HAMILTON, HAMPTON, PARAMUS AND LODI, N.J. — The Goldstein Group has closed four separate retail leases, totaling 43,724 square feet, in New Jersey. In the first transaction, Matthew Flath and Lew Finkelstein of The Goldstein Group represented the landlord and tenant, Kiddie Academy, in an 8,500-square-foot lease at Buckley Plaza on Route 130 in Hamilton. In the second deal, Neil Goldstein of The Goldstein Group represented the landlord in the lease of 20,000 square feet at Ames Shopping Center on Route 206 in Hampton to Staples. In Paramus, Goldstein also represented the landlord in the lease of 12,700 square feet at 45 Eisenhower Drive to Lightbridge Academy. In the final transaction, CJ Hunter and Finkelstein represented the landlord in the lease of 2,524 square feet at 150 Main St. in Lodi to Pet Valu. The names of the landlords were not released.
TEANECK, N.J. — CBRE Group Inc. has brokered the sale of a former data center, located at 1500 Queen Anne Road in Teaneck. The fully fenced, 55,000-square-foot center features three buildings and electric gates on more than three well-landscaped acres sold for an undisclosed sum. After being vacant for approximately eight years, the property will be repositioned as He’atid Yeshivat Day School, which is slated to open in January 2016. The repositioning will include rehabilitation of the existing buildings, construction of an additional floor to one building and the creation of 20 classrooms at the site. Elli Klapper, Charles Berger and Bill Hassan of CBRE represented both parties in the transaction. The names of the seller and buyer were not released.
HAMILTON, N.J. — RED Capital Partners has arranged a $36.4 million first mortgage construction loan for the development of Homestead of Hamilton, seniors housing community in Hamilton. The borrower was to Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 Financing, along with the sponsor’s equity. Pike Senior Housing Partners LLC has partnered with Solvere Senior Living, an affiliated company of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units.
BLOOMFIELD, N.J. — AvalonBay Communities Inc. has opened Avalon Bloomfield Station, its newest community in New Jersey. The 224-unit transit-oriented community, which is located near the Bloomfield New Jersey Transit Train station, features a mix of studio, one-, two- and three-bedroom apartments. On-site amenities include a fitness center with a fitness-on-demand and yoga studio, a rooftop patio lounge, a resident lounge and game room with complementary WiFi, and gas barbeque grills and fire pit, as well as on-site restaurants and retail, including Super Foodtown, Tilted Kilt Pub and Eatery and Taste of Tuscany.
WEEHAWKEN, N.J. — Roseland, a subsidiary of Mack-Cali Realty Corp., is developing two dual-branded Marriott hotels at Port Imperial, the company’s $3 billion mixed-use, master-planned waterfront development in Weehawken. Roseland and its partner, XSS Hotels, secured approximately $94 million in financing for a syndicated construction loan led by Fifth Third Bank, with additional syndicated lending institutions, including Santandar and Investors Savings Bank. Featuring a 210-key Renaissance hotel and a 154-key Residence Inn, the project will feature meeting and function space for 450 guests and a 15,000-square-foot deck off the sixth floor sky lobby offering views of Manhattan. The two hotels will be built on top of the 850-space Port Imperial parking garage with 17,000 square feet of ground-level retail space next to the New York Waterway ferry terminal. Expected to create more than 100 permanent full-time jobs, the hotels are slated for completion by the end of 2017.
PLAINSBORO, N.J. — HFF has arranged the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community located at 3217 Ravens Crest Dr. in Plainsboro. A joint venture between Harbor Group International and Azure Partners acquired the property for an undisclosed price. Situated on 40 acres, the property consists of 37 two- and three-story residential buildings housing one- and two-bedroom units averaging 830 square feet each. Community amenities include an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the undisclosed seller in the transaction.
JERSEY CITY, N.J. — A joint venture between affiliates of Claremont Properties Inc. and The Hampshire Companies is developing a mixed-use project at the intersection of New Jersey State Highway Route 440 and Stegman Boulevard in Jersey City. The 22-acre urban redevelopment will feature ground-level retail space, including a ShopRite, an LA Fitness, a performing arts center and residential space. The partnership appointed Silbert Realty & Management Co. Inc. as the exclusive marketing and leasing agent for combined Blocks 3 & 2, which will feature approximately 22,000 square feet of ground-level retail, commercial and restaurant space with on-site and metered parking. The first phase (Block 3), which is slated for spring construction, will be a five-story building with 163 apartments and 10,000 square feet of ground-level retail, commercial and restaurant space available for lease. The estimated delivery of the commercial space is April 2017.
CHESTER TOWNSHIP, N.J. — HFF has arranged $14 million in refinancing for The Streets of Chester Shopping Center, a lifestyle retail center in Chester Township. The firm worked on behalf of the borrower, CPP Streets of Chester, to place the 10-year fixed-rate loan with Natixis Real Estate Capital Inc. The borrower plans to use the loan proceeds to retire existing debt previously arranged by HFF. Completed in 2006, the 104,682-square-foot property is tenanted by J.Crew, White House/Black Market, Chicos, Talbots, Ann Taylor, J.Jill, Jos. A. Bank, Charming Charlie, Olympia Sports, Country Casuals and Plow and Hearth. Jon Mikula of HFF arranged the financing.
OLD BRIDGE, N.J. — Franchisees David Ezekiel and Abraham Ezekiel are breaking ground on the new $5 million Primrose School of Old Bridge, located on Route 9 near the intersection of Route 9 and Spring Valley Road in Old Bridge, in early November. The 12,300-square-foot school, which will create approximately 50 new jobs, will provide early education and care schools for children ages six weeks to six years old and offer after-school care for children up to age 12. Primrose School of Old Bridge will be the fifth Primrose school in New Jersey.
EAST ORANGE, N.J. — Cushman & Wakefield has arranged $43.5 million in financing for a pair of adjacent residential and mixed-use properties located at 141 and 315 South Harrison Street in East Orange, on behalf of Blackstone 360, the properties’ owner. George Gnad, Jessica Ke and Michael Winters of Cushman & Wakefield secured the financing from Amboy Bank. The Capital Services team arranged a $19.5 million-term loan for the 105-unit high-rise residential building located at 141 South Harrison, and an additional $24 million construction loan for a proposed seven-story project of 150 high-end luxury rental residential units above the current 30,000 square feet of ground-level commercial space located at 315 South Harrison.