BOUND BROOK, N.J. — HFF has arranged the $19 million refinancing for Middle Brook Center, a 104,331-square-foot, grocery-anchored retail center in the Northern New Jersey community of Bound Brook. The fully leased, three-building retail center sits on more than 12 acres and is anchored by ShopRite. Other tenants include Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King. HFF represented the borrower, Advance Realty, to place an 11-year, full-term, interest-only loan with Nationwide Life Insurance Co.
BRIDGEWATER, N.J. — JLL Capital Markets has arranged the $32.5 million refinancing for Somerset Corporate Center IV, a 310,000-square-foot office building in Bridgewater. JLL secured the financing through Sterling National Bank on behalf of the owners, SJP Properties and PGIM Real Estate. Located at 400 Somerset Corporate Blvd., Somerset Corporate Center IV is part of the master-planned Somerset Corporate Center. The complex was constructed in 2001 and is made up of five office buildings totaling approximately 1.3 million square feet.
EAST ORANGE AND NEWARK, N.J. — One Wall Partners has acquired three multifamily properties in Northern New Jersey. The properties, which have a combined 217 units, are located at 742 Park Ave. in East Orange, 103 Chancellor Ave. in Newark and 25 Van Velsor Place in Newark. With these acquisitions, One Wall’s portfolio now comprises 39 buildings spanning 1,917 units in Northern New Jersey. One Wall Partners specializes in transit-oriented workforce housing options. Gebroe-Hammer Associates represented One Wall Partners in the transactions.
HUDSON COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 118-building, 2,137-unit multifamily portfolio in Hudson County. The Gateway Portfolio was separated into six packages, which sold for a total of $327.8 million. The properties are located throughout Jersey City, West New York, North Bergen, Guttenberg and Union City. Nicholas Nicolaou of Gebroe-Hammer represented the seller, a private investor, in the transaction. “The Gateway Portfolio in its entirety and as separate packages presented an extremely rare multifamily investment opportunity,” says Nicolaou. “It marked the highest concentration of for-sale stabilized assets in Hudson County ever to come to market at a time when asking rents for this apartment submarket are expected to advance upward of 6 percent over the next few years.” The largest of the six packages sold for $190.6 million and involved 67 buildings and 1,272 units in West New York, Jersey City, North Bergen and Guttenberg. The second largest package sold for $97 million and involved 35 buildings and 588 units in Jersey City. The buyer in both transactions was Optimum Holdings LLC. Rounding out the sale of the portfolio was another Jersey City deal which brought $190,000 per unit, two separate transactions in Union City …
WOODBRIDGE, N.J. — Mack-Cali Realty Corp. has signed Plymouth Rock Insurance to a 12-year, 130,000-square-foot lease at Mack-Cali’s office complex in Woodbridge, located at 581 Main St. After the transaction, the eight-story, 200,000-square-foot property is now fully leased. Mack-Cali recently completed a capital improvements program at the property, which included upgrades to the entryway, lobby, fitness center, café, conference room and exterior landscaping. As an additional amenity, Mack-Cali recently partnered with Uber and will pay $10 towards rides for tenants to and from the complex during commuting hours. Toni Casiano of Mack-Cali represented the company in lease negotiations while Sam Horowitz of Colliers International represented Plymouth Rock. Cushman & Wakefield served as the exclusive leasing agent for the property.
WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.
BLACKWOOD, N.J. — Colliers International has brokered the $2.5 million sale of a 44,800-square-foot industrial building located at 100 Freeway Drive in Blackwood. The property is situated on 3.7 acres and features 18-foot ceilings as well as 5,000 square feet of office space. Marc Isdaner of Colliers represented the buyer, FLCR LLC, in the transaction. The seller, Colfin Cobalt I-II LLC, was represented by David Ricci and Tony Rod of Flynn Co. Bank of Hope provided acquisition financing.
BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.
PISCATAWAY, N.J. — Colliers International has negotiated the $10 million partial sale-leaseback of 1 Corporate Place South, a multi-tenant office building in Piscataway that spans 88,780 rentable square feet. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller, Princeton Equities LLC, in the transaction. The buyer was a private New Jersey-based investor. The property, which is situated on a 5.5-acre site, was built in 1981 and upgraded in 1997. Additional lobby and façade renovations were completed in 2009. The building is fully occupied by four tenants including Marlabs, a technology firm that is the properties’ anchor tenant.
NEWARK, N.J. — Progress Capital has arranged $6.3 million in permanent mortgage financing for the acquisition of a 2.2-acre paved parking lot located at 296-305|308-320 Mulberry St. and 12-14 Cottage St. in Newark. The property also includes a double-sided billboard currently subject to an annual lease. The undisclosed borrower purchased the property for $9 million and is entering into a lease with L.A. Parking Corp. The borrower’s property management firm will maintain the leasing and management of the billboard. Brad Domenico of Progress Capital arranged the financing. The loan is non-recourse and accompanied by a fixed rate of 4.5 percent and a seven-year term amortized over 25 years.