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SoCam-290-New-Brunswick
AcquisitionsMultifamilyNew JerseyNortheastStudent Housing

TSB Realty Arranges Sale of 627-Bed Student Housing Community Near Rutgers University

by Taylor Williams

NEW BRUNSWICK, N.J. — TSB Realty has arranged the sale of SoCam 290, a 627-bed student housing community located near the Rutgers University campus in New Brunswick. Delivered in 2005, the community offers 233 units in studio through three-bedroom configurations. Shared amenities include a clubroom, 24-hour fitness center, business center, coffee bar and gaming and media lounges. Alden Street Capital purchased the property from an undisclosed seller. TSB Capital Advisors also arranged acquisition financing for the deal. The property was fully leased at the time of sale.

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Osmo-Elizabeth-New-Jersey
Leasing ActivityLife SciencesNew JerseyNortheastOffice

Osmo Opens 60,000 SF Headquarters Facility in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Osmo, which uses machine learning to digitize scent and promote olfactory science, has opened a 60,000-square-foot headquarters facility in the Northern New Jersey community of Elizabeth. Designed by KSS Architects, the facility includes office, lab and manufacturing space, as well as a breakout room, café and shared spaces to foster cross-disciplinary collaboration. A partnership between Bridge Industrial and Elberon Development Group owns the building, the address of which was not disclosed.

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Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

LJS Development Breaks Ground on 25-Unit Affordable Housing Project in Randolph, New Jersey

by Taylor Williams

RANDOLPH, N.J. — LJS Development has broken ground on Sussex Woods, a 25-unit affordable housing project in the Northern New Jersey community of Randolph. Sussex Woods will feature five one-bedroom units, 12 two-bedroom residences and eight three-bedroom apartments. All units will be reserved for households earning between 20 and 60 percent of the area median income. Inglese Architecture is designing Sussex Woods, and LeChase Construction is the general contractor. Completion is slated for next summer.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Brokers $8.7M Sale of Northern New Jersey Apartment Building

by Taylor Williams

ELIZABETH, N.J. — Berkadia has brokered the $8.7 million sale of Aberdeen Arms Apartments, a 52-unit building located in the Northern New Jersey community of Elizabeth. Built in 1965, Aberdeen Arms offers 10 one-bedroom units and 42 two-bedroom units and was fully occupied at the time of sale. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia represented the undisclosed seller in the transaction. Berkadia also arranged acquisition financing for the deal. The buyer and direct lender were also not disclosed.

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The-Vail-West-Caldwell-New-Jersey
LoansMultifamilyNew JerseyNortheast

CBRE Arranges $30.7M Loan for Refinancing of Apartment Building in West Caldwell, New Jersey

by Taylor Williams

WEST CALDWELL, N.J. — CBRE has arranged a $30.7 million loan for the refinancing of The Vail, a 92-unit apartment building in West Caldwell, about 25 miles outside of New York City. The Vail offers a mix of studio, one- and two-bedroom units, 20 percent of which are reserved as affordable housing, that feature individual washers and dryers in all units and private balconies in select residences. Amenities include a fitness center, community room and coworking spaces. Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Lauren Weinstein and Justin Helbling of CBRE arranged the loan through Principal Financial on behalf of the borrower, New Jersey-based developer Accordia.

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AcquisitionsMixed-UseNew JerseyNortheast

Matthews Negotiates $4.4M Sale of Mixed-Use Portfolio in Clifton, New Jersey

by Taylor Williams

CLIFTON, N.J. — Nashville-based brokerage firm Matthews has negotiated the $4.4 million sale of a portfolio of three contiguous mixed-use buildings totaling 14,500 square feet in the Northern New Jersey community of Clifton. The buildings at 233, 235 and 237 Dayton Ave. house one- and two-bedroom apartments in addition to commercial space. David Ferber of Matthews represented the undisclosed seller in the transaction. The name and representative of the buyer were not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

CBRE Arranges Sale of 29,336 SF Industrial Building in Avenel, New Jersey

by Taylor Williams

AVENEL, N.J. — CBRE has arranged the sale of a 29,336-square-foot industrial building in the Northern New Jersey community of Avenel. The building sits on a 4.3-acre site at 190 Homestead Ave. and includes six drive‑in doors, two loading docks and newly renovated office space. Liam McGregor, Elli Klapper, Mark Silverman and Brian Fiumara of CBRE represented the buyer, Jadian IOS (Industrial Outdoor Storage), in the transaction. The seller was Chicago-based CenterPoint Properties.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $8.8M Sale of Retail Building in Edison, New Jersey

by Taylor Williams

EDISON, N.J. — Marcus & Millichap has brokered the $8.8 million sale of a 5,585-square-foot retail building in the Central New Jersey community of Edison. Convenience store operator Wawa occupies the single-tenant building at 1095 U.S. Route 1, which was built last year and includes a fuel station, on a triple-net basis. Alan Cafiero, Brent Hyldahl and Vincent Pennino of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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Garden-Court-Apartments-Atlantic-City
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

WinnCos. Begins $33M Renovation of Affordable Housing Property in Atlantic City

by Taylor Williams

ATLANTIC CITY, N.J. — Regional affordable housing owner-operator WinnCos. has begun the $33 million renovation of Garden Court Apartments, a 177-unit affordable housing property in Atlantic City. WinnCos. acquired the 20-building property, which houses 135 one-bedroom units and 42 two-bedroom apartments, in February in partnership with New Jersey-based nonprofit organization Gateway Community Action Partnership. Capital improvements will include upgraded kitchens, bathrooms and flooring in all apartments; new windows, siding, balconies and roofs for all buildings; the installation of new energy-efficient HVAC systems and electrical panels; and new security features. All common areas and amenity spaces will also be upgraded. Completion is slated for next fall.

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AcquisitionsNew JerseyNortheastRetail

JLL Negotiates $54.3M Sale of Retail Center in Bridgewater, New Jersey

by Taylor Williams

BRIDGEWATER, N.J. — JLL has negotiated the $54.3 million sale of The Village at Bridgewater Commons, a 92,461-square-foot retail center in Central New Jersey. A Summit Health medical facility anchors the 12.5-acre, open-air center, which was 98 percent leased at the time of sale to a roster with a weighted average remaining lease term of 7.4 years. Other tenants include Starbucks, Shake Shack, Cava and Chipotle Mexican Grill. Kevin O’Hearn and JB Bruno of JLL represented the seller, Pacific Retail Capital Partners, which acquired the property in 2023 as part of a larger deal for the adjacent Bridgewater Commons Mall, in the transaction. The buyer was Urban Edge Properties.

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