SHREWSBURY AND MT. LAUREL, N.J. — Capitol Seniors Housing is developing two seniors housing communities in New Jersey. Construction is slated to begin this month on Chelsea Senior Living of Shrewsbury, a $29.3 million, 73,000-square-foot property located at 515 Shrewsbury Road. Slated to open in third quarter 2018, the community will feature 85 apartments, with 58 for assisted living and 27 for memory care, as well as a sunroom, bistro, tavern, outdoor patio, theater, art studio and gallery...
JERSEY CITY, N.J. — A joint venture between Hartz Mountain Industries and Panepinto Properties has completed the development of 3 Journal Square, an apartment building located at 2935 John F. Kennedy Blvd. in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the 13-story building features 240 apartment units, an indoor pool, 24-hour concierge and maintenance, a health and fitness center, resident lounge and a rooftop terrace.
FREEHOLD, N.J. — Bussel Realty Corp. has facilitated the sale of Fairfield Industrial Park, a nine-building industrial park located at 912 Route 33 in Freehold. Fairfield Industrial Park LLC acquired the 165,000-square-foot asset for $7.5 million. Jordan Metz and Eduard Skutelsky of Bussel Realty represented the undisclosed seller, while Imperial Real Estate represented the buyer in the deal.
ELIZABETH, N.J. — Bussel Realty Corp. has arranged the sale of an industrial facility located at 400 S. Second St. in Elizabeth. RLFI-B SPE LLC sold the property to SNR Holdings LLC for $13.2 million. The property features 115,078 square feet of industrial space. Jordan Metz of Bussel Realty represented the seller in the transaction.
WEEHAWKEN, N.J. — Gebroe-Hammer Associates has arranged the sale of two apartment properties, located at 10-12 48th St. and 4614-16 Park Ave. in Weehawken. A local private investor acquired the properties, which total 38 units, for $6.3 million. The properties were owned by a single seller under the entity names of 10-12 48th St LLC and 4614-4616 Park Avenue LLC. The four-story building on 48th Street features 13 two-bedroom units and four three-bedroom units, while the five-story Park..
JERSEY CITY, N.J. — Rhodium Capital Advisors has purchased an office building located at 600 Pavonia Ave. in Jersey City. An undisclosed seller sold the 85,000-square-foot property for $20 million. The buyer plans to implement a $3 million new capital expenditure and tenant improvement program at the eight-story building. Rhodium Capital Advisors closed on the property via its newly launched investment platform.
OCEAN GROVE, N.J. — Institutional Property Advisors (IPA) has arranged the sale of Francis Asbury Manor, a 131-unit assisted living facility in Ocean Grove, a coastal community adjacent to Asbury Park. Sage Healthcare Partners acquired the community from United Methodist Communities for $18.3 million, or $139,000 per unit. Built in 1949 on a 1.9-acre lot, Francis Asbury Manor comprises 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown..
HAMPTON, N.J. — Cushman & Wakefield has brokered the sale of Perryville III, an office building located at 53 Frontage Road in the Perryville Corporate Park in Hampton. Shelbourne Global Solutions acquired the property for $19.9 million in a private sale. The buyers are rebranding the property as Shelbourne at Hunterdon. Built in 1996, the 288,280-square-foot property features a two-story atrium lobby, a 12,000-square-foot cafeteria with outdoor seating and a game room, a conference center,..
CARTERET, LODI, SADDLE BROOK, SOUTH HACKENSACK AND WEST CALDWELL, N.J. — The Hampshire Cos. has completed the sale of a six-building industrial portfolio totaling 1.2 million square feet in Northern New Jersey. An undisclosed buyer acquired the portfolio for $146.8 million. The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South..
NEW PROVIDENCE, N.J. — Mountain Development Corp. has acquired an office building located at 41 Spring St. in New Providence for an undisclosed price. The building features 170,000 square feet of Class A office space. Geoffrey Schubert and Nick Savage of CBRE represented the buyer and undisclosed seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank assisted the buyer in securing financing for the acquisition.