FAIRFIELD, N.J. — Alexander Property Group has acquired a four-story, 48,000-square-foot office building in Fairfield. The sales price was undisclosed. Located at 700 Route East, the property is currently 98 percent leased. Alexander Property Group purchased the office building from Boston-based real estate development and management company the Davis Cos. and joint venture partner Rubicon Cos. The office building is located adjacent to the 204-room Fairfield Crowne Plaza Hotel.
FORT LEE, N.J. — New York Life Real Estate Investors has provided a $135 million loan for the refinancing of Hudson Lights, a residential and retail mixed-use development in Fort Lee. The floating-rate loan has an initial term of three years. The borrower was an institutional investor. Built in 2016, the development includes 276 market-rate apartments, 136,000 square feet of retail space and a parking garage.
LODI, N.J. — NAI James E. Hanson has arranged the sale of a 73,373-square-foot industrial facility in Lodi for an undisclosed price. Scott Perkins, Andrew Somple, Greg James, Christopher Todd and Justin Allessio of NAI James E. Hanson represented the seller, AEW, in the transaction. The buyer was Mood Fabrics. Located at 39 Robinson Road, the facility features 29-foot clear heights in 16,447 square feet of the building and 14-foot clear heights through the remaining 56,896 square feet. The facility also includes three tailgates and three drive-in doors.
MONTCLAIR, N.J. — Marcus & Millichap has negotiated the $1.6 million sale of two, six-unit apartment buildings in Montclair. The properties are located at 70 Pine St. and 108 Pine St. Julienne Pape of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction. All units in the buildings were recently renovated.
HAMILTON, N.J. — NKF Capital Markets has brokered the $50.5 million sale of a two-building office portfolio in Hamilton. The two net-leased properties are located at 600 and 700 Horizon Drive. The 600 Horizon building is leased to Verizon Communications and 700 Horizon is leased to AAA. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF represented the seller, Mack-Cali Realty, in the transaction. The buyer was undisclosed.
NEWARK, N.J. — KeyBank has provided $98.4 million Fannie Mae loan for the acquisition and rehabilitation of two affordable housing properties in Newark. The properties are Garden Spires Apartments, a 544-unit affordable housing complex built in 1963 and Spruce Spires Apartments, a 112-unit subsidized housing property built in 1920. Dirk Falardeau and Kyle Kolesar of KeyBank arranged the financing for borrower, Omni New York LLC. The financing breaks down in the following manner: a $59 million Fannie Mae Reduced Occupancy Affordable Rehab loan; a $23.8 million Economic, Redevelopment and Growth (ERG) bridge loan secured by Garden Spires Apartments; and a $15.6 million Fannie Mae Affordable Mortgage loan secured by Spruce Spires Apartments. Both properties will undergo rehabilitation, including renovating lobby areas, replacing and upgrading building mechanics, modernizing elevators, installing new roofs and doors, improving common areas and replacing boilers.
SOMERSET, N.J. — JLL has negotiated the $3.6 million sale of a 41,000-square-foot flex facility in Somerset. Located at 21 Worlds Fair Drive, the property includes 11,215 square feet of office space. The warehouse portion of the facility features 18-foot ceiling heights, five loading docks and one drive-in door. Chad Hillyer and Brian Golden of JLL represented the buyer, The Silverman Group, in the transaction. The seller was undisclosed. JLL will serve as leasing agents for the building.
PATERSON, N.J. — Marcus & Millichap has arranged the $4 million sale of Madison Avenue Shopping Center, a 26,920-square-foot retail property in Paterson. The property is located at 422-446 Madison Ave. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the buyer, a private investor, in the transaction. The seller was also a private investor.
WHITEHOUSE STATION, N.J. — Marcus & Millichap has arranged the $3.9 million sale of Cushetunk Manor, a 28,900-square foot mixed-use property located in Whitehouse Station. Cushetunk Manor is located at 422 US Highway 22 W and sits on more than two acres. The property is currently 95 percent occupied and comprises six retail units and 12 affordable housing units. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company.
HAMILTON, N.J. — NKF Capital Markets has brokered the sale of a two-building office portfolio in Hamilton. Steven Schultz, Kevin Welsh, Steve Tolkach, Tony Georgiev and Brian Schulz of NKF Capital Markets represented the seller, Mack-Cali, in the transaction. Located at 600 and 700 Horizon Drive, the two buildings are net leased to Verizon Communications and AAA respectively. 600 Horizon sold to a private investor and is a single-story building that was built in 2002 as a call center. 700 Horizon sold to VEREIT and features advanced fiber optics as well as on-site jogging paths.