WHITEHALL, PA., AND RUNNEMEDE, N.J. — Gebroe-Hammer Associates has brokered the sale of a two-property multifamily portfolio in Whitehall and Runnemede. Joseph Brecher, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller and buyer, a private investor, in the deal. Orchard Drive Associates sold Orchard Drive Apartments, located at 1239 Washington St. in Whitehall, for $18.2 million. The buyer was a private investor. The community features 264 one- and two-bedroom units ranging from 782 square feet to 1,013 square feet. TNJ Properties acquired Presidential Courts from Presidential Associates LP for $15.5 million. Located in Runnemede, Presidential Courts features 268 garden-style apartments in a mix of one- and two-bedroom layouts. The sellers of the properties are part of the same umbrella organization, however each property operated under separate entities. The buyers of the properties are also under the same umbrella organization, but operated under separate entities.
Denholtz Associates, Bytech International Open 75,000 SF Industrial Building in Franklin, New Jersey
FRANKLIN, N.J. — Denholtz Associates has completed the redevelopment of a former manufacturing facility located at 655 Howard Ave. in Franklin. Bytech International has purchased the newly remediated and renovated building, a former stainless-steel manufacturing facility that was vacant for 15 years. Denholtz Associates completed a $1.5 million rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. Bytech International is an electronics accessories distributor.
WARREN, N.J. — Cushman & Wakefield has arranged $80.7 million in financing for Normandy Real Estate Partners and Greenfield Partners. The financing is secured by Center 78, an office building located at 184 Liberty Corner Road in Warren. The 10-year, fixed-rate financing was provided by Natixis Real Estate Capital. Center 78 is a 369,797-square-foot institutional quality office building situated on a 47-acre site in Somerset County. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented Normandy in the financing.
LINDENWOLD, N.J. — Gebroe-Hammer Associates has arranged the sale of Summit Place, a multifamily property located at 411 E. Gibbsboro Road in Lindenwold. A private investor acquired the property from ARD Lindenwold for $7.5 million. Built in 1971, the property features 148 garden-style apartments and has undergone comprehensive capital improvements. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.
CEDAR KNOLLS, N.J. — Key Properties has opened Hanover Crossroads, a 170,000-square-foot shopping center located in Cedar Knolls. The retail property is situated on a 43-acre former Berlex Laboratories campus, which became a vacant brownfield in 1995. The property’s in-line retail building, which is nearing completion, houses a newly opened T.J.Maxx, HomeGoods, Five Below and Ulta Beauty. Additionally, interior fit-out work is underway for Old Navy and Famous Footwear. Auto Zone, QuickChek and MedExpress Urgent Care occupy the three pad sites. Key Properties plans to break ground this fall on the property’s final pad, which will be occupied by IHOP and an Italian restaurant with catering services. The project team includes Phelps Construction as construction manager, The Dietz Partnership as architect, Bowman Consulting Group as site engineer and TRC as environmental consultant.
WAYNE, N.J. — Toys ”R” Us Inc. filed for Chapter 11 bankruptcy protection on Monday, Sept. 18. The company’s Canadian subsidiary also plans to seek protection in parallel proceedings under the Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice. No store closings have yet been announced in conjunction with the filing. The Wayne, N.J.-based toy retailer’s approximately 1,600 Toys ”R” Us and Babies ”R” Us locations will continue to operate through at least the holiday season. Customers may also continue to shop on the company’s newly launched web stores. “Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide,” says Dave Brandon, chairman and CEO of Toys ”R” Us Inc. The company’s debt largely stems from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Toys ”R” Us has …
TOMS RIVER, N.J. — The Walters Group has opened Cornerstone at Toms River, a 102-unit active adult community in Toms River, approximately 60 miles south of New York City. A grand opening was held Sept. 14 for the community, which is restricted to residents over the age of 55. The Walters Group developed the three-story property. Cornerstone at Toms River also features income-restricted units, and gives residency priority to seniors whose homes were impacted by Superstorm Sandy.
PLAINSBORO, N.J. — New York-based development and management firm Kushner has acquired Quail Ridge Apartments, a 1,032-unit multifamily community located in Plainsboro, roughly midway between Philadelphia and New York City, for $190 million. The garden-style property is situated on 52 acres at 2005 Quail Ridge Drive, approximately six miles from Princeton University. Amenities include two pools, basketball and tennis courts, a playground, 24-hour fitness center and an on-site dog park. American International Group Inc. (AIG) provided acquisition financing for the transaction. The sale is in line with Kushner’s larger strategy of acquiring multifamily properties with high investment potential. Most recently, Kushner closed on the $520 million purchase of a portfolio of 5,517 multifamily units in Maryland. The company says it will continue to target similar investment opportunities throughout the Northeast and Mid-Atlantic areas. “Quail Ridge presents an outstanding opportunity to continue the expansion of our multifamily portfolio while helping to improve an already-great community,” says Laurent Morali, president of Kushner. “It reflects our strategy of vigorously pursuing investment where we see significant value.” Kushner’s recent acquisition activity also includes The Watchtower, an 830,000-square-foot property in Brooklyn that it plans to convert into a corporate campus, as well as 203,000 square …
LINDEN, N.J. — Colliers International has arranged a 181,000-square-foot industrial lease for ASA Apple in Linden. The transportation and logistics solutions company has signed a long-term lease for the industrial building located at 55 Wildcat Drive. ASA Apple is a public warehouse and intermodal transportation company operating in the Port of New York region. Richard Mirliss, Richard Madison and Alex Vitro of Colliers represented ASA Apple, while Tom Monahan of CBRE represented the property owner, Prologis.
WAYNE, N.J. — HFF has arranged $18.7 million in acquisition financing for West Belt Plaza, a retail center located in Wayne. Jon Mikula and Jim Cadranell of HFF secured the 10-year, fixed-rate loan through a life insurance company for the borrower, The Klein Group. Renovated in 2001, the 84,202-square-foot West Belt Plaza is leased to a variety of tenants, including PetSmart, HomeGoods, Fidelity Brokerage and Starbucks Coffee.