JERSEY CITY, N.J. — Hudson Atlantic Realty has brokered the $2.3 million sale of Grand Gardens, a 16-unit apartment complex located in the Bergen-Lafayette area of Jersey City. The property was originally built in 1950 and houses one- and two-bedroom units. Ben Susskind and Adam Zweibel of Hudson Atlantic brokered the deal. The buyer and seller were not disclosed. The deal traded at a cap rate of 4.46 percent.
PARAMUS, N.J. — Barnes & Noble has opened a 35,000-square-foot store in the Northern New Jersey community of Paramus. The bookseller is backfilling a space formerly occupied by Big Lots at 765 Route 17 S. Marc Palestina of New Jersey-based brokerage firm The Goldstein Group represented Barnes & Noble in the lease negotiations. Joe Dougherty of Metro Commercial represented Big Lots, which previously occupied the space.
PARAMUS, N.J. — First Mile Properties, an affiliate of New York City-based investment firm Crown Acquisitions, has purchased a 287,704-square-foot office building in the Northern New Jersey community of Paramus. The five-story building, which was originally constructed in 1985, was 96 percent leased at the time of sale with an undisclosed financial services firm serving as the anchor tenant. David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between DRA Advisors and Onyx Equities, in the transaction. The quartet also procured First Mile Properties as the buyer.
SUMMIT, N.J. — Cushman & Wakefield has brokered the $2.8 million sale of a mixed-use building in the Northern New Jersey community of Summit. The fully leased building at 351-353 Springfield Ave. consists of three apartments and two retail spaces, as well as a three-car garage. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
BARNEGAT, N.J. — JLL has arranged an $8.3 million loan for the refinancing of Barnegat Village Square, a 70,491-square-foot shopping center on the Jersey Shore. The center was built in 1998 and was 97 percent leased at the time of the loan closing, with grocer ACME Markets serving as the anchor tenant. Other tenants include Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s, Dazzlz Salon and Burger King. Jim Cadranell and Michael Mataras of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an affiliate of Walters Group.
MORRISTOWN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.8 million sale of Ridgedale Commons, a 29-unit apartment complex that is under construction in the Northern New Jersey community of Morristown. The property will ultimately comprise one one-bedroom unit, 27 two-bedroom units and one three-bedroom unit, with four residences being subject to income restrictions. Joseph Keenan of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
JERSEY CITY, N.J. — RegenLab USA, a manufacturer of equipment for regenerative cell therapies, has signed a 15,792-square-foot life sciences lease in Jersey City. RegenLab will relocate from the Brooklyn Army Terminal to the sixth floor of the building at 95 Greene St., which was originally constructed as a manufacturing facility for Colgate Palmolive, later this year. Dan Spero, Blake Goodman, John Cahill, Bob Ryan and Craig Eisenhardt of JLL represented the landlord, Thor Equities Group, and RegenLab in the lease negotiations.
TOMS RIVER, N.J. — JLL has arranged $26.8 million in financing for Camelot at Toms River, a 128-unit apartment complex in coastal New Jersey. Built in 2023, the property features one- and two-bedroom units with an average size of 1,109 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and full-size washers and dryers. About 20 percent (26) of the units are reserved as affordable housing. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining areas and a dog park. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.
WALL TOWNSHIP, N.J. — California-based design-build firm Ware Malcomb has completed a 30,000-square-foot healthcare project in Wall Township, located in coastal New Jersey. The project is a build-to-suit for The Arc of Monmouth, a nonprofit organization that serves individuals with intellectual or developmental disabilities. The facility features several specialty rooms for learning opportunities, including sensory rooms, quiet rooms, computer rooms, as well as a gym and three fully equipped kitchens.
MONTVALE, N.J. — New Jersey-based developer Walters has delivered Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground.