New_Jersey

Urban Edge Properties Obtains $100M Loan to Refinance Tonnelle Commons in North Bergen

by Nellie Day May 12, 2017

NORTH BERGEN, N.J. — Urban Edge Properties (NYSE: UE) has obtained a $100 million loan to refinance Tonnelle Commons, a 410,015-square-foot retail power center in the New York City suburb of North Bergen. The Class A center is located at 2100 88th St. at the corner of Tonnelle Avenue. Tonnelle Commons is fully leased to 16 tenants. Anchors include Walmart, BJ’s Wholesale Club, PetSmart and Staples. Other tenants include Applebee’s, the Vitamin Shoppe, GameStop, SuperCuts and Mattress Firm. The property was built in 2009 less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is situated at the northern edge of Hudson County, the most densely populated county in New Jersey. HFF’s debt placement team, led by Scott Aiese and Mike Tepedino , secured the 10-year, non-recourse, fixed-rate loan. Urban Edge Properties is a REIT that manages, acquires, develops and redevelops retail real estate in urban communities, primarily in the New York metropolitan region. The REIT’s stock closed at $24.93 per share on Thursday, May 11, down from $27.38 one year ago. — Nellie Day

May 12, 2017

New Jersey Northeast Restaurant Retail

Pastosa Ravioli Opens New Location in Florham Park, NJ

by Haisten Willis March 8, 2017

FLORHAM PARK, N.J. — A new Pastosa Ravioli restaurant has opened in Regency Plaza at 186 Columbia Turnpike in Florham Park. With stores already open in New York City, Cranford and Manalapan, N.J., the Florham Park location became Pastosa’s 11th overall. Pastosa is a family-owned business specializing in ravioli and specialty Italian products, sauces, mozzarella cheese and prepared foods. Alison Horbach of Ripco Real Estate identified the location and brokered the transaction on behalf of Pastosa. Florian Suserman, also of Ripco, represented the owners of Regency Plaza.

March 8, 2017

Multifamily Seniors Housing Texas

Construction Begins on 42,000 SF Seniors Housing Community in Burleson

by Haisten Willis November 18, 2015

BURLESON, TEXAS — Construction has begun on the Mustang Creek Estates of Burleson seniors housing project located at 1155 NW John Jones Drive in Burleson. The $7 million, 42,000-square-foot assisted living and memory care community will include six specially designed homes, housing up to 15 seniors each. The homes will include an open kitchen, personal assisted care and daily activities. The community will house 90 residents and will open in summer 2016. The community will sit on just over seven acres southwest of Burleson Church of Christ. Joseph E. Helmberger of Kimley-Horn designed the community.

November 18, 2015

Summit Hotel Properties Buys Two Residence Inn by Marriott Hotels for $56.8M

by Nellie Day July 27, 2015

BALTIMORE, M.D. AND BRANCHBURG, N.J. — Summit Hotel Properties (NYSE: INN) has acquired two Residence Inn by Marriott hotels for a total of $56.8 million. The acquisition includes the 141-guestroom Residence Inn in Hunt Valley, just outside Baltimore, and the 141-guestroom Residence Inn in Branchburg, N.J. “We are very happy to announce the addition of these Residence Inn hotels to our portfolio,” says Daniel Hansen, president and CEO of Austin, Texas-based Summit Hotel Properties, a publicly traded REIT. “We remain very positive on the current state of the lodging cycle and see these two acquisitions as solid contributors to our long-term growth plan. Both of these acquisitions are located in strong markets that fit well with our growth strategy and portfolio of premium select-service assets.” Summit plans to spend about $1.5 million on capital improvements at the Hunt Valley property, which is situated just 18 miles outside of downtown Baltimore. Notable employers in the area include PayPal, eBay, McCormick Spice Co., Men’s Warehouse and Johns Hopkins University. The company will spend an additional $1.1 million on capital improvements at the Branchburg property, which is located about an hour outside of New York City. Notable employers in the area include Johnson …

July 27, 2015

Great Atlantic & Pacific Tea Company Files for Bankruptcy, Agrees to Sell 120 Stores

by Nellie Day July 20, 2015

MONTVALE, N.J. — The Great Atlantic & Pacific Tea Company (A&P) has filed for Chapter 11 bankruptcy and agreed to sell about 120 of its stores for $600 million. The company operates 296 supermarket and liquor stores under the brand names of A&P, Best Cellars, Food Basics, the Food Emporium, Pathmark, Superfresh and Waldbaum’s. The stores are situated throughout the East Coast, including New York, New Jersey, Pennsylvania, Delaware, Massachusetts, Maryland and Connecticut. A&P will operate as business as usual throughout the court-supervised sale process. The company will soon close 25 stores, however, due to ongoing operating losses. “After careful consideration of all alternatives, we have concluded that a sale process implemented through Chapter 11 is the best way for A&P to preserve as many jobs as possible, and maximize value for all stakeholders,” says Paul Hertz, A&P’s president and CEO. “While the decision to close some stores is always difficult, these actions will enable the company to refocus its efforts to ensure the vast majority of A&P stores continue operating under new owners as a result of the court-supervised process.” The Great Atlantic & Pacific Tea Company was founded in Montvale in 1859. It was initially a small chain …

July 20, 2015

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