New Jersey

Urstadt Biddle Properties Acquires Equity Interest in 75,400 SF Mixed-Use Property in New Jersey

by Amy Works August 3, 2017

DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased. The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed entity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.

August 3, 2017

Loans Multifamily New Jersey Northeast

KeyBank Arranges $54.8M in Refinancing for New Jersey Apartment Community

by Amy Works August 2, 2017

EAST ORANGE, N.J. — KeyBank Community Development & Lending Investment has provided a $54.8 million bridge loan for Essence 144, an apartment community located at 144 S. Harrison St. in East Orange. The borrower is Blackstone 360, a design-build firm based in Newark, N.J. Essence 144 is an adaptive reuse project in which the abandoned 12-story existing structure was redeveloped into a 144-unit apartment community. Tom Peloquin and John Gilmore IV of KeyBank arranged the refinancing.

August 2, 2017

Industrial New Jersey Northeast

GTJ REIT Enters Cherry Hill, New Jersey, Submarket with 109,700 SF Industrial Building Acquisition

by Amy Works August 2, 2017

CHERRY HILL, N.J. — GJT REIT has acquired a 109,700-square-foot industrial building located in Cherry Hill for an undisclosed price. The facility is currently leased and occupied by Avalon Flooring for a 15-year term. The building houses installation training and distribution services for Avalon’s 14 retail stores throughout New Jersey, Pennsylvania and Delaware. Avalon has invested in various improvements to the building including LED lighting, new racking, a new HVAC system, an upgraded façade and a new office build-out. The building is located with Cherry Hill Business Park, which consists of 31 buildings totaling 1.9 million square feet. The name of the seller was not released. GTJ REIT now owns 48 properties totaling more than 5.6 million square feet.

August 2, 2017

Industrial New Jersey Northeast

Damascus Bakery Leases 204,000 SF of Industrial Space in Clifton, New Jersey

by Amy Works August 1, 2017

CLIFTON, N.J. — Brooklyn-based Damascus Bakery has signed a 15-year lease for an industrial and warehouse facility located at 65 Industrial Street South in Clifton. Tulfra Real Estate and The Hampshire Cos. own the 204,000-square-foot building, which was formerly occupied by GlaxoSmithKline. The property recently underwent a $10 million upgrade and renovation after it was acquired by Tulfra and The Hampshire Cos. in 2015. A family-owned and operated bakery since 1930, Damascus Bakery is a large-scale baker of paninis, pitas, roll-ups and wraps. The bakery currently has operation facilities in Brooklyn, New York, and Newark, New Jersey. Mark Tannen of United Realty and Steven Fleissig of Greenberg Traurig LLP represented the tenant, while Chris Hile, Jenna Imperatore and Harold Imperatore of JLL, along with Mitchell Berkery of CSG Law, represented the landlord in the deal.

August 1, 2017

Mixed-Use Multifamily New Jersey Northeast Office

Gebroe-Hammer Negotiates $10.1M Sale of Mixed-Use Complex in Brick, New Jersey

by Amy Works July 31, 2017

BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.

July 31, 2017

Multifamily New Jersey Northeast

WinnCompanies Begins $18.7M Apartment Community Rehabilitation in Bridgeton, New Jersey

by Amy Works July 28, 2017

BRIDGETON, N.J. — WinnCompanies has begun an $18.7 million rehabilitation of Bridgeton Villas Apartments in Bridgeton. The project will modernize the community, improve energy efficiency and expand resident services. Constructed in 1966 and 1969, the community features eight buildings housing 28 one-bedroom, 92 two-bedroom and 36 three-bedroom units with an on-site leasing and management office. WinnDevelopment will oversee the first phase of the renovation project, which will improve five buildings totaling 100 units. Interior work will include mechanical system upgrades along with complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures. Exterior improvements include the beautification of building facades, new entryways, complete roof replacement, landscape work and parking lot repair. Along with the overall rehabilitation, five units will be brought up to ADA compliance and 10 units will be set aside as special needs housing for homeless individuals and families. WinnCompanies will partner with Gateway Community Action Partnership to deliver supportive services for residents occupying the designated units. WinnCompanies acquired Bridgeton Villas in March 2017.

July 28, 2017

New Jersey Northeast Office

CBRE Facilitates $16.7M Sale of Office Building in Roseland, New Jersey

by Amy Works July 28, 2017

ROSELAND, N.J. — CBRE has arranged the sale of an office building located at 4 Becker Farm Road in Roseland. An undisclosed buyer purchased the 281,762-square-foot building for $16.7 million. At the time of sale, the building was 95 percent leased to a variety of tenants, including KMPG and CohnReznick. Jeffrey Dunne, Jeremy Neuer, Patrick Arangio, Jack Howard and Nick Savage of CBRE represented the seller, a special servicer, in the transaction.

July 28, 2017

Hospitality Multifamily New Jersey Northeast

Korman Communities, Rockefeller Group Open 256-Unit Flexible-Stay Residences in New Jersey

by Amy Works July 26, 2017

FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness center and a 24-hour resident service team. The property is located within The Green at Florham Park, Rockefeller Group’s 268-acre master-planned development.

July 26, 2017

Multifamily New Jersey Northeast

Azure Partners Completes Sale of 219-Unit Apartment Property in Newark, New Jersey

by Amy Works July 25, 2017

NEWARK, N.J. — Azure Partners has completed the disposition of The Addison, two 15-story apartment towers located at 380 and 420 Mount Prospect Ave. in the Forest Hill section of Newark, for an undisclosed price. The property features 219 units in a mix of studio, one-, two- and three-bedroom layouts, ranging from 700 square feet to 1,750 square feet. At the time of sale, the property was 99 percent occupied. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the seller in the deal. The name of the buyer was not released.

July 25, 2017

New Jersey Northeast Office

Markeim Chalmers Negotiates $2.4M Sale of Two Office Buildings in Cherry Hill, New Jersey

by Amy Works July 25, 2017

CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of two adjacent office buildings located at 401 and 403 Route 70 in Cherry Hill. Becca Inc. sold the buildings, which total 35,700 square feet, to a local investor for $2.4 million. Kevin Burns of Markeim Chalmers represented the seller and buyer in the deal.

July 25, 2017

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