New Jersey

KRE Group, Oxford Realty, Verde Capital Buy 288-Unit Multifamily Property in New Jersey

by Amy Works March 22, 2016

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.

March 22, 2016

Bears-Eagles-Riverfront-Stadium-Newark-NJ

New Jersey Northeast Retail

Lotus Equity Group to Acquire Bears & Eagles Stadium in Newark for $23.5M

by Amy Works March 22, 2016

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.

March 22, 2016

New Jersey Northeast Office

CBRE Brokers Sale of 204,495 SF Office/Life Science Building in New Jersey

by Amy Works March 21, 2016

ROCKLEIGH, N.J. — CBRE Group Inc. has arranged the sale of an office/life science building located at 8 King Road in Rockleigh. Marcus Partners, on behalf of its Marcus Capital Partners Fund I sold the property to Charter Realty Group for an undisclosed sum in a 1031 exchange. The 204,495-square-foot building is 100 percent net leased to Spectra Laboratories on a long-term basis and guaranteed by its parent company, Fresenius Medical Care Holdings Inc. The facility serves as Spectra’s mission critical testing facility for the eastern half of the United States. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Lee Asher and Chris Bodnar of CBRE represented the seller and procured the buyer in the transaction.

March 21, 2016

Waterfront-Corporate-Center-III-Hoboken-NJ

New Jersey Northeast Office

Jet.com Doubles Headquarters to 80,000 SF in New Jersey

by Amy Works March 21, 2016

HOBOKEN, N.J. — Jet.com has agreed to expand its headquarters at Waterfront Corporate Center III in Hoboken. The e-commerce startup will commence its build out of the space that will double the size of its corporate office by an additional 40,000 square feet for a total of 80,000 square feet. SJP Properties in partnership with USAA Real Estate Co. developed the three-building, 1.5 million-square-foot mixed-use development. Launched in 2015, Jet.com is an e-commerce venture led by Marc Lore, former CEO and co-founder of Diapers.com and parent company Quidsi. Scott Peck and Brian Wilson of Resource Realty represented Jet.com, while Peter Bronsnick provided in-house representation for the landlord, SJP Properties, in the transaction.

March 21, 2016

Bridge-Point-South-Brunswick-Manor-South-Brunswick-NJ

Industrial New Jersey Northeast

Bridge Development Partners to Develop 488,800 SF Industrial Facility in New Jersey

by Amy Works March 17, 2016

SOUTH BRUNSWICK, N.J. — Bridge Development Partners is developing Bridge Point South Brunswick Manor, a speculative industrial distribution facility in South Brunswick. Situated on 35 acres, the 488,800-square-foot facility will feature 36-foot clear ceiling heights; 98 truck dock positions; two drive-in doors; an ESFR fire protection sprinkler system; and 800-amp, 277/480-volt electrical service. Additionally, the property will feature a parking lot with 100 spaces for cars and 85 spaces for trailers. Premier Design + Build is serving as general contractor for the building, which is slated for delivery in third quarter 2016.

March 17, 2016

New Jersey Northeast Office

Tabula Rasa HealthCare Leases 74,565 SF at Moorestown Corporate Center in New Jersey

by Amy Works March 17, 2016

MOORESTOWN, N.J. — Tabula Rasa HealthCare has signed a lease for 74,565 square feet of office space at Moorestown Corporate Center on Route 38 in Moorestown. The healthcare technology company provides specific, data-driven technology and solutions for healthcare organizations. The three-building, 223,000-square-foot office park is owned by Keystone Property Group. Brian Saggiomo of CBRE represented the tenant, while Scott Paymer provided in-house representation for the landlord in the transaction.

March 17, 2016

Multifamily New Jersey Northeast

JV Partnership Breaks Ground for AVE Florham Park in New Jersey

by Amy Works March 16, 2016

FLORHAM PARK, N.J. — A joint venture partnership between The Rockefeller Group and Korman Communities has started construction on AVE Florham Park, a flexible-stay community located within The Green at Florham Park in Florham Park. Slated to open in 2017, the 450,000-square-foot property will feature 256 corporate suites for corporate housing and relocations and 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, a community courtyard with lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbeque area, a movie screen, fire pits and cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including an indoor media center, café with weekday club breakfast, conference suites, a fitness center, a yoga studio, a spa and a 24-hour concierge. The Green at Florham Park is The Rockefeller Group’s 268-acre master-planned development. Additional plans for The Green at Florham Park include a 425-unit active adult residential community, to be developed by Pulte Homes on 100 acres, and an Archer Hotel.

March 16, 2016

Loans New Jersey Northeast Retail

NorthMarq Capital Secures $11.3M Acquisition Financing for Retail Property in New Jersey

by Amy Works March 16, 2016

PARAMUS, N.J. — NorthMarq Capital has negotiated $11.3 million in refinancing for the acquisition of a retail property at 501 Route 17 in Paramus. The 10-year loan features a 25-year amortization schedule. The 38,729-square-foot property is anchored by Staples. Ed Riekstins of NorthMarq secured the financing for the undisclosed borrower through its correspondent relationship with a life insurance company.

March 16, 2016

New Jersey Northeast Office

Unity Bancorp Acquires Headquarters Facility in New Jersey for $4.1M

by Amy Works March 14, 2016

CLINTON, N.J. — Unity Bancorp has acquired its headquarters facility, which is located at 64 Old Highway 22 in Clinton. Clinton Unity Group sold the property for $4.1 million. Built in 1996, the three-story building features 20,000 square feet of office space. Recently the property underwent renovations including new workspaces, flooring and a remodeled lunchroom with new seating and appliances. With this acquisition, Unity Bancorp now owns 12 of its 15 business locations.

March 14, 2016

Mixed-Use Multifamily New Jersey Northeast Office Restaurant Retail

O’Neill Properties Completes Remediation, Starts Construction of The Pointe at Sayreville

by Amy Works March 10, 2016

SAYREVILLE, N.J. — O’Neill Properties Group (OPG) has completed brownfield remediation at the 40-acre lagoon at The Pointe, a $2.2 billion mixed-use project in Sayreville. Vertical construction will commence in spring 2016 on a 200,000-square-foot Bass Pro Shops Outdoor World, which will be the largest Bass Pro in the country outside of its original flagship operation. When OPG acquired the 440-acre site in 2008, the company committed to cleaning the massive brownfield contamination, including a 40-acre lagoon that was contaminated with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The cost of the nine-year remediation project was $8 million. Upon build out, The Pointe will bring 725,000 square feet of retail space; 2,000 upscale waterfront townhomes and luxury apartments; 32,000 square feet of Class A office space; and 1,250 hotel rooms. Additional community amenities will include a 45,000-square-foot community and fitness center, a 9,700-square-foot facility for fire and EMS services and a 10,000-square-foot performing arts center, as well as a rooftop solar farm. Project partners include MLP Builders, Maser Consulting and Ripco Real Estate.

March 10, 2016

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