REBusinessOnline

HFF, Transwestern Arrange $5M Sale of Office Building in New Jersey

MORRISTOWN, N.J. — HFF and Transwestern have arranged the $5 million sale of a 20,000-square-foot office building in downtown Morristown. Located at 62 Elm St., the three-story building was built in 2006 and features a brick façade, flexible floorplates and 40 parking spaces. HFF and Transwestern represented the seller, Cornerstone Family Programs, in the transaction. A private buyer purchased the

Spirit Bascom Ventures Acquires Multifamily Community in Hoboken for $17.6M

HOBOKEN, N.J. — Spirit Bascom Ventures has acquired Columbus Park Apartments, a 37-unit multifamily community in Hoboken for $17.6 million. Located at 1024 Clinton St., the eight-story property is a former warehouse that was converted to multifamily use in the 1990s. The community also includes a 37-space parking structure. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the undisclosed seller in the transaction. HFF arranged acquisition financing …

KRE Group, Verde Capital Acquire Multifamily Community in New Jersey for $56M

ATLANTIC HIGHLANDS, N.J. — KRE Group, in partnership with Verde Capital, has acquired Thousand Oaks Village, a 304-unit garden-style apartment property in Atlantic Highlands. The 36-acre property sold for $56 million. The seller was not disclosed. Located at 165 Thousand Oaks Drive, the community will be renamed Atlantic Pointe after capital investments that will include unit renovations and upgrades to amenities. Thousand Oaks Village is KRE Group’s fifth garden apartment acquisition …

Marcus & Millichap Brokers $1.9M Sale of Mixed-Use Building in Bayonne, New Jersey

BAYONNE, N.J. — Marcus & Millichap has brokered the sale of a mixed-use building in Bayonne for $1.9 million. Fahri Ozturk and Tyler Van Wagoner of Marcus & Millichap represented the seller, a private owner, in the transaction. The buyer was undisclosed. Located at 554-556 Broadway, the building contains 10,260 square feet of ground-floor retail space and 7,510 square feet of second-floor office space. The new owner plans to redevelop the property into a four-story mixed-use

Cushman & Wakefield Arranges $7.2M Sale of Parking Facility in Newark

NEWARK, N.J. — Cushman & Wakefield has arranged the $7.2 million sale of a parking facility in downtown Newark. Located at 1160 Raymond Boulevard, the four-story garage can accommodate 357 vehicles. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, and Ryan Larkin of Cushman & Wakefield represented the sellers, Lincoln Equities Group and Welcome Parking. Edison Properties purchased the

Axiom Capital Arranges $20.5M Construction Loan for Industrial Facility in Wayne, New Jersey

WAYNE, N.J. — Axiom Capital Corp. has arranged a $20.5 million construction loan for the development of a 418,000-square-foot industrial facility in Wayne. The lender was a life insurance company. Once complete, the property will include 40-foot clear heights and 42 truck dock positions as well as 40,000 square feet of office space. The borrower was a private

Progress Capital Secures $4.8M Refinancing for Multifamily Community in Newark

NEWARK, N.J. — Progress Capital has secured a $4.8 million refinancing for a six-story multifamily property in Newark. Located at 469 Elizabeth Ave., the building contains 58 residential units and was built in 2016. Brad Domenico of Progress Capital arranged the loan with an initial five-year, 4 percent fixed-rate. After the initial term, the loan becomes a variable rate with a 20-year term and a 30-year amortization. The lender was undisclosed. The proceeds of the loan will be used to retire …

HFF Arranges $9.1M Financing for Industrial Facility near Philadelphia

SWEDESBORO, N.J. — HFF has arranged $9.1 million in financing for a 254,250-square-foot industrial facility in Swedesboro. The property is located at 405 Heron Drive, approximately 25 miles south of Philadelphia. HFF arranged a 10-year, fixed-rate loan for the borrower, Burton Real Estate through lender CUNA Mutual Group. The permanent fixed-rate loan will be added to an existing mortgage collateralized by a three-building industrial portfolio. Burton Real Estate purchased the property in …

CBRE Secures 110,000 SF Industrial Lease in Kearny, New Jersey

KEARNY, N.J. — CBRE has secured a 110,147-square-foot industrial lease for global logistics provider Mainfreight in Kearny. CBRE represented Mainfreight in the full-building lease at RTC Properties’ 50 Cable Drive in Kearny. Terms of the lease were not disclosed. Mainfreight was founded in 1978 and is a provider of managed warehousing, as well as international and domestic freight forwarding services. The property features on-site management, 24-hour security and is located near the New …

Marcus & Millichap Brokers $3M Sale of Apartment Community in Union City, New Jersey

UNION CITY, N.J. — Marcus & Millichap has brokered the sale of a recently constructed apartment community in Union City. The 12-unit property sold for $3 million, or approximately $252,000 per door, which is the highest price per unit in the history of Union City, according to Marcus & Millichap. The property, which was built in 2015, is located at 536-538 29th St. Marcus & Millichap represented the seller, a private investor. The buyer was also a private

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