New Jersey

Toys ‘R’ Us to Close or Sell All 735 U.S. Stores

by John Nelson March 15, 2018

WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said David Brandon, chairman and CEO of Toys ‘R’ Us, in an official statement. In January, the toy chain announced plans to shutter up to 182 underperforming stores, including those under the Babies ‘R’ Us banner, as part of its restructuring efforts to revive business. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September. Toys ‘R’ Us was facing $5 billion in debt, largely stemming from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Continued debt, combined with poor holiday sales, forced the retailer’s latest move. For …

March 15, 2018

Leasing Activity New Jersey Northeast

Bergen Logistics Closes 404,000 SF Lease in Meadowlands

by David Cohen March 14, 2018

RUTHERFORD, N.J. — Cushman & Wakefield has closed a lease on behalf of Bergen Logistics for a 404,000-square-foot fully automated distribution center at 299 Thomas E. Dunn Memorial Highway in Rutherford. It is the largest Meadowlands industrial deal since mid-2016, according to Cushman & Wakefield. The long-term lease of the recently renovated Murray Metro Distribution Center closed in December and was handled by Bonni Heller of Cushman & Wakefield. The landlord, Murray Construction Co. Inc., was represented in house by Michael Nachtome and Thomas Monahan of CBRE. Located off exit 16W of the New Jersey Turnpike, the 25.5-acre property offers easy access to commuter rail lines and is about 15 minutes from Newark Liberty International Airport. The transaction will result in the creation of around 200 new jobs, according to Ron Roman, CEO of Bergen Logistics.

March 14, 2018

New Jersey Northeast

Cronheim Mortgage Arranges $6M in Financing for 106,290 SF Retail Property in Central New Jersey

by David Cohen March 14, 2018

TOMS RIVER, N.J. — Cronheim Mortgage has arranged $6 million in financing for a 106,290-square-foot retail property in Toms River. The State Life Insurance Co. provided the 17.5-year, self-liquidating loan. The interest rate was locked six months prior to closing at 3.93 percent. The property, built in 1994, is situated on an 11.3-acre site just off the Garden State Parkway in Ocean County. Currently, the property is fully leased to Home Depot, which shadow anchors a 130,000-square-foot retail development. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim arranged the loan.

March 14, 2018

Multifamily New Jersey Northeast

Goldstein Group Facilitates Sale of Redevelopment Site Near New York City

by Kristin Harlow March 12, 2018

BOGOTA, N.J. — The Goldstein Group has completed the sale of a redevelopment site located at 250 and 300 West Fort Lee Road in Bogota, New Jersey. The site will become a multifamily mixed-use development. Lew Finkelstein and CJ Huter of the Goldstein Group represented both the seller, BR Colony Holdings, and the buyer, River Club Development, in the transaction. The site is slated for 421 residential apartments across five buildings, along with 8,000 square feet of ground-floor retail space. Amenities planned for the site include a pool, clubhouse, dog park and walkway promenade along the Hackensack River. Once completed, the development could increase Bogota’s population of 8,200 people by around 10 percent, according to Goldstein. Bogota is 12 miles northwest of Manhattan and 14 miles north of Jersey City.

March 12, 2018

Industrial New Jersey Northeast

Sitex Group Sells Two-Building Industrial Property in Avenel, New Jersey, for $65M

by Amy Works March 9, 2018

AVENEL, N.J. – Sitex Group has completed the disposition of a two-building industrial asset located at 191 and 215 Blair Road in Avenel. Barings Real Estate, on behalf of an institutional investor, acquired the assets for a combined total of $65 million. Located off Exit 12 of the New Jersey Turnpike/Interstate 95, the properties consist of a fully-renovated 175,182-square-foot building and a newly constructed 198,854-square-foot building. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald of Cushman & Wakefield represented the seller and procured the buyer.

March 9, 2018

Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $3.4M Sale of Multifamily Community in Cranford, New Jersey

by Amy Works March 9, 2018

CRANFORD, N.J. – Gebroe-Hammer has arranged the sale of The Hamlet at Cranford, a multifamily community located at 2-20 McKinley St. in Cranford. An undisclosed buyer purchased the property for $3.4 million. The property features 10 two-bedroom, two-and-a-half bath townhome-style units with hardwood and tile flooring, separate dining rooms, central air conditioning, granite countertops, stainless steel appliances, vaulted ceilings and in-unit washers and dryers. Adam Zweibel and Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller and procured the buyer in the deal.

March 9, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $9M Acquisition Loan for Development Site in Long Branch, New Jersey

by David Cohen March 7, 2018

LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be completed by the end of 2019. Brad Domenico of Progress Capital secured the construction-to-permanent mortgage loan with 24 months of interest-only at a floating rate of LIBOR plus 3.5 percent. The borrower has the option to convert the loan to a permanent mortgage upon stabilization of the project.

March 7, 2018

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $4M Sale of Two Multifamily Properties in New Jersey

by David Cohen March 7, 2018

HIGHLAND PARK AND EDISON, N.J. — Redwood Realty Advisors has arranged the sales of two multifamily properties located in Highland Park and Edison. A Bergen County, N.J.-based multifamily investment firm acquired the two properties for $4 million, or $130,000 per door. The Volto Group sold the property in Highland Park, and Bay Harbor sold the property in Edison. Combined, the properties offer a total of 31 apartment units. Jeremy Wernick of Redwood Realty Advisors represented the sellers and buyer in the deal.

March 7, 2018

Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of Industrial Building in Hackensack, New Jersey

by David Cohen March 7, 2018

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a freestanding industrial/flex building and 0.28 acres of land located at 62 Voorhis Lane in Hackensack. T&M Realty Associates acquired the 2,800-square-foot building and land from Voorhis Associates for an undisclosed price. The buyer plans to utilize the property to relocate its Greenland Landscaping business from Wayne, N.J. The property features 1,600 square feet of warehouse space and 1,200 square feet of office space. Anthony Cassano of NAI Hanson represented the seller and buyer in the deal.

March 7, 2018

Industrial Loans New Jersey Northeast

HFF Secures $16.2M in Financing for Spec Industrial Development in Newark

by Amy Works March 6, 2018

NEWARK, N.J. — HFF has arranged $16.2 million in financing for the development of a speculative industrial project at 256 Vanderpool St. in Newark. The borrower is a joint venture between Penford Group and Penwood Real Estate Investment Management, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV. Situated on 14.8 acres, the 290,063-square-foot building will feature 40-foot clear heights, 64 loading docks, 79 trailer stalls and 8,702 square feet of office space. Michael Klein and Matthew Pizzolato of HFF worked on behalf of the borrower to place the construction loan with Principal Real Estate Investors.

March 6, 2018

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