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Passaic-Logistics-Center
IndustrialLoansNew JerseyNortheast

Joint Venture Receives $65.4M in Bridge Financing for Northern New Jersey Industrial Property

by Taylor Williams

PASSAIC, N.J. — A joint venture between Los Angeles-based PCCP LLC and Atlanta-based Stonemont Financial Group has received $65.4 million in bridge financing for a 295,506-square-foot industrial property in Northern New Jersey. Built on a 17.7-acre site at 122 Eighth St. in 2024, Passaic Logistics Center features a clear height of 40 feet, 40 dock-high doors, 130-foot truck court depths and parking for 55 trailers and 167 cars. In addition, the building can accommodate a single or multiple users. JLL arranged the financing through TPG Real Estate Credit on behalf of the joint venture. Specific loan terms were not disclosed.

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AcquisitionsMixed-UseNew JerseyNortheast

JLL Negotiates $53.2M Sale of Mixed-Use Property in Edgewater, New Jersey

by Taylor Williams

EDGEWATER, N.J. — JLL has negotiated the $53.2 million sale of Edgewater Towne Center, a mixed-use property located about 10 miles outside of New York City. Built on 14 acres in 2000, Edgewater Towne Center comprises 76,525 square feet of retail space and 64 market-rate apartments. Anchored by Whole Foods Market, the retail portion was 98 percent leased at the time of sale to tenants such as Club Pilates, Amazon One Medical, Bond Vet and Pure Barre. The residential component of the building was 94 percent occupied at closing. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the seller, Site Centers Corp., in the transaction and procured the local private buyer.

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Leasing ActivityNew JerseyNortheastRetail

Total Wine Opens 32,000 SF Store in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Total Wine & More has opened a 32,000-square-foot store in North Brunswick, located in Central New Jersey. Total Wine joins Trader Joe’s as the anchor tenant at the 124,000-square-foot North Village Shopping Center, which is now fully leased. Ed Vasconcellos of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Brian Schuster of RIPCO Real Estate represented Total Wine.

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Central-9
DevelopmentIndustrialLoansNew JerseyTop Stories

Madison Realty Capital Provides $654M Financing for Industrial Project Underway in Central New Jersey

by Hayden Spiess

OLD BRIDGE, N.J. — Madison Realty Capital has originated a $654 million mortgage and mezzanine loan for Central 9 Logistics Park, an industrial project currently underway in Old Bridge, roughly 35 miles southwest of New York City. New Jersey-based development firm 2020 Acquisitions is the borrower.  Upon completion, the development will comprise 4.1 million square feet across nine buildings. The property is situated in close proximity to Garden State Parkway, New Jersey Turnpike and I-287, with access to the Port of New York and New Jersey’s Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport.  The borrower will use the funds to refinance five buildings in Phase I of Central 9 Logistics Park and to cover construction and leasing costs for two buildings in Phase II. The finished buildings at the campus range from 192,000 to 818,000 square feet in size. The buildings planned for Phase II will total 139,000 and 809,000 square feet, respectively.   2020 Acquisitions is also planning Phase III at Central 9 Logistics Park, which will comprise two final buildings. “With three leases signed over the past 45 days totaling approximately 900,000 square feet, we are accelerating the construction of Phase II and will begin construction immediately,” says Efrem …

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AcquisitionsNew JerseyNortheastOffice

JLL Negotiates Sale of 200,000 SF Vacant Office Building in Franklin, New Jersey

by Taylor Williams

FRANKLIN, N.J. — JLL has negotiated the sale of a 200,000-square-foot vacant office building in Franklin, located in Central New Jersey. Known as 200 Franklin Square, the four-story building sits on a 12.2-acre site and formerly housed the headquarters of Philips Electronics. Jose Cruz, Jeremy Neuer, Ryan Robertson, Nicholas Stefans and Jason Lundy of JLL represented the undisclosed seller in the transaction and procured the buyer, regional development and investment firm Axria Inc., which plans to redevelop the property. The new ownership did not provide details on redevelopment plans, but the site can support a range of commercial uses, including office, medical, educational and light industrial.

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AcquisitionsNew JerseyNortheastOffice

Chopp Holdings Sells Office Building in Morris Plains, New Jersey for $10.2M

by Taylor Williams

MORRIS PLAINS, N.J. — Local developer Chopp Holdings has sold an 89,100-square-foot office building in Morris Plains, about 30 miles west of New York City, for $10.2 million. The three-story building sits on a 16.5-acre site at 201 Littleton Road and recently underwent capital improvements. David Bernhaut, Frank DiTommaso, Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and Bill Baunach of Cushman & Wakefield represented the seller and procured the buyer, an affiliate of Agadia Systems Inc., in the transaction. Brian Anderson and Eddie Miro, also with Cushman & Wakefield, arranged acquisition financing for the deal.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Negotiates $2.9M Sale of Northern New Jersey Apartment Building

by Taylor Williams

WEST NEW YORK, N.J.  — CBRE has negotiated the $2.9 million sale of a 12-unit apartment building located in the Northern New Jersey community of West New York. The two-story building at 440 60th St. features two floors of commercial space and three floors that house two-bedroom units. Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale of CBRE represented the seller in the transaction. CBRE also procured the buyer. Both parties requested anonymity.

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Leasing ActivityNew JerseyNortheastRetail

Iron Culture Gym Opens 26,000 SF Flagship Facility in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — Fitness operator Iron Culture Gym has opened a 26,000-square-foot flagship facility in West Orange, about 20 miles west of Manhattan. The space formerly housed a 1950s-era bowling alley known as Eagle Rock Lanes. Titan Construction Management served as the general contractor for the adaptive reuse project. New Jersey-based Sym Heller Development & Management owns the building.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Brokers $3.6M Sale of Northern New Jersey Apartment Building

by Taylor Williams

BAYONNE, N.J. — CBRE has brokered the $3.6 million sale of a 20-unit apartment building located in the Northern New Jersey community of Bayonne. The four-story building at 38-40 Kelly Parkway is located in the Constable Hook neighborhood and was originally constructed in 1920, according to LoopNet Inc. Fahri Ozturk, Richard Gatto, Tracy Trank and Zach McHale of CBRE represented the seller in the transaction. CBRE also procured the buyer. Both parties requested anonymity.

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AcquisitionsNew JerseyNortheastOffice

Marcus & Millichap Brokers $5M Sale of Office Building in Westfield, New Jersey

by Taylor Williams

WESTFIELD, N.J. — Marcus & Millichap has brokered the $5 million sale of a 10,369-square-foot office building in the Northern New Jersey community of Westfield. The two-story building at 1 Elm St. was originally constructed in 1922 and renovated in 2018 and was fully leased at the time of sale. Alan Cafiero and David Cafiero of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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