NEWMARK INKS LEASE TRANSACTIONS FROM NEW JERSEY TO COLORADO
Cedar Knolls, N.J., December 14, 2021 – Newmark Associates CRE, announced recent September sales and leases of several asset classes ranging geographically from New Jersey to Colorado.
Representing the seller of 75-81 Washington Street, Morristown, New Jersey, Doug Greenberger, Sales Associate, and Deborah Myers, Managing Director/Broker Associate, partnered in the $2.35 million sale of the approx. 8,000 SF, freestanding, multi-tenanted, mixed-use building. The existing tenant in the building provides health care services for the Morristown community and beyond. The buyer, a tenant in the building, saw the opportunity to own the real estate instead of continuing to lease when the property came on the market.
Working closely with the sellers, Doug Greenberger was instrumental in bringing this transaction to fruition. “Doug’s longstanding relationship with the sellers was an integral component in getting the transaction across the finish line despite some unusual challenges,” Myers remarked.
In another Newmark transaction, Jay Zeitchik, Senior Sales Associate, completed a 45,400 SF warehouse transaction and commenting on the leasing of the space to a Micro Fulfillment company, “This is part of a current trend wherein the industrial market is “on fire” as the Amazon Economy has created a huge demand for warehousing facilities. The Tenant, a Newmark repeat client, works with major retailers to execute and fulfill their deliveries for online purchases and “has seen tremendous growth from being a startup company in just two years to becoming a leader in the micro-fulfillment industry. It has been tremendously gratifying to assist Davinci in this growth.”
In yet another transaction a 22,000 SF medical office building with a wide variety of healthcare specialties at 123 Highland Road, Glen Ridge, New Jersey, was leased to the Institute for Therapeutic Massage, Inc., in large part due to the building’s walking distance proximity to Hackensack/Mountainside Hospital. Newmark’s Director of its Healthcare Division and Managing Director, Judith T. Feldman, and Sales Associate Jeannette Melillo, represented both the landlord and the new tenant.
Having worked with this landlord for over 10 years, Ms. Feldman highlighted the firm’s medical arena expertise in facilitating the lease agreement: “The landlord and tenant both recognized the value of this transaction and were able to work through the details in a mutually satisfying manner. By increasing term, the landlord provided all space improvements, while keeping the economics of the transaction within range.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, is certified as a woman-owned business by the Women’s Business Enterprise National Council. For more than 30 years Newmark has been recognized as one of the top commercial brokerage companies in the state. Specializing in lease and sales transactions of office, industrial, retail, land, healthcare and mixed-use properties, Newmark Associates’ customers range from, entrepreneurial firms to Fortune 500 companies.