Newmark Associates cites record-breaking third quarter
The Sunday Star-Ledger
The third quarter at Newmark Associates has closed with record-breaking activity. Once again, the firm has demonstrated that even in a challenging real estate environment, strong marketing skills and a keen knowledge of the marketplace will produce extraordinary results.
“Our strength lies in the professionalism of our brokers and their commitment to each client regarding the size of the project,” said Susanne Newmark, president of Newmark Associates.
The notable transactions for this period include the sale of three luxury office buildings in Pine Brook and Montville, part of a four-building office complex. These sales were executed by Nancy Glick, senior sales associate. Glick, specializing in the Montville, Pine Brook, Fairfield and Parsippany areas, is marketing the fourth and final office building for sale in the prestigious Garden View Office Complex in Pine Brook.
Meryl Ehrenkranz, senior vice-president, consummated the sale of 220 Ridgedale Ave. in Florham Park. The 22,000-square-foot office building has subsequently been converted to medical condominiums, which were almost sold out by Ehrenkranz in six weeks. Two units remain in the newly designed medical complex. The building is located between Morristown Memorial and St. Barnabas hospitals for optimum convenience.
Ehrenkranz also was responsible for marketing 347 Mount Pleasant Ave. in West Orange, a 60,000-square-foot professional office building, which has been fully leased in less than six weeks. Tenants include Trenk, DiPasquale, Webster, Della Fera & Sodono; Vascular Access; and The Dermatology Group, which was co-brokered with Donald M. Sperling of CB Richard Ellis.
Senior Vice-President Debbie Myers has leased 12,000 square feet in Florham Park to the Dale Group, at 30A Vreeland Road. The newly expanded facility, with state-of-the-art technology, is designed to maximize service to its customer base. Additionally, Myers leased space to the Joint Care Physical Therapy, a 6,000-square-foot transaction at 30A Vreeland Road. Both transactions were produced on behalf of Kushner Cos.
Senior sales associate Judith T. Feldman, managing director of Newmark Associates’ medical division, was instrumental in the sale of a medical office building representing a cardiology group in Bayonne. She also was involved in the sale of two medical condominiums in Florham Park. Feldman has consummated leases to allied medical tenants in West Orange, Morristown, Parsippany and Denville. She is representing a developer in the sale of a 20,000-square-foot medical complex in Denville.
Rebecca Garrubbo, senior sales associates, negotiated leases at 185 Ridgedale Ave. and 240 Cedar Knolls Road, both in Cedar Knolls. Tenants placed include ReadyTechs, LLC, an engineering firm specializing in proprietary software for business support. Lachel Felice & Associates Inc., a 40-person firm specializing in geotechnical and structural engineering for tunnels and other underground facilities, was placed at 240 Cedar Knolls Road in Cedar Knolls. This location will serve as its New Jersey headquarters.
Bill Cunningham, vice-president, recently closed on a sale of 64,000 square feet at 64 Jefferson Road, Whippany. The complex was sold to E & S Foods, which intends to construct an additional building to accommodate distribution of its products to the North Jersey area.
Cunningham also represented J & S Flooring Design in the purchase of 52 Horsehill Road in Cedar Knolls. The building is being marketed for medical use. Ideally located minutes from Morristown Hospital, the property is undergoing extensive construction to provide a state –of-the-art facility.
Pat Cunningham, vice-president, has negotiated the lease with Atlantic Neurosurgical Specialists at 310 Madison Ave. in Morristown. Its facility has expanded to in excess of 12,000 square feet.
Newmark Associates Inc., located in Whippany, is a full-service corporate real estate organization specializing in the sale and lease of medical, office and industrial properties. Its signature is an entrepreneurial approach to real estate, providing unique opportunities to each of its clients.
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