CHATHAM, N.J. — Redwood Realty Advisors has arranged the sale of Chatham Arms, an apartment building located at 49 S. Passaic Ave. in Chatham. A joint venture between Solar Capital and Vertical Realty Capital acquired the 31-unit property from Quad Realty LLC for $7.2 million, or $232,000 per unit. Thomas McConnell, Kevin McCrann, Matthew Sandelands and Jeremy Wernick of Redwood Realty Advisors brokered the transaction.
WARREN, N.J. — Rubenstein Partners and Vision Real Estate Partners have acquired Warren Corporate Center, an office development in Warren. Northwestern Mutual Real Estate sold the 820,000-square-foot office property for $136 million. Situated on 176 acres, the five-building property is 81 percent occupied by Citibank. The property was originally developed in 1996 as the headquarters of Lucent Technologies. Jeffrey Dunne, Kevin Welsh, Brian Schulz and Jeremy Neuer of CBRE represented the seller and procured the buyer in the transaction. In addition to arranging the acquisition, Jim Gunning and Donna Falzarano of CBRE arranged a $123 million term loan, a portion of which is available for future capital and tenant improvements and leasing commissions.
RAMSEY, N.J. — Prestige Management Services has acquired an industrial facility located at 133 Williams Drive in Ramsey. Kislevitz Family LLC sold the 175,438-square-foot property for $16 million. Prestige will occupy the entire building starting in spring 2018. Constructed in 1980 and renovated in 2012, the building features 21,000 square feet of office space, 27-foot clear ceiling heights, 32-foot column spacing and parking for 245 vehicles. Chris Max and Daniel Foley of Savills Studley brokered the transaction.
CAPE MAY COURT HOUSE, N.J. — Polimeni International LLC has completed the disposition of The Plaza at Cape May Court House, a retail center located at 11 Court House South Dennis Road in Cape May Court House. An affiliate of RW Capital Partners acquired the 163,629-square-foot property for $32.1 million. At the time of sale, the property was 97.6 percent leased to a variety of national and regional tenants, including ACME Markets, Marshalls, Staples, CVS/pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource. Chris Munley, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.
VERNON, N.J. — Marcus & Millichap has arranged the acquisition of a net-leased retail property in Vernon. The 13,225-square-foot property sold for $9.7 million. The property is occupied by CVS/pharmacy. Michael Lombardi of Marcus & Millichap represented the buyer, a private investor, in the transaction.
RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.
FAIRFIELD, N.J. — The Stro Companies has acquired an industrial property, located at 161 Dwight Place in Fairfield, from an international owner/user for $3 million. The 35,000-square-foot facility features a 13,000-square-foot unit, a 22,000-square-foot unit, cross loading, abundant parking and 23-foot ceiling heights. The facility was vacant at the time of acquisition.
CLIFFSIDE PARK, N.J. — CBRE has brokered the sale of a mixed-use property located at 672-678 Anderson Ave. in Cliffside. The asset sold for $1.3 million. The 8,400-square-foot building features four street-level retail spaces and four multifamily units on the second story. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
PLAINSBORO, N.J. — The KRE Group, Oxford Realty Group and Verde Capital have acquired Deer Creek, a multifamily community located at 305 Deer Creek Drive in Plainsboro, for $45 million. Situated on 34 acres, the 288-unit property features a mix of one- and two-bedroom apartments. Additionally, the community features an outdoor pool, two tennis courts and access to a nature trail. The new ownership plans to construct a new fitness center, as well as numerous renovations, at the property. Renovations will include granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. This is the second property KRE and Oxford have jointly acquired in the last four months.
NEWARK, N.J. — Lotus Equity has entered into an agreement to acquire Bears & Eagles Riverfront Stadium, located at 450 Broad St. in Newark. The City of Newark, Essex County and the Essex County Improvement Authority are selling with property for $23.5 million. The sale of the stadium and land to a private developer allows the city and county to increase taxable space and relieve the taxpayers of the stadium’s current $4 million annual debt-service obligation. Lotus is gathering urban planners, designers and engineers to assess the site, which offers 7.5 acres of developable land, to conceptualize and recommend a long-term solution for the site.
