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New Jersey

NAI Hanson Arranges Sale of 11,000 SF Office Building in Mountain Lakes, New Jersey

MOUNTAIN LAKES, N.J. — NAI James E. Hanson has brokered the sale of The Plaza at Mountain Lakes, an office building located at 60 Midvale Road in Mountain Lakes. Giovanna Levato acquired the 11,000-square-foot property from 60 Midvale LLC for an undisclosed price. The two-story multi-tenant office building features ample parking and flexible zoning allowing for both office and retail uses. Andrew Kirshenbaum, Barry Meyer, Arthur Hixson, Josh Levering and Nicholas DePaolera of NAI Hanson..

December 14, 2017

Kenco Logistics Leases 401,008 SF of Distribution Space in Logan, New Jersey, from Dermody Properties

LOGAN TOWNSHIP, N.J. — Kenco Logistics has signed a lease to occupy space at 395 Pedricktown Road, a storage and distribution facility located at Dermody Properties’ LogistiCenter at Logan Industrial Park in Logan. The company, which specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology, will utilize 401,008 square feet of the facility for storage and distribution of its customers’ products. Ware..

December 14, 2017

KeyBank Arranges $21.3M in FHA Financing for New Jersey Multifamily Property

EAST ORANGE, N.J. — KeyBank Real Estate Capital has arranged a $21.3 million FHA first mortgage loan for Aura 240, a multifamily property located in East Orange. Originally built in 2012 as a six-story office building, the property was expanded and converted into a 15-story, 96-unit multifamily property. Tom Peloquin of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The loan was used to refinance existing debt.

December 13, 2017

Houlihan-Parnes Secures $13.5M in Financing for Multifamily Property in Shrewsbury, New Jersey

SHREWSBURY, N.J. — Houlihan-Parnes Realtors has secured a $13.5 million non-recourse first mortgage for a multifamily property located in Shrewsbury. The garden-style apartment community features 160 residential units and one retail unit. Robert Tiburzi Jr. of Houlihan-Parnes arranged the financing for the undisclosed borrower. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal advice for the borrower.

December 13, 2017

Avison Young Brokers Sale of 46,000 SF Industrial Building in Bridgewater, New Jersey

BRIDGEWATER, N.J. — Avison Young has arranged the sale of an industrial property located at 460 Milltown Road in Bridgewater. FCI Properties sold the 46,000-square-foot building for an undisclosed price. The column-free facility was originally built for and used as an indoor tennis club. The undisclosed buyer intends to repurpose the space into a new and strategic high-level training center that will include soccer fields and other training facilities for its existing base and new young..

December 12, 2017

Woodmont Properties Starts Construction on 220-Unit Apartment Community in Bayonne, New Jersey

BAYONNE, N.J. — Woodmont Properties, in partnership with Baker Residential, has broken ground for Woodmont Bay Club at Bayonne, an apartment community located in northwest Bayonne. Situated on four acres, the four-story property features nine studio, 123 one-bedroom, 64 two-bedroom and 24 three-bedroom units, ranging in size from 650 square feet to 1,500 square feet. Additionally, the 220-unit community features a 232-space ground-floor parking garage, a 3,000-square-foot rooftop terrace, a..

December 11, 2017

ShopOne Centers REIT Acquires 139,717 SF Retail Center in South Plainfield, New Jersey

SOUTH PLAINFIELD, N.J. — ShopOne Centers REIT has entered the metro New York City market with the acquisition of Oak Park Commons in South Plainfield. Located at the corner of Oak Tree Road and Park Avenue, the 139,717-square-foot property comprises three multi-tenant buildings and four single-tenant buildings. At the time of sale, the property was 98 percent occupied by a variety of tenants, including ACME Markets, CVS/pharmacy, Advance Auto Parts, Goodyear Tire, Dollar Tree, McDonald’s..

December 8, 2017

Erickson Opens New Independent Living Building at CCRC in New Jersey

NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments...

December 8, 2017

Money360 Funds $4.4M Acquisition Loan for Retail Property in Mount Olive, New Jersey

MOUNT OLIVE, N.J. — Money360 has funded a $4.4 million acquisition loan as part of its relationship with Ten-X Commercial. The fixed-rate loan features a 10-year term. Proceeds of the loan will be used to acquire a 47,752-square-foot retail center included in the larger International Trade Center Crossing retail complex in Mount Olive. The undisclosed borrower was the winning bidder for the asset and used Money360 as its debt provider.

December 8, 2017

Onyx Equities, Garrison Investment Acquire 285,000 SF Office Building Paramus, New Jersey

PARAMUS, N.J. — Onyx Equities, in a joint venture with Garrison Investment Group, has acquired the leasehold interest in an office building located at 61 S. Paramus Road in Paramus. Mack-Cali Realty sold the 285,000-square-foot property for an undisclosed price. With this acquisition, the partnership’s Bergen County portfolio now comprises 1.4 million square feet across six assets located throughout Paramus and Rochelle Park. Cole Schotz P.C. and Milbank, Tweed, Hadley & McCloy represented..

December 7, 2017