New Jersey

CenterPoint Acquires Distribution Center in Northern New Jersey

WAYNE, N.J. — CenterPoint Properties has purchased a new distribution center, located at 95 Demarest Drive in Wayne, for an undisclosed price. Located on 14 acres and built in 2016, the 163,253-square-foot property features 90 trailer parking spaces, 219 car parking spaces, 44 dock-high doors and 28-foot clear heights. The facility is fully leased on a long-term basis to one of the largest delivery companies in North America. Britton Burdette of Stan Johnson Co. represented the undisclosed..

October 19, 2017

HFF Secures $9.5M in Acquisition Financing for Three Philadelphia-Area Industrial Facilities

MOUNT LAUREL, N.J. — HFF has arranged $9.5 million in combined acquisition financing for three industrial facility totaling 254,496 square feet in Mount Laurel, a suburb 20 miles east of Philadelphia. The borrower is Foxfield Industrial, a joint venture between Novaya Real Estate Ventures and Foxfield Ventures. Mike Pagniucci and Ryan Ade of HFF arranged the separate floating-rate loans for each property through Webster Bank. The properties are 600 and 601 Delran Parkway and 116 Gaither..

October 19, 2017

Devli Group Acquires 197,438 SF Industrial Complex in Hackettstown, New Jersey, from Hampshire Cos.

HACKETTSTOWN, N.J. — Devli Group has acquired Hackettstown Commerce Park, a flex industrial complex located in Hackettstown. The Hampshire Cos. sold the 197,438-square-foot complex for an undisclosed price. The acquisition includes three buildings at 101 and 103 Bilby Road and 715 Willow Grove St. and 2.74 acres of developable land at 717 Willow Grove St., as well as 5.13 acres of developable land at 713 Willow Grove St. Currently 88 percent leased, the complex features units that range in..

October 18, 2017

SJP Properties Sells Site for Hotel, Restaurant Development in Bridgewater, New Jersey

BRIDGEWATER, N.J. — SJP Properties has completed the disposition of a site within Somerset Corporate Center in Bridgewater for the development of a hotel and restaurant. AC Hotels by Marriott and Zinburger Wine & Burger Bar will occupy the space. Construction on the hotel and restaurant will commence this month and is expected to be completed by 2020. The AC Hotels by Marriott location will feature 150 guest rooms and a rooftop bar and lounge. The 5,800-square-foot Zinburger will offer a..

October 18, 2017

New Jersey Retail Market Gains Ground on Multiple Fronts

The New Jersey retail market continues to gain strength as landlords redevelop existing properties, successfully backfill formerly vacant supermarket and Sports Authority boxes, and even break ground on several major shopping centers. Green Leaf at Union, a new redevelopment scheduled to open this fall, will include 111,000 square feet of gross leasable area. Located on Route 22 and West Chestnut Street, the center will be anchored by Bob’s Discount Furniture and LA Fitness. [caption..

October 18, 2017

HFF Brokers Sale of 26-Building Office/Flex Portfolio in Southern New Jersey

MOORESTOWN AND BURLINGTON, N.J. — HFF has facilitated the sale of a 26-building office/flex portfolio located in Moorestown and Burlington. Mack-Cali Realty Corp. sold the portfolio to Brennan Investment Group for an undisclosed price, free and clear of any mortgage financing. Totaling 1.2 million square feet, the portfolio comprises 24 buildings in Moorestown and two buildings in Burlington. At the time of sale, the portfolio was 91 percent leased. Tenants at the portfolio include businesses..

October 17, 2017

Love Funding Secures $8.1M HUD Refinancing for 79-Unit Assisted Living Community in New Jersey

TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to..

October 16, 2017

Marcus & Millichap Negotiates $3.4M Sale of Retail Property in Bloomfield, New Jersey

BLOOMFIELD, N.J. — Marcus & Millichap has arranged the sale of Terry’s Drugs Retail Strip, a retail property located at 1049 Broad St. in Bloomfield. A private investor sold the property for $3.4 million. At the time of sale, the 8,500-square-foot center was fully leased to five retailers. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller. The name of the buyer was not released.

October 13, 2017

Marcus & Millichap Arranges $1.7M Sale of Retail Property in Clifton, New Jersey

CLIFTON, N.J. — Marcus & Millichap has negotiated the sale of a retail property located at 449 Lakeview Ave. in Clifton. A developer acquired the property from an undisclosed seller for $1.7 million. Dollar General occupies the 11,500-square-foot building on a net-lease basis. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller, while Cafiero, Sgambati and David Cafiero, also of Marcus & Millichap, represented the buyer in the deal.

October 12, 2017

Walters Group Begins Construction on 88-Unit Income-Restricted Residential Property in New Jersey

JACKSON, N.J. — Walters Group has started construction of The Ponds at Jackson 21, an 11-building income-restricted residential community located at 100 Mallard Court in Jackson. Situated on more than 10 acres, The Ponds at Jackson 21 comprises two-story apartment buildings offering a total of 88 one-, two- and three-bedroom apartment homes, ranging in size from 854 square feet to 1,172 square feet. Community amenities include a children’s tot lot, a barbecue and picnic area, a basketball..

October 11, 2017