New Jersey

Devli Group Acquires 197,438 SF Industrial Complex in Hackettstown, New Jersey, from Hampshire Cos.

by Amy Works October 18, 2017

HACKETTSTOWN, N.J. — Devli Group has acquired Hackettstown Commerce Park, a flex industrial complex located in Hackettstown. The Hampshire Cos. sold the 197,438-square-foot complex for an undisclosed price. The acquisition includes three buildings at 101 and 103 Bilby Road and 715 Willow Grove St. and 2.74 acres of developable land at 717 Willow Grove St., as well as 5.13 acres of developable land at 713 Willow Grove St. Currently 88 percent leased, the complex features units that range in size from 2,600 square feet to 30,000 square feet with 24- to 25-foot clear ceiling heights and ample parking. Tenants include the United States Department of Agriculture, Andrex, Rollon, Computer Wholesalers, Rotarex and On-Demand Technology Solutions. Andrew Merin, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the buyer and seller in the transaction.

October 18, 2017

Hospitality New Jersey Northeast Restaurant Retail

SJP Properties Sells Site for Hotel, Restaurant Development in Bridgewater, New Jersey

by Amy Works October 18, 2017

BRIDGEWATER, N.J. — SJP Properties has completed the disposition of a site within Somerset Corporate Center in Bridgewater for the development of a hotel and restaurant. AC Hotels by Marriott and Zinburger Wine & Burger Bar will occupy the space. Construction on the hotel and restaurant will commence this month and is expected to be completed by 2020. The AC Hotels by Marriott location will feature 150 guest rooms and a rooftop bar and lounge. The 5,800-square-foot Zinburger will offer a menu of gourmet burgers with paired wine selections. The name of the buyer and acquisition price were not released. Current tenants at the corporate campus include Linde Americas, Qualcomm, iconectiv, Mazda, Kering Eyewear, Allergan, Cognizant Technologies, Aon Hewitt and Merrill Lynch.

October 18, 2017

Market Reports New Jersey Northeast Northeast Market Reports Retail

New Jersey Retail Market Gains Ground on Multiple Fronts

by Taylor Williams October 18, 2017

The New Jersey retail market continues to gain strength as landlords redevelop existing properties, successfully backfill formerly vacant supermarket and Sports Authority boxes, and even break ground on several major shopping centers. Green Leaf at Union, a new redevelopment scheduled to open this fall, will include 111,000 square feet of gross leasable area. Located on Route 22 and West Chestnut Street, the center will be anchored by Bob’s Discount Furniture and LA Fitness. Chimney Rock East and West in Bridgewater is also under construction. The new upscale center will add more than 200,000 square feet of gross leasable area to the Route 22 corridor. Tenants will include Whole Foods, The Container Store, Saks Off Fifth and Nordstrom Rack, as well as ULTA and European Wax Center, which were both represented by R.J. Brunelli & Co. (RJBCO). The District at Metuchen, a new 78,505-square-foot upscale neighborhood center, opened in downtown Metuchen on Route 27 and Middlesex Ave. It is anchored by Whole Foods, with a satellite tenant lineup that includes RJBCO clients Massage Envy and European Wax Center. The Route 35 corridor in Hazlet/Holmdel/Middletown has seen its ups and downs this past year. In Middletown, the WRDC-owned property formerly anchored by …

October 18, 2017

Industrial New Jersey Northeast Office

HFF Brokers Sale of 26-Building Office/Flex Portfolio in Southern New Jersey

by Amy Works October 17, 2017

MOORESTOWN AND BURLINGTON, N.J. — HFF has facilitated the sale of a 26-building office/flex portfolio located in Moorestown and Burlington. Mack-Cali Realty Corp. sold the portfolio to Brennan Investment Group for an undisclosed price, free and clear of any mortgage financing. Totaling 1.2 million square feet, the portfolio comprises 24 buildings in Moorestown and two buildings in Burlington. At the time of sale, the portfolio was 91 percent leased. Tenants at the portfolio include businesses in healthcare services, pharmaceutical/clinical packaging and medical supplies. Jose Cruz, Doug Rodio, Brett Segal and Kevin O’Hearn of HFF represented the seller in the transaction.

