Star Ledger
Friday, October, 21, 2005
CBRE-MELODY, WEISS REALTY ARRANGE SALE OF PISCATAWAY PORTFOLIO
CBRE-Melody, has arranged the $30.2 million sale of a seven-building office/warehouse portfolio in Piscataway. James Gunning, senior director of CBRE-Melody's New Jersey office in cooperation with Jaime Weiss of Jaime Weiss Realty Co., represented the buyer, a subsidiary of the Hampshire Funds.
"These properties provide a stable income stream from credit tenants and were purchased below replacement costs," said Gunning. "Hampshire recognized the potential to increase the cash flow by leasing approximately 87,500 square feet of vacant space formerly occupied by Lucent Technology."
"Moreover, they have the ability to build additional space on several building sites that permit expansion," said Weiss. "There is a tremendous upside and Hampshire is perfectly suited to manage a project of this magnitude."
The Piscataway portfolio, previously owned by Blumenfeld Development, offers 386,043 square feet of rentable space in seven office/warehouse properties. Built in 1971 and 1977, the portfolio totals 38 acres with properties located on 10, 20, 80 and 81 Knightsbridge, and 140, 340, and 375 Centennial Ave. Major tenants include British Petroleum, Cablevision, Enzon Pharmaceuticals, Hanover Insurance, Iron Management and Rutgers University. The properties are located within close access to I-280, the New Jersey Turnpike and Garden State Parkway, and within 20 minutes of Newark Liberty International Airport.
Jaime M. Weiss Realty Co. Inc. is a full service real estate company whose core business is commercial, retail and industrial leasing, sales and investments.
Formed in 1990 with headquarters in Moonachie, and affiliates in Chicago, San Francisco and Chesapeake, VA. Weiss Realty's projects include the 70,000-square-foot, mixed used Colonial Village Professional Office Park and Shopping Center in Edison, and Commerce Park, the redevelopment of the former Bridgestone/Firestone, 2,197,775-square-foot warehouse and manufacturing facility on 147 acres in Decatur, IL.
CBRE-Melody, the real estate investment banking division of CB Richard Ellis, originates a broad range of debt and equity capital. In 2004, the firm generated $43.3 billion in real estate financing transactions and maintains a servicing portfolio of more than 3,000 loans totaling approximately $60 billion through its affiliate, GEMSA Loan Services, L.P. The firm operates offices in 37 major metropolitan markets in North America.
Friday, October, 21, 2005
CBRE-MELODY, WEISS REALTY ARRANGE SALE OF PISCATAWAY PORTFOLIO
CBRE-Melody, has arranged the $30.2 million sale of a seven-building office/warehouse portfolio in Piscataway. James Gunning, senior director of CBRE-Melody's New Jersey office in cooperation with Jaime Weiss of Jaime Weiss Realty Co., represented the buyer, a subsidiary of the Hampshire Funds.
"These properties provide a stable income stream from credit tenants and were purchased below replacement costs," said Gunning. "Hampshire recognized the potential to increase the cash flow by leasing approximately 87,500 square feet of vacant space formerly occupied by Lucent Technology."
"Moreover, they have the ability to build additional space on several building sites that permit expansion," said Weiss. "There is a tremendous upside and Hampshire is perfectly suited to manage a project of this magnitude."
The Piscataway portfolio, previously owned by Blumenfeld Development, offers 386,043 square feet of rentable space in seven office/warehouse properties. Built in 1971 and 1977, the portfolio totals 38 acres with properties located on 10, 20, 80 and 81 Knightsbridge, and 140, 340, and 375 Centennial Ave. Major tenants include British Petroleum, Cablevision, Enzon Pharmaceuticals, Hanover Insurance, Iron Management and Rutgers University. The properties are located within close access to I-280, the New Jersey Turnpike and Garden State Parkway, and within 20 minutes of Newark Liberty International Airport.
Jaime M. Weiss Realty Co. Inc. is a full service real estate company whose core business is commercial, retail and industrial leasing, sales and investments.
Formed in 1990 with headquarters in Moonachie, and affiliates in Chicago, San Francisco and Chesapeake, VA. Weiss Realty's projects include the 70,000-square-foot, mixed used Colonial Village Professional Office Park and Shopping Center in Edison, and Commerce Park, the redevelopment of the former Bridgestone/Firestone, 2,197,775-square-foot warehouse and manufacturing facility on 147 acres in Decatur, IL.
CBRE-Melody, the real estate investment banking division of CB Richard Ellis, originates a broad range of debt and equity capital. In 2004, the firm generated $43.3 billion in real estate financing transactions and maintains a servicing portfolio of more than 3,000 loans totaling approximately $60 billion through its affiliate, GEMSA Loan Services, L.P. The firm operates offices in 37 major metropolitan markets in North America.
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