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DevelopmentIndustrialLoansNew JerseyNortheast

JLL Arranges $93M in Financing for Northern New Jersey Industrial Project

by Taylor Williams

MOUNT OLIVE, N.J. — JLL has arranged $93 million in financing for Matrix Logistics Park, a two-building, 781,748-square-foot industrial project that is under construction in the Northern New Jersey community of Mount Olive. The site at 2000 International Drive spans 13.6 acres, and that building will total 196,748 square feet and feature a clear height of 36 feet, 34 loading docks, two drive-in doors and parking for 110 cars and 43 trailers. The site at 3000 Continental Drive formerly housed the U.S. headquarters of German chemical manufacturer BASF. That building will span 585,000 square feet and feature a clear height of 40 feet, 107 loading doors, four drive-in doors and parking for 306 cars and 142 trailers. Thomas Didio, Jim Cadranell, Thomas Didio Jr., Michael Lachs and Olivia Doody of JLL arranged the loan through Bank OZK on behalf of the borrower, Matrix Development Group.

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DevelopmentHospitalityNew JerseyNortheast

Alfred Sanzari Enterprises Begins Renovation of 351-Room Hotel in Teaneck, New Jersey

by Taylor Williams

TEANECK, N.J. — Alfred Sanzari Enterprises has begun the renovation of a 351-room Marriott-branded hotel in the Northern New Jersey community of Teaneck. The hotel, which opened in 2018, is located within the locally based development and investment firm’s 670,000-square-foot Glenpoint mixed-use development. The multimillion-dollar project will update the Glenpoint Marriott’s 39,317 square feet of meeting and event space with new carpeting, wall coverings, paint and furniture. Completion is slated for the fall. The design team includes HotelStudio and Kimmerle Newman Architects.

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DevelopmentHospitalityIndustrialMixed-UseMultifamilyNew JerseyNortheastRetailTop Stories

Clarion, MRP Industrial Break Ground on Final Phase of Burlington Center Mall Redevelopment in New Jersey

by John Nelson

BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …

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AcquisitionsIndustrialNew JerseyNortheast

CBRE Brokers Sale of 311,040 SF Industrial Building in Branchburg, New Jersey

by Taylor Williams

BRANCHBURG, N.J. — CBRE has brokered the sale of a 311,040-square-foot industrial building in the Northern New Jersey community of Branchburg. The building sits on a 26.2-acre site at 3091 Route 22 E. and features a clear height of 40 feet and 42 loading docks. Randy Eigen of CBRE represented the buyer, an entity doing business as TYH Branchburg LLC, in the transaction. Matthew Turse, Tim Cadigan, Judy Troiano, John Gianis and Stephen Gianis of Avison Young represented the seller and developer, Transwestern Development Co.

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IndustrialLoansNew JerseyNortheastSelf-Storage

Gantry Arranges $10.2M Acquisition Loan for Southern New Jersey Self-Storage Facility

by Taylor Williams

MICKLETON, N.J. — San Francisco-based mortgage banking firm Gantry has arranged a $10.2 million acquisition loan for a 454-unit self-storage facility located at 350 Swedesboro Ave. in the Southern New Jersey community of Mickleton. The facility includes climate-controlled space, drive-up units and vehicle storage spaces. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry arranged the loan on behalf of the borrower, Moove In Storage. The direct lender was not disclosed.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Tenants Sign Leases Totaling 46,000 SF at Union Lake Crossing in Southern New Jersey

by Taylor Williams

MILLVILLE, N.J. — New tenants have signed leases totaling 46,000 square feet at Union Lake Crossing, a 393,000-square-foot retail center located in Millville in southern New Jersey. Old Navy will open a 15,000-square-foot store at the property, joining Fun City in backfilling a former Dick’s Sporting Goods space. Food-and-beverage concepts Five Guys, Poke Bros. and Crumbl have also signed leases at the center, as have Skechers, Inspira Health and Rally House. Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. represented the owner, Irgang Group, in all lease negotiations.

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AcquisitionsIndustrialNew JerseyNortheast

Colliers Negotiates Sale of 17,768 SF Industrial Building in Mount Laurel, New Jersey

by Taylor Williams

MOUNT LAUREL, N.J. — Colliers has negotiated the sale of a 17,768-square-foot industrial building located just outside Philadelphia in Mount Laurel. The building, which according to LoopNet Inc. was built in 1970 and features a clear height of 16 feet, was renovated in 2017 and fully leased at the time of sale. Marc Isdaner and Ian Richmond of Colliers represented the seller, East Capital Partners, in the transaction. The buyer was an undisclosed 1031 exchange investor.

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DevelopmentMultifamilyNew JerseyNortheast

Woodmont to Undertake 120-Unit Multifamily Redevelopment Project in Haddonfield, New Jersey

by Taylor Williams

HADDONFIELD, N.J. — New Jersey-based developer Woodmont Properties will undertake a multifamily redevelopment project in Haddonfield, about 15 miles east of Philadelphia. The project will convert a portion of the former 8.2-acre site of the Bancroft School into a 120-unit apartment complex. Fifteen percent (18) of the residences will be reserved as affordable housing. A construction timeline has not yet been finalized.

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DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Nears Completion of 40-Unit Multifamily Project in Edison, New Jersey

by Taylor Williams

EDISON, N.J. — Locally based developer Garden Communities is nearing completion of Millbrook Horizon, a 40-unit multifamily project located in the Central New Jersey community of Edison. Millbrook Horizon comprises three buildings that house one- and two-bedroom units. Two buildings are complete, and the third building will be complete later this summer. Rents start at $2,600 per month for a one-bedroom apartment.

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LoansMultifamilyNew JerseyNortheast

Northwestern Mutual Provides $103M Loan for Refinancing of Northern New Jersey Apartment Building

by Taylor Williams

CHATHAM, N.J. — Northwestern Mutual has provided a $103 million loan for the refinancing of The Ivy, a 245-unit apartment building located in the Northern New Jersey community of Chatham. The newly constructed building offers one-, two- and three-bedroom units with an average size of 1,158 square feet. Amenities include a pool, outdoor lounge, multipurpose lawn, media screening room, private BBQ and dining areas, a fitness center, multiple social lounges, coworking lounges with private offices, sports simulators, a kids’ playroom and a dog run. Michael Klein, Thomas Didio Jr. and Ryan Carroll of JLL arranged the 10-year, fixed-rate loan on behalf of the borrower, locally based developer BNE Real Estate Group.

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