New Jersey

178-Unit Apartment Community in Northern New Jersey Sells for $40.5 Million

by Kristin Harlow August 24, 2017

WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments, a 178-unit garden-style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction.

August 24, 2017

Industrial Loans New Jersey Northeast

HFF Arranges $23.4M Refinancing for Industrial Property in Northern New Jersey

by Jaime Lackey August 23, 2017

CLIFTON, N.J. — Holliday Fenoglio Fowler (HFF) has arranged a $23.35 million loan for a partnership between Tulfra Real Estate and The Hampshire Companies to refinance a 204,000-square-foot industrial building. The 10-year, fixed-rate loan with Citizens Bank will be used to refinance the existing construction financing on the property, which is located at 65 South Industrial Street in the Passaic County community of Clifton. Situated on 11 acres, the property is located just off Route 3, less than two miles from the Garden State Parkway and seven miles from the New Jersey Turnpike. The industrial building recently underwent a multi-million dollar renovation that included raising the roof to provide a 27-foot ceiling height, new exterior skin, adding six new loading docks (for a total of 24), refinishing the warehouse floors, installing new lighting and sprinklers, adding new mechanical and electrical systems and fitting out 28,000 square feet of office space. The speculative redevelopment project is now fully leased to Damascus Bakeries, which will use the building as a second manufacturing facility and its corporate headquarters. Damascus will lease its space for a 15-year term and will also take a 50-percent ownership interest in the borrower entity. The HFF team included …

August 23, 2017

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $15.3M Financing for I-80 Distribution Center in New Jersey

by Jaime Lackey August 23, 2017

Paterson, N.J. — Cushman & Wakefield has assisted a joint partnership between Camber Real Estate Partners and Advance Realty in procuring $15.34 million of financing for the acquisition of 1200 Madison Avenue, a 245,529-square-foot institutional quality industrial building located immediately off Interstate 80 in Paterson. First Bank provided the financing. The property is currently 100 percent leased, with M. Tucker and SupplyOne serving as the anchor tenants. The building features 30-foot ceiling heights and 21 loading positions as well as ample car and trailer parks. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sridhar Vankayala and Noble Carpenter III represented the joint partnership between Camber Real Estate Partners and Advance Realty. Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer, working with Cushman & Wakefield’s Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt, as well as industrial leasing specialist Andrew Siemsen.

August 23, 2017

Industrial New Jersey Northeast

Colliers Brokers $5.65M Industrial Sale in Mount Laurel, New Jersey

by Jaime Lackey August 21, 2017

MOUNT LAUREL, N.J. — Colliers International has arranged the $5.65 million sale of 116 Gaither Drive in Mount Laurel, a fully leased 106,000-square-foot industrial building. Food Sciences Corp. has a long-term lease on the property, which features 24-foot clear ceilings, 13 loading docks, one drive-in door, heavy electric service and expansion capabilities. The Bloom Organization sold the property to a private investor. Ian Richman and Marc Isdaner of Colliers were the sole brokers.

August 21, 2017

Multifamily New Jersey Northeast

Sela Realty Acquires 178-Unit Apartment Community in West Orange, N.J., for $40.5M

by Amy Works August 18, 2017

WEST ORANGE, N.J. — Sela Realty Investments has purchased Crest Ridge Apartments, a garden-style apartment community located at 200 Mt. Pleasant Ave. in West Orange. Rockledge Realty sold the property for $40.5 million. Built in 1964, the 16-building property features 178 one-, two- and three-bedroom units. On-site amenities include laundry facilities, parking, a swimming pool, a clubhouse and a sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller and procured the buyer in the deal.

August 18, 2017

New Jersey Northeast Retail

Walmart Supercenter Opens as Anchor Tenant at Oak Tree Plaza in Egg Harbor Township, New Jersey

by Amy Works August 18, 2017

EGG HARBOR TOWNSHIP, N.J. — Wolfson Group has announced that Walmart Supercenter has opened as the anchor tenant at Oak Tree Plaza in Egg Harbor Township. The retailer occupies approximately 188,463 square feet at the shopping center. Adjacent to Walmart, approximately 35,200 square feet of retail space is under construction for Petco, Planet Fitness and KicksUSA. Smaller store space for Starbucks Coffee, Sally Beauty Supply, T-Mobile, Coco Nails and Chick-fil-A is in the construction phase. These tenants are slated to open in the first quarter of 2018.

August 18, 2017

Industrial New Jersey Northeast

Sitex Group Develops 271,195 SF Spec Industrial Building in Mahwah, New Jersey

by Amy Works August 16, 2017

MAHWAH, N.J. — The Sitex Group is developing a 271,195-square-foot speculative industrial building located at One Sharp Plaza in Mahwah. Situated on 20.7 acres, the warehouse will feature 36-foot clear ceiling heights, 36 dock doors, ESFR sprinklers, two drive-in doors and parking for 25 trailers and 184 cars. Completion is slated for the end of first quarter 2018. The Sitex Group has retained Kenneth Lundberg and Patrick Lennon of NAI James E. Hanson to broker the lease of the facility.

August 16, 2017

New Jersey Northeast Office

Larken Associates Purchases 90,000 SF Office Building in Branchburg, New Jersey

by Amy Works August 15, 2017

BRANCHBURG, N.J. — Larken Associates has acquired Branchburg Centre, a two-story office building located at 3040 U.S. 22 West in Branchburg, for an undisclosed price. At the time of sale, the 90,000-square-foot Class B property was 74 percent leased. Kronus, Pure Technologies and Tri-County Care Management are tenants at the building. Larken is renovating and updating the property, including the commons areas, lobby and hallways. Additionally, the company will install new tenant signage, refresh the landscaping and renovate the entrance-facing employee parking lot. The name of the seller was not released.

August 15, 2017

Industrial New Jersey Northeast

Terreno Realty Acquires Two Industrial Land Parcels in Newark, New Jersey

by Amy Works August 15, 2017

NEWARK, N.J. — Terreno Realty Corp. has purchased two industrial land parcels in Newark for an undisclosed price. The transactions include a 7.2-acre improved land parcel located at 178 Stockton St. and a 10.6-acre improved land parcel at 422-470 Frelinghuysen Ave. Alex Conte, Jason Crimmins, Kenneth Crimmins and Peter Murano of The Blau & Berg Co. represented the buyer and undisclosed seller in the transactions. The properties, which offer easy access to U.S. highways, ports and Newark Liberty International Airport, are currently available for lease.

August 15, 2017

Loans Multifamily New Jersey Northeast

Sterling Properties Receives $146.6M in Refinancing for Apartment Community in New Jersey

by Amy Works August 14, 2017

FRANKLIN LAKES, N.J. — Sterling Properties has received a $146.6 million mortgage loan for the refinancing of Mill Pond Apartments, a garden-style apartment complex located in Franklin Lakes. New York Life Real Estate Investors arranged the 10-year, fixed-rate loan. The Class A property features 100 apartments.

August 14, 2017

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