BORDENTOWN, N.J. — Ready Capital Structured Finance has closed an $11 million loan for the acquisition of an industrial warehouse property located at 201 Elizabeth St. in Bordentown. The undisclosed borrower purchased the 275,631-square-foot property, which houses Bai soft drink distribution operations, for an undisclosed price. The property features 24-foot clear ceiling heights, 24-foot column spacing and easy access to the New Jersey Turnpike. The non-recourse, interest-only loan features a 36-month term with two extension options and flexible prepayment.
PENNSAUKEN, N.J. — Colliers International has brokered the sale of an industrial and office building located at 1700 Suckle Highway in Pennsauken. Edison Lithograph and Printing acquired the property for $4.2 million. The printing company plans to expand its operations at the 114,000-square-foot facility. Situated on 7.7 acres, the building features 18-foot clear heights, tailgate and drive-in loading, abundant parking, heavy power and highway frontage on Route 130. The seller, Hill-Rom, is relocating to a renovated facility in Moorestown, N.J. Marc Isdaner of Colliers represented the seller, while Scott Mertz of NAI Mertz Corp. represented the buyer in the deal.
BARNEGAT, N.J. — Walters Group has opened Cornerstone at Barnegat, an age- and income-restricted housing project located at 9 S. Main St. in Barnegat. The three-story building features 70 energy-efficient units in a mix of one- and two-bedroom layouts with balconies. On-site amenities include large gathering areas, fitness center, conference room, computers, outdoor barbecue area, secured access, elevators, and on-site management and maintenance. The property is restricted to residents age 55 or older.
NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.
UNION, N.J. — Bridge Development Partners has completed the disposition of Bridge Point Port West, an industrial building located at 750 Union Ave. in Union. A fund managed by J.P. Morgan acquired the 263,415-square-foot property for $46.5 million. Completed in 2015, the building features 36-foot clear heights, 55-foot column spacing, 50 loading doors, ESFR sprinkler systems, T-5 lighting and on-site parking for 150 trailers. At the time of sale, the property was fully leased to Boxed.com and Union Beverage Packer. Brian Fiumara, Michael Hines and Brad Ruppel of CBRE represented the seller, while Nick Firth provided in-house representation for the buyer.
VOORHEES TOWNSHIP AND MATAWAN, NEW JERSEY — CBRE has brokered the sale of two freestanding retail properties located in New Jersey for a combined total of $25.5 million in two separate transactions. In the first deal, an institutional buyer acquired a 168,599-square-foot Lowe’s Home Improvement Warehouse, located at 144 NJ-73 in Voorhees Township, from a regional developer. Matthew Gorman and Michael Shover of CBRE represented both parties in the transaction. In the second deal, a regional developer sold a newly constructed 12,705-square-foot Walgreens, located at 339 Matawan Road in Matawan, to an undisclosed buyer. Gorman and Shover represented the seller in the transaction.
Kennedy Funding Financial Closes $1.7M Loan for Assisted Living Facility in East Windsor, New Jersey
EAST WINDSOR, N.J. — Kennedy Funding Financial has closed a $1.7 million loan for EW Acquisition. The loan proceeds will be used for working capital and to fund infrastructure improvements to convert the property into The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor. The borrower acquired the property in 2005 and started an improvement program at the property, which is situated on 3.9 acres. The 89,038 square feet of improvements are scheduled for completion in 2017. Once complete, the property will contain a mix of assisted and memory care units.
WOODBRIDGE AND CARTERET, N.J. — CRBE has facilitated more than 867,500 square feet of industrial leases on behalf of Prologis in two separate transactions in New Jersey. Thomas Monahan, Stephen D’Amato, Anastasia Lazarides and Gerard Monahan of CBRE represented the Prologis, which owns both properties. In Woodbridge, DSV Global Transport and Logistics leased 507,500 square feet of industrial space at 1005 W. Middlesex Ave. The distribution facility features a 36-foot clear height, 120 dock doors, two drive-in doors and parking for 115 trailers. Doug Bansbach of Cushman & Wakefield represented the tenant in the deal. In Carteret, a prominent retailer leased 360,000 square feet of distribution space at 50 Middlesex Ave. The distribution facility features 36-foot clear height, 68 dock doors, four drive-in doors and parking for 137 cars and 138 trailers. Scott Belfer of CBRE represented the tenant in the transaction.
NEW YORK CITY AND WEST DEPTFORD, N.J. — Ready Capital Structured Finance has closed two non-recourse loans totaling $12.3 million in Brooklyn and West Deptford. In the first transaction, Ready Capital closed a $7.9 loan for the acquisition, renovation and conversion of a 12,000-square-foot private residence into a six-unit condominium residence at 277 First St. in Brooklyn’s Park Slope neighborhood. Simultaneous with the closing, the undisclosed sponsor acquired 2,000 square feet of air rights through an adjacent parcel to reclassify the additional square footage. The interest-only loan includes an 18-month term with one extension option and a flexible prepayment feature. In the second transaction, the company closed a $4.4 million loan for the acquisition, renovation and stabilization of a 106,000-square-foot industrial and office building located at 301 Grove Road in West Deptford. The undisclosed borrower is renovating the property to increase the industrial space by demolishing the second story office space and removing drop ceilings. The interest-only loan includes a 24-month term with one extension option and a flexible prepayment feature.
WYCKOFF, N.J. — Inserra Supermarkets has started demolition at the site for the planned ShopRite of Wyckoff at the corner of Greenwood and Wyckoff avenues. The 62,042-square-foot grocery store is slated to open in November 2017. The building design reflects the historic character and architecture of the surrounding commercial and residential buildings.