MOONACHIE, N.J. — Liberty Property Trust has acquired an industrial facility in Moonachie for $39.6 million. Located at 115 Moonachie Ave., the 168,800-square-foot property is fully leased and features 28-foot clear heights. Tom Monahan, Stephen D’Amato, Larry Schiffenhaus, Brian Fiumara of CBRE represented Liberty in the transaction. The seller was undisclosed.
NEWARK, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of a mixed-use property in Newark. Located at 569 and 571-577 Broad St., the 22,575-square-foot property consists of ground-floor retail as well as office space and two apartment units on the second floor. Alan Cafiero, Ben Sgambati, David Cafiero and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
WOODBRIDGE, N.J. — HFF has secured a $25.5 million acquisition loan for Woodbridge Crossing, a 285,210-square-foot retail center in Woodbridge. Located at 451-479 Green St., the property was built in 2001 and renovated in 2018. The center is approximately 80 percent leased to a tenant roster that includes Burlington Stores, Big Lots, Planet Fitness, Altitude Trampoline Park, Modell’s, Party City, Thomasville, Sprint, Miracle Ear and FedEx Office. Michael Klein and Rob Hinckley of HFF secured the financing on behalf of the borrower, PAG Investments. Citizens Bank provided the five-year, fixed-rate loan.
PRINCETON, N.J. — Cronheim Mortgage has arranged a $10 million loan to refinance a mixed-use property in Princeton. Located at 277 and 281 Witherspoon St., the property consists of two adjacent retail and office buildings. The first, 277 Witherspoon, is a recently completed two-story building. The second, 281 Witherspoon, is a three-story building built in 1984 and renovated in 2015. Cronheim secured the 10-year loan with three years of interest-only payments on behalf of the borrower, HP Witherspoon LLC, an affiliate of Princeton-based Herring Properties. The lender was undisclosed.
KEARNY, N.J. — Terreno Realty Corp. has acquired a 16-acre industrial property in Kearny. The sales price was $25 million. Located at 81 North Hackensack Ave., the property is fully leased to one tenant. The property was acquired as partial repayment of a $55 million senior secured loan that Terreno Realty made in 2018 to an unnamed borrower. The acquisition reduces the seller’s outstanding loan balance to approximately $30 million.
TOMS RIVER, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 28,400-square-foot, mixed-use property in Toms River. Located at 26 Main St., the property is currently occupied by 26 tenants. Alan Cafiero and Ben Sgambati in Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. The buyer was a personal trust.
NEWTON, N.J. — Gebroe-Hammer Associates has brokered the $17.9 million sale of Landmark West Apartments, a 168-unit apartment community in Newton. Located at 100 Swartzwood Road, the 11-building community is comprised of one- and two-bedroom units. Stephen Tragash and Adam Zweibel of Gebroe-Hammer represented the seller, Newton West Limited, in the transaction. The buyer was a private investor.
ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a 271,988-square-foot office tower in Iselin. The sales price was undisclosed. Located at 99 Wood Ave., the property features a recently renovated full-service cafeteria, fitness center with locker rooms and a three-story parking structure. At the time of sale, the property was 84 percent leased to a roster of tenants that includes Citibank, Wells Fargo, Ernst & Young and Cushman & Wakefield. Andrew Merin, Gary Gabriel, David Bernhaut, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, a private real estate investment firm, in the transaction. The buyer was Mack-Cali Realty.
MORRISTOWN, WESTFIELD AND MURRAY HILL, N.J. — HREC has negotiated the sale of a three-property hotel portfolio in New Jersey. The sales price was undisclosed. The properties include the 60-room Best Western Plus Morristown, the 40-room Best Western Westfield, and the 76-room Best Western Plus Murray Hill. Mike Cahill and Ketan Patel of HREC represented the seller, Boyle Hotels, in the transaction. The buyer was undisclosed.
NEW PROVIDENCE, N.J. — NAI Hanson has secured a 7,791-square-foot industrial lease for United Brewing in New Providence. The microbrewery will occupy 140 Spring St., Unit C, at the 66,000-square-foot property. United Brewing plans to set up a full production brewery as well as a tasting room at the site. Barry Cohorsky of NAI James E. Hanson represented the landlord, Davanne Realty Co. & 19-25 Columbia Street Corp., in the transaction. Terms of the lease were not disclosed.