New Jersey

Vision Real Estate Closes Two Office Leases in Trenton Totaling 103,000 SF

LAWRENCEVILLE, N.J. — Vision Real Estate Partners has negotiated an 89,000-square-foot office lease at 1009 Lenox Drive in Lawrenceville, New Jersey, for software company Billtrust and 14,000 square feet for law firm Pelletieri at 989 Lenox Drive. The two properties are part of the 817,000-square-foot Class A Princeton Pike Corporate Center. Billtrust, a payment cycle management software company founded in 2001, has established its new headquarters at the campus.

March 16, 2018

Toys ‘R’ Us to Close or Sell All 735 U.S. Stores

WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am..

March 15, 2018

Bergen Logistics Closes 404,000 SF Lease in Meadowlands

RUTHERFORD, N.J. — Cushman & Wakefield has closed a lease on behalf of Bergen Logistics for a 404,000-square-foot fully automated distribution center at 299 Thomas E. Dunn Memorial Highway in Rutherford. It is the largest Meadowlands industrial deal since mid-2016, according to Cushman & Wakefield. The long-term lease of the recently renovated Murray Metro Distribution Center closed in December and was handled by Bonni Heller of Cushman & Wakefield. The landlord, Murray..

March 14, 2018

Cronheim Mortgage Arranges $6M in Financing for 106,290 SF Retail Property in Central New Jersey

TOMS RIVER, N.J. — Cronheim Mortgage has arranged $6 million in financing for a 106,290-square-foot retail property in Toms River. The State Life Insurance Co. provided the 17.5-year, self-liquidating loan. The interest rate was locked six months prior to closing at 3.93 percent. The property, built in 1994, is situated on an 11.3-acre site just off the Garden State Parkway in Ocean County. Currently, the property is fully leased to Home Depot, which shadow anchors a 130,000-square-foot..

March 14, 2018

Goldstein Group Facilitates Sale of Redevelopment Site Near New York City

BOGOTA, N.J. — The Goldstein Group has completed the sale of a redevelopment site located at 250 and 300 West Fort Lee Road in Bogota, New Jersey. The site will become a multifamily mixed-use development. Lew Finkelstein and CJ Huter of the Goldstein Group represented both the seller, BR Colony Holdings, and the buyer, River Club Development, in the transaction. The site is slated for 421 residential apartments across five buildings, along with 8,000 square feet of ground-floor retail space...

March 12, 2018

Sitex Group Sells Two-Building Industrial Property in Avenel, New Jersey, for $65M

AVENEL, N.J. - Sitex Group has completed the disposition of a two-building industrial asset located at 191 and 215 Blair Road in Avenel. Barings Real Estate, on behalf of an institutional investor, acquired the assets for a combined total of $65 million. Located off Exit 12 of the New Jersey Turnpike/Interstate 95, the properties consist of a fully-renovated 175,182-square-foot building and a newly constructed 198,854-square-foot building. Gary Gabriel, Andrew Merin, David Bernhaut, Brian..

March 9, 2018

Gebroe-Hammer Negotiates $3.4M Sale of Multifamily Community in Cranford, New Jersey

CRANFORD, N.J. - Gebroe-Hammer has arranged the sale of The Hamlet at Cranford, a multifamily community located at 2-20 McKinley St. in Cranford. An undisclosed buyer purchased the property for $3.4 million. The property features 10 two-bedroom, two-and-a-half bath townhome-style units with hardwood and tile flooring, separate dining rooms, central air conditioning, granite countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers. Adam Zweibel and Gehane Triarsi..

March 9, 2018

Progress Capital Secures $9M Acquisition Loan for Development Site in Long Branch, New Jersey

LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be..

March 7, 2018

Redwood Realty Advisors Brokers $4M Sale of Two Multifamily Properties in New Jersey

HIGHLAND PARK AND EDISON, N.J. — Redwood Realty Advisors has arranged the sales of two multifamily properties located in Highland Park and Edison. A Bergen County, N.J.-based multifamily investment firm acquired the two properties for $4 million, or $130,000 per door. The Volto Group sold the property in Highland Park, and Bay Harbor sold the property in Edison. Combined, the properties offer a total of 31 apartment units. Jeremy Wernick of Redwood Realty Advisors represented the sellers and..

March 7, 2018

NAI Hanson Negotiates Sale of Industrial Building in Hackensack, New Jersey

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a freestanding industrial/flex building and 0.28 acres of land located at 62 Voorhis Lane in Hackensack. T&M Realty Associates acquired the 2,800-square-foot building and land from Voorhis Associates for an undisclosed price. The buyer plans to utilize the property to relocate its Greenland Landscaping business from Wayne, N.J. The property features 1,600 square feet of warehouse space and 1,200 square feet of office space...

March 7, 2018