October 17, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Love Funding Secures $8.1M HUD Refinancing for 79-Unit Assisted Living Community in New Jersey

by Amy Works October 16, 2017

TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate debt service savings. Magnolia Gardens was built in 2002 and will continue under the management of ML Healthcare Associates Inc.

October 16, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $3.4M Sale of Retail Property in Bloomfield, New Jersey

by Amy Works October 13, 2017

BLOOMFIELD, N.J. — Marcus & Millichap has arranged the sale of Terry’s Drugs Retail Strip, a retail property located at 1049 Broad St. in Bloomfield. A private investor sold the property for $3.4 million. At the time of sale, the 8,500-square-foot center was fully leased to five retailers. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller. The name of the buyer was not released.

October 13, 2017

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.7M Sale of Retail Property in Clifton, New Jersey

by Amy Works October 12, 2017

CLIFTON, N.J. — Marcus & Millichap has negotiated the sale of a retail property located at 449 Lakeview Ave. in Clifton. A developer acquired the property from an undisclosed seller for $1.7 million. Dollar General occupies the 11,500-square-foot building on a net-lease basis. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller, while Cafiero, Sgambati and David Cafiero, also of Marcus & Millichap, represented the buyer in the deal.

October 12, 2017

Multifamily New Jersey Northeast

Walters Group Begins Construction on 88-Unit Income-Restricted Residential Property in New Jersey

by Amy Works October 11, 2017

JACKSON, N.J. — Walters Group has started construction of The Ponds at Jackson 21, an 11-building income-restricted residential community located at 100 Mallard Court in Jackson. Situated on more than 10 acres, The Ponds at Jackson 21 comprises two-story apartment buildings offering a total of 88 one-, two- and three-bedroom apartment homes, ranging in size from 854 square feet to 1,172 square feet. Community amenities include a children’s tot lot, a barbecue and picnic area, a basketball court and a clubhouse with computer work stations and a fitness center. Slated for completion in October 2018, the property will fit a need for income-restricted housing in the township and give priority to Hurricane Sandy-impacted residents who were displaced by or experienced major severe storm damage from Superstorm Sandy. A portion of the development was funded by the federal Low-Income Housing Tax Credit (LIHTC) program, which has produced more than 2 million affordable housing units nationally and more than 500,000 units in New Jersey. Walters Group is managing every aspect of the project from design and construction to property management.

October 11, 2017

Hospitality Mixed-Use Multifamily New Jersey Northeast Retail Student Housing

Nexus Signs Five New Retailers to $400 Million Mixed-Use Project in South Jersey

by Amy Works October 11, 2017

GLASSBORO, N.J. — Nexus Properties has signed five new retail tenants to the Rowan Boulevard redevelopment, a mixed-use project in Glassboro. The goal of the $400 million, multi-phase project is to link the Rowan University campus with Glassboro’s downtown retail district. The new tenants bring restaurant, shopping and fitness options to downtown and include Alicia DiMichele Boutique, Tech Zone, Six Pack Training, Cookie Munchers and Mexican Mariachi Grill. In addition, Rowan Boulevard is home to Chickie & Pete’s, Tony Luke’s and Barnes & Noble Bookstore and Café. The final phase of the Rowan Boulevard project is under construction and slated for completion in August 2018. Upon completion, the development will include 2,771 student beds, classroom space, 114 apartment units, a hotel, fitness center, two parking garages and 144,000 square feet of retail space.

October 11, 2017

Multifamily New Jersey Northeast

One Wall Partners Acquires 16-Property Multifamily Portfolio in New Jersey for $63M

by Amy Works October 10, 2017

EAST ORANGE, WEST NEW YORK AND JERSEY CITY, N.J. — One Wall Partners (OWP) has purchased a 16-property multifamily portfolio from Shapco Property Management for $63 million in an off-market transaction. With the acquisition, OWP is now the largest property owner in East Orange and one of the largest transit-oriented workforce housing owner/operators in Northern New Jersey. Comprising 14 buildings in East Orange, one in West New York and one in Jersey City, the portfolio features a total of 516 apartment units and 300 parking spaces/garages. The unit mix includes 230 one-bedroom apartments and more than 286 two- and three-bedroom units.

October 10, 2017

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