SWEDESBORO, N.J. — Regional investment firm DH Property Holdings has acquired a 55,000-square-foot vacant industrial building in Swedesboro, located in Southern New Jersey. The building sits on a 14.7-acre site at 509 Heron Drive and features a clear height of 22 feet, five loading docks, four drive-in doors, 130-foot truck court depths, 60 car parking spots and three acres of fenced storage space. Jonathan Klear of NAI Mertz, along with Ian Richman & Marc Isdaner of Colliers, brokered the off-market deal. The seller was not disclosed.
HOPEWELL, N.J. — Locally based developer KRE Group has begun leasing The Hopewell Chapter, a 270-unit multifamily project in Central New Jersey. The property consists of six four-story buildings that house one- and two-bedroom units, 54 of which are reserved as affordable housing. Specific income restrictions were not disclosed. Amenities include a 6,500-square-foot clubhouse, resort-style pool, outdoor dining areas, a playground, dog park and walking trails. Monthly rents start in the mid-$2000s for a one-bedroom apartment.
FLORHAM PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE Group, is nearing completion of an industrial redevelopment project in the Northern New Jersey community of Florham Park. The project converted a former office building that sits on a 14.4-acre site at 19 Vreeland Road into a 136,714-square-foot warehouse with a clear height of 36 feet, 26 loading docks, one drive-in door and parking for 108 cars and 36 trailers. Construction began in June 2024. Cushman & Wakefield has preleased the entirety of the building to Johnstone Supply (42,000 square feet) and PIMS Inc. (94,714 square feet).
FAIRFIELD, N.J. — Lee & Associates has negotiated the $3.6 million sale of a 34,445-square-foot office building located in the Northern New Jersey community of Fairfield. The three-story building at 383 U.S. Route 46 was originally constructed on 1.6 acres in the 1970s and has been owner-occupied since 1985. Peter Rasmusson of Lee & Associates represented the seller, The Glassman Family, in the transaction, and procured the buyer, an entity doing business as Fairfield Real Estate LLC.
GUTTENBERG, N.J. — A joint venture between Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction of a 50-unit multifamily project in Guttenberg, located across the Hudson River from Manhattan. The site is located at 416 69th St., and the building will rise seven stories and offer amenities such as a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for 2028.
FRANKLIN TOWNSHIP, N.J. — Woodmont Industrial Partners, which is a joint venture between New Jersey-based Woodmont Properties and Romark Logistics, has begun an office-to-industrial conversion project in Franklin Township, about 40 miles south of New York City. Woodmont plans to convert the 30.6-acre site at 400 Atrium Drive, which according to LoopNet Inc. currently houses a 395,000-square-foot office building, into a two-building, 370,000-square-foot industrial complex. Building 1 will be approximately 255,000 square feet and will offer a clear height of 40 feet, 44 loading docks and two drive-in doors. The second, 115,000-square-foot building will feature a clear height of 36 feet, 34 loading docks and two drive-in doors. Woodmont has partnered with an undisclosed life insurance company on the redevelopment and secured construction debt from New York Life that was arranged by John Alascio and Chuck Kohaut of Cushman & Wakefield.
LAKEWOOD, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $5 million renovation of the 110-room Hilton Garden Inn hotel in Lakewood, located in Ocean County. The renovation delivered an overhaul of all guestrooms and suites, as well as the lobby and amenity spaces, which include meeting rooms, an indoor pool, fitness center and an onsite restaurant. In addition, the project team applied fresh paint to the building’s exterior. A grand re-opening ceremony will take place on Tuesday, May 13.
WEST NEW YORK, N.J. — A joint venture between Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction of an 80-unit multifamily project in West New York, located across the Hudson River from Manhattan. The site is located at 6205–19 Madison St., and the building will rise six stories and offer amenities such as a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for some time next year.
PARSIPPANY, N.J. — B&G Foods has signed a 46,000-square-foot office headquarters lease in the Northern New Jersey. The food supplier is consolidating and relocating its operation from the nearby building at 4 Gatehall Drive to the entire second and partial third floors of 8 Sylvan Way, a 166,039-square-foot building that also supports life sciences uses. Tim Greiner and David Stifelman of JLL represented the landlord, Orion Properties, in the lease negotiations. Josh Cohen and Ben Brenner of Cushman & Wakefield represented the tenant.
PARSIPPANY, N.J. — Marcus & Millichap has brokered the $4.3 million sale of an 11,266-square-foot retail building in the Northern New Jersey community of Parsippany that is net leased to BrightPath Childcare Center. The building was constructed on a 1.7-acre site in 2014. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller in the transaction. The trio, along with Brent Hyldahl of Marcus & Millichap, also procured the buyer. Both parties requested anonymity.
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