REBusinessOnline

Progress Capital Arranges $26.2M Loan for Construction of Mixed-Use Building in Jersey City

JERSEY CITY, N.J. — Progress Capital has arranged a $26.2 million construction-to-perm loan for a new 159,861-square-foot mixed-use building in Jersey City. Sterling National Bank provided the financing to the undisclosed borrower, which acquired the site in 2015. The new nine-story development will include 99 residential units and 2,240 square feet of street-level retail space. Amenities will include 24-hour concierge service, a fitness center and a rooftop terrace. Terms of the loan, which …

Marcus & Millichap Brokers $2M Sale of Office Building in New Jersey

RIDGEWOOD, N.J. — Marcus & Millichap has brokered the $2 million sale of a 6,000-square-foot office building in Ridgewood, about 20 miles outside of Manhattan. The property is located at 166 Franklin Ave. near the downtown area.David Thurston of Marcus & Millichap represented the seller and procured the buyer in the transaction, both of which were limited liability companies. Other terms of sale were not

CBRE Negotiates $53M Sale of Grocery-Anchored Shopping Center in New Jersey

EDISON, N.J. — CBRE has negotiated the $53 million sale of Festival Plaza, a 151,763-square-foot, grocery-anchored shopping center in Edison. Asian grocer H Mart anchors the center, which is located at 1711-1783 Lincoln Highway. Other tenants include C2 Tutoring, China Trust Bank and Sunbright Hair Salon. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, Edison I LLC, in the transaction. The buyer was a local private investor. The population within three miles of …

Joint Venture Breaks Ground on 119,000 SF Mixed-Use Project in Hackensack

HACKENSACK, N.J. — The Hampshire Companies, along with joint venture partners Claremont Cos., NAI James E. Hanson and construction lender Provident Bank, have broken ground on a 119,000-square-foot mixed-use project in Hackensack at 383-389 Main St. The five-story building will consist of 82 residential units and feature 3,500 square feet of retail space. The target date for completion is fall 2019. Amenities will include a gym, indoor lounge areas, public outdoor terrace and bicycle storage. …

Redwood Realty Brokers $3M Sale of Mixed-Use Property in New Jersey

CHATHAM, N.J. — Redwood Realty Advisors has brokered the sale of 258 Main St. in Chatham, about 30 miles west of Manhattan. The $3 million price represents a capitalization rate of 5.2 percent. Built in 1927, the 12,000-square-foot, mixed-use property includes 10 apartment units and two commercial spaces. Redwood represented the undisclosed buyer in the transaction, a repeat client of the firm. The buyer plans to renovate the units in an effort to enhance the value and performance of the …

Bussel Realty Arranges Sale of 36,000 SF Industrial Building in New Jersey

SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of 121 Corporate Blvd., a 36,000-square-foot industrial building in South Plainfield. The price was undisclosed. Herb Zimmerman of Bussel Realty represented the buyer, Touch Dynamic, in the transaction. The seller was Adler Development. Touch Dynamic, a maker of touch-screen computers and monitors, will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its products. The property is …

Accordia, EverWest Lease 369,000 SF of Industrial Space to One Stop Logistics in New Jersey

SOUTH BRUNSWICK, N.J. — Accordia Realty Ventures and EverWest Real Estate Investors have leased 369,000 square feet of industrial space to One Stop Logistics LLC. The 10-year lease is for a property located at 83 Stults Road in the Dayton neighborhood of South Brunswick, approximately midway between New York City and Philadelphia. JLL represented Accordia and EverWest in the transaction. Blau & Berg Co. represented the tenant. Set on 34 acres, the distribution and warehouse facility was …

HFF Brokers $146M Sale of Apartment Community in Hoboken

HOBOKEN, N.J. — HFF has brokered the $146 million sale of The Rivington, a 240-unit apartment community in Hoboken. The transaction is the largest apartment sale in New Jersey year-to-date, according to HFF. The Rivington is located at 1130 Grand St. in the northwest section of Hoboken. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The buyer was Equity …

Thrivent Provides $27.2M in Financing for Industrial Portfolio in New Jersey

MORRISTOWN, N.J. — Thrivent Financial for Lutherans has provided $27.2 million in financing for a three-building industrial portfolio in Central New Jersey. The borrower was undisclosed. The 410,000-square-foot portfolio consisted of two recently constructed warehouse distribution properties and one existing facility. The location of the properties was not disclosed. The 20-year, fixed-rate loan includes a 30-year amortization schedule. Gretchen S. Wilcox, Al Raymond and Wesley Wilcox of G.S. …

CBRE Negotiates $1.5M Sale of Industrial Building in Hackettstown

HACKETTSTOWN, N.J. — CBRE has negotiated the $1.5 million sale of 999 Willow Grove Street in Hackettstown. The two-story, 45,000-square-foot industrial building sits on 12 acres and features seven loading docks. At the time of sale, the property was 50 percent occupied by long-term tenants that have occupied the space for more than two decades on triple net leases. Charles Berger, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. The buyer was …

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