New Jersey

EAST HANOVER, N.J. — Locally based brokerage firm Resource Realty has negotiated a 42,116-square-foot industrial lease renewal in East Hanover, about 30 miles west of New York City. The 198,000-square-foot building at 905 Murray Road was built on 9.1 acres in 1963. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Morgan Stanley, in the lease negotiations. Steve Sander of Cushman & Wakefield represented the tenant, Givaudan Fragrances Corp., a Swiss company that provides scents for the food, beverage and cosmetics industries. Givaudan has been a tenant at the property since 2009.

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LODI, N.J. — CBRE has negotiated the $29.2 million sale of a 169,205-square-foot industrial showroom in the Northern New Jersey community of Lodi. The building was originally constructed in 1968 and renovated in 2020. Brian Fiumara, Elli Klapper, Kevin Dudley, Jeremy Wernick, Mark Silverman, Chad Hillyer, Nicholas Klacik and Kate Granahan of CBRE represented the buyer, AAA Wholesale, in the transaction. The seller was not disclosed.

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SAYREVILLE, N.J. — Marcus & Millichap has brokered the $7.2 million sale of a 25,898-square-foot retail center in Sayreville, about 40 miles south of Manhattan. The center was 97 percent leased at the time of sale to 14 tenants, with convenience store QuickChek serving as the anchor. Ala Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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HILLSBOROUGH, N.J. — Bluestar Direct has signed a 13,500-square-foot industrial lease expansion in the Northern New Jersey community of Hillsborough. The wholesaler of various food products is expanding from a 5,000-square-foot space at the 596,315-square-foot Hillsborough Business Center, where it has been a tenant since 2020. Victor Kelly represented the landlord, Larken Associates, in the lease negotiations on an internal basis.

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BEDMINSTER, N.J. — MetLife Investment Management has unveiled plans to reposition its 197-acre office campus in Bedminster, about 45 miles west of New York City, into a life sciences development named Bedminster Technology Center. MetLife has retained JLL to lead the repositioning of the property. Formerly home of AT&T and long known as One AT&T Way, the property consists of four interconnected buildings totaling 939,795 square feet. The campus includes a global network operations center, heliport and 15 acres of covered and surface parking. AT&T built the campus for its own use in 1975. MetLife acquired the property, which is now fully vacant, in 2006. The Township of Bedminster has rezoned the property to accommodate up to 2 million square feet of total development targeted toward biotech research and development and advanced manufacturing uses. Additionally, about 300,000 square feet is available for a conference center, hotel and amenities that could include a fitness center, restaurants and/or retail. Dan Loughlin is leading a JLL team that will market the property for single or multi-tenant lease, sale or site redevelopment with acreage for sale. According to JLL, Bedminster Technology Center presents an opportunity to create the first life sciences development in the …

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HOBOKEN, N.J. — Locally based developer LCOR has broken ground on Hoboken Connect, a $900 million mixed-use project in Northern New Jersey. The waterfront development will consist of a 386-unit apartment complex, a 21-story office building, 5,000 square feet of retail and restaurant space and open public space. Within the multifamily component, 20 percent of the residences will be reserved as affordable housing, while the office building will total 704,355 square feet. Both of these buildings will house various Class A amenities. The development team will also make various infrastructural improvements to the site. A tentative completion date was not disclosed.

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LYNDHURST, N.J. — Locally based developer Woodmont Properties has completed the renovation of a 30,000-square-foot industrial building in the Northern New Jersey community of Lyndhurst. The building at 2 Terminal Road is used for both storage and distribution purposes. Specific improvements included the installation of a new roof and front entrance; fresh painting of the building’s interior and exterior; new paving and landscaping; and the addition of built-out office space and additional loading doors.

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JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures has completed Birch House, a 337-unit apartment community located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the six-story building houses studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners included JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Construction began in late 2021 and topped out in spring 2023.

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NEWARK, N.J. — HAX, a tech concept backed by global venture capital firm SOSV that serves as an incubator for startup companies, has opened its 35,000-square-foot headquarters facility in Newark. The facility includes space for chemical, mechanical and electrical engineering labs, as well as 3D printing, manual metal fabrication, computer numerical control machining and laser cutting. More than 30 companies will operate from within the facility.

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EATONTOWN, N.J. — New York City-based Kushner Cos. has begun the redevelopment of Monmouth Mall in Eatontown, roughly 50 miles outside New York City, a project that is valued at approximately $500 million. Under the current plans, the redevelopment will convert the mall into a mixed-use destination with 900,000 square feet of retail and restaurant space and 1,000 residential units. Whole Foods Market will anchor the retail component of the project, which will also feature public green spaces, pedestrian pathways and medical office space. Construction will include the demolition of 600,000 square feet of retail space at the site. According to its Wikipedia page, Monmouth Mall originally opened in 1960 and today features approximately 1.5 million square feet of shopping, dining and entertainment space.

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