REBusinessOnline

New Jersey

FourPoint, BlueGate Arrange Sale of 674-Bed Community Near Rutgers University

NEW BRUNSWICK, N.J. — FourPoint Investments and BlueGate Partners have arranged the sale of Rockoff Hall Apartments, a 674-bed student housing community located within walking distance of Rutgers University in New Brunswick. The property offers one-, two- and three-bedroom units. Shared amenities include a cyber café, on-site laundry, a fitness center, discounted parking in the attached garage, study rooms on every floor and a club room with billiards and shuffle board. The names of the..

January 29, 2018

Regency Centers Acquires 66,000 SF Retail Center in Metuchen, New Jersey

METUCHEN, N.J. — Regency Centers has purchased The District at Metuchen, a retail center located in Metuchen, for an undisclosed price. Whole Foods Market anchors the 66,000-square-foot shopping center. Additional tenants include Comida Fresca, European Wax, Title Boxing and Chipotle. The name of the seller was not released.

January 26, 2018

Cronheim Secures $6.2M in Financing for Industrial Portfolio in Northern New Jersey

SADDLE BROOK AND FRANKLIN TOWNSHIP, N.J. — Cronheim Mortgage has arranged $6.2 million in financing for a 420,000-square-foot industrial portfolio located in Saddle Brook and Franklin Township. The financings were structured on a 10.30 basis with a 3.44 percent interest rate and placed with The State Life Insurance Co. Located at 141 N. Fifth St. in Saddle Brook, a 100,000-square-foot property features four loading docks, 25-foot clear ceiling heights and office space. The remainder of the..

January 26, 2018

River Development Sells Proposed Multifamily Development Site in Bogota, New Jersey, for $17M

BOGOTA, N.J. — River Development has completed the disposition of The River Club, a proposed multifamily development site located on the former Hess Oil Terminal and an adjacent parcel that was the former Sifford Pontiac site in Bogota. Jonathan Stein of PCD Capital acquired the development for $17 million. Situated on 13 acres, the proposed development will feature five multifamily buildings including 421 apartments, a clubhouse, secured parking, resort-style pool, a Riverwalk and retail..

January 25, 2018

Toys ‘R’ Us to Close 20 Percent of Stores, Expand Focus on Loyalty Programs, Web

WAYNE, N.J. — Toys ‘R’ Us is planning to shutter up to 182 underperforming stores across the country as part of its Chapter 11 bankruptcy reorganization plan. The planned closings represent about 20 percent of the retailer’s U.S. store fleet, or a collective 6.9 million square feet. The Wayne-based toy chain, which filed for bankruptcy last September, has been fighting to stay relevant amid competition from the likes of Amazon, Walmart and Target. “Like other retailers,..

January 25, 2018

Prestige Properties Acquires 117,000 SF Retail Center in Metro NYC for $25.4M

EAST BRUNSWICK, N.J. — Prestige Properties and Development has purchased a grocery-anchored retail center located at 50 Race Track Road in East Brunswick. A partnership between MCB Real Estate and Alex Brown Realty sold the property for $25.4 million. Aldi, Burlington, AutoZone and Jersey Fine Wines occupy the 117,000-square-foot retail center. The recently renovated center also includes a new building that is occupied by Starbucks, Supercuts and Five Guys. Jose Cruz, Kevin O’Hearn, Michael..

January 24, 2018

AMS Acquisitions Buys 85-Unit Silk Lofts in Bayonne, New Jersey, for $32.1M

BAYONNE, N.J. — AMS Acquisitions has purchased Silk Lofts, a multifamily property located at 154 Avenue E in Bayonne, for $32.1 million. The former Maidenform factory was redeveloped into a residential loft building in 2009 by Doug Stern of Stern Capital and Leon Cohen (CSR Group). The five-story building features 85 studio, one- and two-bedroom apartments with modern finishes, a variety of amenities and views of the New York City skyline and Bayonne Bridge. AMS Acquisitions plans to add an..

January 22, 2018

HFF Secures Acquisition Financing for 312-Unit Apartment Community in Lawrenceville, New Jersey

LAWRENCEVILLE, N.J. — HFF has secured financing for a joint venture between Rockpoint Group and The Brooksville Co. for the acquisition of Avalon Run East, an apartment community located at 100 Avalon Way in Lawrenceville. Michael Klein and Matthew Pizzolato of HFF arranged the seven-year, floating-rate loan through a national bank. Situated on 69 acres, the property comprises 16 three-story buildings featuring a total of 312 units in a mix of one-, two- and three-bedroom units averaging..

January 19, 2018

JV Acquires 350,917 SF Office Asset in Parsippany, New Jersey

PARSIPPANY, N.J. — A joint venture between Rubinstein Partners and Vision Real Estate Partners has purchased Morris Corporate Center IV (MCC IV), located at 369-379 Interpace Parkway in Parsippany. Intercontinental Real Estate Corp. and Ivy Realty sold the property for an undisclosed price. MCC IV comprises two five-story office buildings totaling 350,917 square feet and connected by a four-story glass atrium lobby. Kevin Welsh, Brian Schulz, Chuck Kohaut, Steven Schultz and David Simson of..

January 19, 2018

Marcus & Millichap Arranges Sale of 14,280 SF Retail Property in Hamilton, New Jersey

HAMILTON, N.J. — Marcus & Millichap has brokered the sale of a single-tenant retail property, located at 2021 Nottingham Way in Hamilton. A private developer sold the property to a private investor for $5.5 million. Walgreens occupies the 14,280-square-foot property on a net-leased basis. Karly Iacono of Marcus & Millichap represented the seller, while Iacono and Jonathan Zamora, also of Marcus & Millichap, represented the buyer in the deal.

January 19, 2018