-year office lease for 27,922 square feet in the Headquarters Plaza East Tower office building at 2 Speedwell Ave. in Morristown, NJ. The 12-story building totals 181,500 square feet and was constructed in 1982. Richard Mirliss of Colliers International represented the tenant. Robert Donnelly, Jr. and Ben Breneer of Cushman & Wakefield represented the landlord.
Posted: September 19, 2017, 6:49 am
The Gradus Group LLC, a home entertainment manufacturer and distributor, leased 76,640 square feet of warehouse space at 140 South Ave. in South Plainfield, NJ. The 119,395-square-foot building was constructed in 1967 on 12.2 acres located near Exit 10 on the New Jersey Turnpike. Earl Lapides, Stephen Nozza and John Cascio of Bussel Realty represented the landlord, Teitelbaum Partners LP. Chaim Weiss of Imperial Real Estate Agency represented...
Posted: September 19, 2017, 4:55 am
New York-based Kushner Companies has acquired the 1,032-unit Quail Ridge Apts. at 2005 Quail Ridge Dr. in Plainsboro, NJ. The seller, a joint venture between Angelo, Gordon & Co. and Candlebrook Properties, sold the complex for $190 million, including debt assumption, or about $184,000 per unit. Editor's Note: The recorded sales price on the contract is $146 million ($141,000 /unit). The difference is attributable to the assumption of existing...
Posted: September 19, 2017, 2:01 am
Aerosoles, leading women's footwear brand, and other subsidiaries of parent company AGI HoldCo Inc. filed to reorganize under chapter 11 of the U.S. Bankruptcy Code. A critical portion of the company's restructuring is a significant reduction in the number of retail stores it operates. Aerosoles operates 78 retail locations in 20 states, principally in lease-based mall locations, lifestyle centers, street locations and outlet centers. It plans...
Posted: September 15, 2017, 4:39 am
During the second quarter 2017, 11 buildings totaling 2,418,431 square feet were completed in the Northern New Jersey market area. This compares to 12 buildings totaling 1,963,222 square feet that were completed in the first quarter. There were 12,541,438 square feet of Industrial space under construction at the end of the second quarter 2017. Some of the notable 2017 deliveries include: 108 Route 17K, a 565,000-square-foot facility that delivered...
Posted: September 14, 2017, 7:19 am
The Ironside Newark Building redevelopment project has achieved a Wired Certified Designation at the Platinum level for superior technology and connectivity throughout the property by WiredScore, a leading rating system for progressive technology within commercial properties. The eight-story, 402,532-square-foot building is set to deliver in the fall of 2018 at 110 Edison Pl. in Newark, NJ. Edison Properties, which owns and is redeveloping the...
Posted: September 12, 2017, 8:02 am
MAST Construction Services, Inc., a New Jersey-based owner’s representative and project and construction management services firm, has promoted Jim Napolitano to vice president in the firm's Little Falls, NJ office. The 20-year industry veteran has worked for MAST Construction for the past 15 years, most recently as a projective executive and before that as a senior project manager. In his new role, Napolitano will work alongside MAST Founder and...
Posted: September 12, 2017, 6:42 am
Amazon (NASDAQ: AMZN) has announced plans for a new 855,000-square-foot fulfillment center on Staten Island, NY. The proposed high-tech facility will be the e-commerce giant's first fulfillment center in the state, and is expected to create more than 2,250 new, full-time jobs with opportunities for employees to engage with advanced robotics to pick, pack and ship customer orders from household essential to books and toys. "We are excited to...
Posted: September 11, 2017, 4:14 am