TRENTON, N.J. — Retailers and construction projects in New Jersey will be allowed to resume operations while adhering to social distancing policies on Monday, May 18, according to Gov. Phil Murphy in a public statement. In response to the COVID-19 health crisis, the governor closed nonessential businesses and ordered all residents to stay home on March 21 and later ordered nonessential construction to stop on April 8. Restaurants have been allowed to provide pickup and delivery services, and essential businesses including grocery stores have been allowed to stay open with social-distancing restrictions in place. The governor’s new order applies to all retailers that were not originally deemed essential and are able to adhere to social distancing policies, including restricting customers from physically entering establishments. Similarly, the order applies to all construction projects not originally deemed essential. Gov. Murphy said in a public statement that the virus is less likely to spread in a construction environment, as projects are limited to workers rather than customers. As of May 13, the Centers for Disease Control and Prevention reported more than 140,700 cases of the virus in the state, and more than 9,500 deaths.
WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $14 million sale of Jaclyn 40, a 40-unit multifamily building in West New York, New Jersey. Located at 5817 Jefferson Ave., the 36,000-square-foot property offers convenient access to Manhattan, Newark Airport and multiple rail stations. Fahri Ozturk, Richard Gatto and Joseph Belgiovine of Marcus & Millichap represented the seller, a private owner, in the transaction. The team also procured the buyer, another private investor. Both parties requested anonymity.
BERGENFIELD, N.J. — JLL has funded a $30 million Fannie Mae loan for the refinancing of Ivy Lane, a 237-unit multifamily community in Bergenfield, a northwestern suburb of New York City. JLL worked on behalf of the borrower, Tower Management Service LP, to provide the 10-year, fixed-rate Freddie Mac loan. The property features 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Thomas Didio and Gerard Quinn of JLL arranged the loan.
FLORENCE, N.J. — Lee & Associates has brokered the $14.7 million sale of a 30.8-acre industrial development site located in Florence, a southern suburb of New Jersey. Located on Railroad Avenue, the property consists of two parcels that have been approved for construction of a 300,700-square-foot warehouse and distribution facility. Details of the construction schedule were undisclosed. Bob Yoshimura, Joe Hill and Eric Mattson led a Lee & Associates team that represented the seller, Foxdale Properties, in the transaction. The team also worked with Robert Lambert of Cushman & Wakefield. Denver-based Black Creek Group was the buyer.
HACKENSACK, N.J. — NAI James Hanson has negotiated a 22,526-square-foot industrial lease for women’s clothing retailer Advance Apparels in Hackensack, a northwestern suburb of New York City. Located at 105-111 S. State St., the property features 20-foot clear heights and 2,000 square feet of office space. Patrick Lennon and Kenneth Lundberg of NAI James Hanson, along with Fred Meyer of NAI Mertz, represented the landlord, Turabdin Realty LLC, in the lease negotiations. Stevie Muller of Equity 3 LLC represented the tenant.
WOODLAND PARK, N.J. — Florida-based developer LNR Partners LLC has sold Lenox Plaza, a 50,000-square-foot retail center in Woodland Park, a northwestern suburb of New York City, to an undisclosed buyer. At the time of sale, the property was 96 percent leased to tenants including Pizza Hut, Party City and Blimpie. The four-building complex was originally built in 1986, and the parking lot was recently renovated in 2018. LNR acquired the property from Azarian Group in 2007 for $20 million. Jacklene Chesler of Colliers International represented LNR Partners in the transaction. The sales price was undisclosed.
SOUTH ORARGE, N.J. — Kislak Co. Inc. has arranged the $11.6 million sale of South Orange Square, a 31,000-square-foot office and retail property located on the western outskirts of New York City. Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, the property includes 21,000 square feet of ground-floor retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms. At the time of sale, the property was 98 percent leased to tenants including Verizon, Investors Bank and the South Orange Pharmacy. Meridian Capital Group arranged acquisition financing through Spencer Savings Bank on behalf of the undisclosed buyer. Joni Sweetwood of Kislak represented the seller, which was also undisclosed.
MADISON, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a retail building in Madison, a western suburb of New York City. Located at 307 Main St., the 10,011-square-foot building was leased to Starbucks and a dry cleaner at the time of sale. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI), a Jersey City-based REIT, reports that it collected 96.7 percent of multifamily rent payments due for April at its multifamily properties across the country despite the COVID-19 outbreak. Many multifamily tenants across the country have been unable to work due to temporary business closures and employee layoffs and furloughs, raising questions as to whether they would be able to pay their April rents. Mack-Cali’s 6,524-unit multifamily portfolio, operated by its subsidiary Roseland Residential Trust, was 95.7 percent occupied as of the end of 2019 with an average rent of $3,028 per unit. The company recently opened The Emery at Overlook Ridge, a 140-unit property in Malden, Massachusetts, with 52 percent of units preleased. Including The Emery, Mack-Cali had five multifamily developments totaling 1,942 units under construction at the end of the quarter. The portfolio is located in Massachusetts, New Jersey, New York, Virginia and Washington, D.C. Mack-Cali’s stock price closed at $14.82 per share on May 6, compared with $22.92 per share at the same time last year.
TARRYTOWN, N.Y. — Houlihan-Parnes LLC has arranged a $31 million loan for the refinancing of 660 White Plains Road, a 280,000-square-foot, Class A office building in Tarrytown, located approximately 30 miles north of New York City. A local bank provided the 10-year loan at a fixed interest rate of 3.13 percent to the building owners, a partnership of RD Management and Houlihan-Parnes affiliate GHP Office Realty. Since acquiring the property in 2017, ownership has invested millions of dollars in capital improvements and various building upgrades, including a fitness center and renovated lobby, and raised the occupancy rate from 78 percent to 98 percent. Tenants include Prestige Brands, ENT & Allergy Associates and KeyBank National Association. Rachel Greenspan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes arranged the loan.