JERSEY CITY, N.J. — American Realty Advisors has acquired 30 Montgomery Street, a 16-story boutique office tower located in the Hudson Waterfront submarket of Jersey City. Rubenstein Partners and Onyx Equities sold the 315,385-square-foot building for $101 million. At the time of sale, the building was 71.6 percent leased to 46 tenants. David Bernhaut, Andrew Merin and Gary Gabriel of Cushman & Wakefield represented the seller.
NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.
MOONACHIE, N.J. — Woodmont Industrial Partners has acquired an industrial building located at 77 Moonachie Ave. in Moonachie. The 104,000-square-foot property was acquired for an undisclosed price. The building features seven loading dock doors, a new roof, heavy power, ample parking and 14,000 square feet of mezzanine space. Thomas E. Tucci and Thomas Tucci of Cushman & Wakefield represented the undisclosed seller in the deal.
HAZLET, N.J. — CBRE has arranged the sale of Kmart Plaza, a retail center located in Hazlet. Goodrich Hazlet LLC, an affiliate of Goodrich Management, sold the property to Onyx Equities for $26.2 million. The 203,912-square-foot retail property is occupied by Kmart, Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. At the time of sale, the property was 71 percent occupied. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has arranged the lease of 221,000 square feet of industrial space at 130 Interstate Blvd. in South Brunswick. O’Neill Logistics, a third-party logistics firm, is relocating from two addresses in Avenel, N.J., to the facility within the Exit 8A submarket. Additional tenants at the facility include FedEx and Home Depot. Dan Badenhausen and Andrew Stypa of Cushman & Wakefield represented tenant, while Nathan Demetsky of JLL represented the landlord, Terreno Realty Corp., in the transaction.
By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest space searches were fulfilled and fewer quality space options remained in some of the most sought after areas. Tenants have no shortage of options in much of Morris County and Newark, but steady leasing in Metropark and Jersey City’s waterfront has pushed availability below 15 percent. Smaller and mid-sized tenants can still find space in these locations, but there are far fewer big blocks of quality space remaining. There were fewer larger leases in 2015, but tenants were very mobile: relocations outnumbered renewals by two to one with 12 firms opting to move and six renewing. An analysis of larger leases (deals over 40,000 square feet) signed since 2009 shows that larger tenants renewed slightly less than 50 percent of the time (81 firms moved and 75 renewed). From a supply perspective, market conditions have been ideal …
SECAUCUS, N.J. — G.S. Wilcox & Co. has arranged $25 million in financing for a 338,661-square-foot single-tenant warehouse facility located in Secaucus. Financed by Thrivent Financial, the loan features a fixed rate for five years and a 30-year amortization schedule. The 338,661-square-foot property is currently net leased by Staples. Gretchen Wilcox and Al Raymond of G.S. Wilcox originated the loan for the undisclosed borrower.
WOODBRIDGE, N.J. — Case Real Estate Capital, through Case Investors III, has provided a $15.1 million first mortgage bridge loan to SAMTD Acquisitions Woodbridge LLC, a residential developer, for the purchase of 7.1 acres of fully entitled land in Woodbridge. The property is approved for the construction of 355 residential units. Case expects the borrower to partner with a construction lender within a year to develop the residential property.
JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp., has opened M2 at Marbella, a residential tower located at 401 Washington Blvd. in downtown Jersey City. The 39-story property features 311 studio, one-, two- and three-bedroom apartment units. The property also features an 800-square-foot rooftop terrace, a 1,200-square-foot event room, a sky lounge, a 1,700-square-foot club room with lounge and billiard table, a conference room, two fitness centers with a yoga studio, a children’s playroom, an on-site concierge, an on-site dog run and a bike storage.
CEDAR KNOLLS, N.J. — Invesco Real Estate has completed the sale of Sterling Parc, a Class A multifamily community in Cedar Knolls. Cornerstone Real Estate Advisers acquired the property for $91 million. Situated on 22.5 acres, the 27-building property features 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments in a mix of one-, two- and three-bedroom layouts. Communities amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen. At the time of sale, the property was 96 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the transaction.
