WCRE sells 30,000-square-foot Cherry Hill office building

Cherry Hill Office Center, 950 N. Kings Highway, Cherry Hill. - WCRE

By: Linda Linder / llindner@njbiz.com

Wolfe Commercial Real Estate announced it exclusively represented 950 NKH LLC in the investment sale of an approximately 30,000-square-foot mid-rise office building in Cherry Hill to KSG Cherry Hill 950 LLC.

Located at 950 N. Kings Highway, the multi-tenanted building is situated within the Cherry Hill Office Center, centrally located within the Cherry Hill business district and easily accessible from Routes 70, 73 and 38. The building is also surrounded by an abundance of retail, banks, restaurants and offers numerous amenities within the surrounding business community.

The subject property was 100 percent leased at the time of sale.

John Mozzillo, senior associate and director of investment sales at WCRE, exclusively represented the buyer and seller in this investment transaction.

NIA National Realty negotiates sale of 2 buildings in Bergen County

By: Linda Lindner / llindner@njbiz.com

NIA National Realty announced it brokered the sale of two building transactions in Bergen County.

In Rochelle Park at 151 Route 17 is a freestanding, two-story flex-building consisting of 5,600 square feet. NIA’s Vice President Gregory Panayoti closed the sale with a European furniture company.

The property boasts highway accessibility and direct frontage on the Route 17 shopping corridor. It is located minutes from the intersection of Route 4 and the Garden State Parkway.

The second property is located at 676 Winters Ave. in Paramus. NIA President Roger Gross and Vice President Gregory Panayoti completed the sale to Valley Health System, a location adjacent to where the hospital will relocate its main campus from their current Ridgewood location in 2023. 

The 8,400-square-foot building features three floors of rentable office space as well as ample parking.

Long time NJ developer forms new firm to capitalize on Hudson County housing market

Rending for 8701 Churchill Road in North Bergen. - SKYLINE DEVELOPMENT GROUP LLC

By Linda Lindner / llindner@njbiz.com

Louis Mont, a real estate builder and developer on New Jersey’s Hudson River Gold Coast, announced on Tuesday the formation Skyline Development Group LLC.

The new firm will leverage Mont’s four decades of experience in urban construction and operations and special outside relationships with prominent financial institutions, development partners, and municipal and state agencies, to acquire, develop and manage multi-family real estate assets.

The company will focus its efforts on mixed-use and high-rise development opportunities in key New Jersey Gold Coast cities where Mont’s expertise in design and development, marketing, leasing, occupancy and management can be employed.

Mont will lead Skyline Development Group as chief executive officer and has assembled a team of key employees with whom he has worked with on previously successful projects in Hoboken and Jersey City.

Mont

“It’s no secret Hudson County has become a hotbed of residential development and a sought-after location for both New York metro area buyers and renters,” commented Mont.  “I’m thrilled to be able to create a fresh new company that’s uniquely positioned and staffed to tap into this flourishing market.

Skyline Development Group launched with the acquisition of a fully approved 14-story project that will deliver 70 boutique and unique condominiums to 8701 Churchill Road in North Bergen.

Construction is slated to begin in September for the yet-to-be-named development located just off River Road. Skyline secured $55.5 million in financing for the building from Mosaic Real Estate Investors, which maintains offices in Calabasas, Calif. and New York City. Jonathan Aghravi of New York City-based JBA Equities served as broker for the transaction.

In addition to the North Bergen project, Skyline Development Group has secured property rights to develop a 350-unit project in Jersey City’s up-and-coming Bergen Lafayette neighborhood and anticipates additional future projects to follow.

Prior to the creation of Skyline Development Group, Mont was the chief operating officer of a Jersey City-based company which has built over 600 luxury rental units in several Jersey City high-rise buildings in recent years.

Denholtz Properties negotiates lease renewal in renovated Red Bank office building

Exterior rendering for 116 Chestnut St. in Red Bank - DENHOLTZ PROPERTIES

By: Linda Lindner / llindner@njbiz.com

Denholtz Properties announced a lease renewal with DefinedLogic LLC for 12,224 square feet of office space in Red Bank.

116 Chestnut St. is a part of a Denholtz mixed-use project, The Rail @ Red Bank Station, which will bring a 57-unit luxury apartment building with 6,000 square feet of ground level retail to Red Bank in 2020.

Denholtz Properties moved their headquarters to the 30,898-square-foot boutique office building earlier this year.

Red Bank’s location and overall setting have made the borough one of the state’s most attractive places for businesses. With close proximity to a New Jersey Transit train station in the heart of downtown Red Bank, 116 Chestnut St. is a multi-tenanted boutique office building. Renovations to the building’s façade are currently underway and will be completed in the fall of 2019.

DefinedLogic is an award-winning digital agency and consultancy, with an in-house development team that works with companies to identify technology needs, implement web content management systems, manage digital transformation and develop native and web-based applications.

“Having been in Red Bank for almost twenty years, we have seen tremendous change take place across the city,” said Michael Simon, partner at Defined Logic. “We are excited for Denholtz Properties to bring that transformation over to the West Side with their improvement project at 116 Chestnut and the construction of The Rail @ Red Bank Station next door. These projects made renewing our lease an easy decision and we look forward to being an integral part of the ongoing revitalization of this neighborhood.”