Newmark Partners closes three deals in suburban New Jersey

Real Estate Weekly, Jan 5, 2000

Newmark Partners, Inc. has announced the completion of a-retail lease, a commercial/industrial lease and an office lease, amounting to a total of more than 25,000 square feet in the booming suburban New Jersey market. The three deals, in Union, Passaic, and Somerset counties; called on Newmark Partners' skills as both tenant and owner representatives.

Bassett Furniture Gallery Corp. has signed a long-term lease and is opening its furniture showroom at 126 Route 22 West in Springfield, NJ, a building formerly occupied by Drexel Heritage Furniture Store. Newmark Partners was exclusive agent for the building's owners, James Masterson, Stanley Alpert and H. Harding Brown.

"This was as close to a perfect fit for a tenant as you'll ever see," remarked Seena Stein, SIOR, presjdent of Newmark Partners. "It ha been a furniture store, so it was already very well set up for Bassett. The location is another plus. It's a good-sized store - 14,442 square feet on a 150-foot by 400-foot lot - in a high-visibility area that gets a lot of traffic."

Donald S. Rotwein, senior managing director of New mark Partners, co-brokered the transaction; Jeffery Realty, Inc., represented the tenant.

Newmark Partners was on the other side of the table, representing the tenant, on a deal that saw Franco Family Food Co., a commercial bakery, take 9,000 square feet of retail space at 851 Van Houton Avenue in Clifton, NJ. . Here, Stein and senior director George Pastore negotiated the lease with NIA Realty, exclusive broker for the building's owner, EFD Enterprises, LLC.

Newmark Partners also represented Metatec, Inc., a software company, in its long-term lease at Post Office Plaza at 50 Division Street in Somerville, NJ.

"Metatec is a very exciting, fast-growing company," noted Jane Greenblatt, senior managing director of Newmark Partners, who brokered the deal with the building's owner, Somerville Partners, L.P. "This part of New Jersey is filling up quickly with info-tech, software and dot-com' businesses."