ELMWOOD PARK, N.J. — The Stro Companies has acquired 475 Mola Boulevard, a 45,000-square-foot industrial building in Elmwood Park for $4.1 million. SB One Bank provided the acquisition financing. The seller was an owner occupant. Stro plans to relaunch the asset with a complete reposition and upgrade program, including interior and exterior improvements that will subdivide the existing two units into four. Currently 32,000 square feet of the building sits vacant.
ROSELAND, N.J. — CBRE has secured a 20,000-square-foot lease at 5 Becker Farm Road in Roseland for Comodo CA, a global leader in cyber security. The company will move its U.S. headquarters to the location. Daniel F. Casey and Joseph A. Sarno of CBRE represented the building owner, a joint venture between Soma Capital Partners and Northlight Capital Partners, in the lease negotiations. Remy deVarenne and Kadeem Goodall-Reid of CBRE acted on behalf of Comodo CA.
HACKENSACK, N.J. — Marcus & Millichap has negotiated the sale of a 7,200-square-foot industrial property in Hackensack for $1 million. The building is located at 174 Lodi St. in Hackensack, 14 miles northeast of Manhattan. The sole tenant of the building is a laundry services company. Steve Lim of Marcus & Millichap represented the seller in the transaction, a private investor and the buyer, also a private investor.
NORTH PLAINFIELD, N.J. — Cronheim Mortgage has negotiated $3 million in permanent financing for Mountain View Gardens in North Plainfield. The 43-unit garden style apartment community, located at 470 West End Ave., is comprised of six, two-story walkup buildings and has 24 one-bedroom and 19 two-bedroom units. The seven-year loan amortizes over a 30-year period and has a fixed rate, which was locked five months prior to closing. The borrower and lender were undisclosed. The loan was originated and placed by Allison Villamagna and Andrew Stewart of Cronheim.
NEWARK, N.J. — Marcus & Millichap has orchestrated the sale of a 43,869-square-foot tract of land in Newark for the development of an 84-unit condominium community. Carlos Zapata represented the seller, a developer in the transaction. The buyer was undisclosed. Located at 73-87 Clay St., the land is approved for 84 residential units and 4,630 square feet of retail space. The city will be adjusting the surrounding landscape and traffic patterns to encourage retail shopping in the area.
NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.
HOBOKEN, N.J. – Redwood Realty Advisors has negotiated the sale of a two-building multifamily property located at 844 Park Ave. in Hoboken. A private investor sold the property to an undisclosed buyer for $3.3 million. The property features a total of 10 residential apartments with a unit mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units. Additionally, the property features on-site parking. Steve Matovski of Redwood Realty Advisors represented the seller and buyer in the deal.
PATERSON, N.J. – Colliers International has arranged the sale of Cooke Mills, an apartment building located at 19 Market St. in Paterson. A private investor purchased the property from an undisclosed seller for $1.9 million, or $135,750 per unit. The three-story building features 14 apartments in a mix of two- and three-bedroom layouts. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller and marketed the transaction in conjunction with Ten-X, an online transaction platform for commercial real estate.
FRANKLIN PARK, N.J. – Marcus & Millichap has arranged the sale of Somerset Plaza Shopping Center, a retail property located on 8.99 acres at 3151 Route 27 retail corridor in Franklin Park. A private investor acquired the property for $12.8 million. Eleven tenants, including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank, occupy the 67,530-square-foot shopping center. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the buyer in the deal.
MAHWAH, N.J. – NAI James E. Hanson has brokered a lease with Snow Joe DC LLC for Sitex Group’s new industrial facility located at 100 Performance Drive within Stateline Business Park in Mahwah. Situated on 20.7 acres, the warehouse offers a 36-foot clear height, 54-by-60-foot column spacing, 36 dock doors, ESFR sprinklers, two drive-in doors and parking for 25 trailers and 184 cars. Snow Joe is a manufacturer of innovative, eco-friendly and affordable land and garden tools. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the landlord, while Brian Scheuer of Chaus Realty represented the tenant in the lease transaction.
