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DevelopmentLoansMultifamilyNew JerseyNortheastWalker & Dunlop

Nasser Freres Receives $375M Construction Loan for Jersey City Apartment Tower

by Taylor Williams

NEW YORK CITY — Developer Nasser Freres has received a $375 million construction loan for JFK Boulevard, an 840-unit apartment tower that will be located in the Journal Square area of Jersey City. The building will offer studio, one-, two- and three-bedroom units, 10 percent of which will be designated as affordable housing. Amenities will include a spa, fitness center, multi-sport court, coworking and library lounges, game and screening rooms, an outdoor pool with sun decks, dog run, pet spa and a rooftop lounge. In addition, JFK Boulevard will feature 50,000 square feet of retail space that will be anchored by an organic grocer. Keith Kurland, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Christopher de Raet and Jack Krentzman of Walker & Dunlop arranged the floating-rate, interest-only loan through Madison Realty Capital. Completion is slated for early 2029.

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AcquisitionsIndustrialNew JerseyNortheast

JLL Negotiates Sale of 72,908 SF Industrial Portfolio in Rockaway, New Jersey

by Taylor Williams

ROCKAWAY, N.J. — JLL has negotiated the sale of a portfolio of two industrial buildings totaling 72,908 square feet in the Northern New Jersey community of Rockaway. The shallow-bay buildings at 200 and 300 Roundhill Drive, which were fully leased at the time of sale, were constructed on a combined between 1987 and 1990 and feature clear heights of 20 feet. Nicholas Stefans, Jason Lundy and Luke Ceccoli of JLL represented the seller, North Jersey Development Group, in the transaction and procured the buyer, Faropoint.

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AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers $17M Sale of Office Building in West Orange, New Jersey

by Taylor Williams

WEST ORANGE, N.J. — Cushman & Wakefield has brokered the $17 million sale of a 129,298-square-foot office building in West Orange, about 20 miles west of New York City. The newly renovated building sits on an 8.7-acre site at 300 Executive Drive and was fully leased at the time of sale. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Triumvirate Realty, in the transaction and procured the buyer, an entity doing business as Executive Drive W Orange LLC. Brian Anderson and Eddie Miro, also with Cushman & Wakefield, arranged acquisition financing for the deal.

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AcquisitionsHospitalityMichiganNew JerseyNortheastTop Stories

Ilitch Cos. Agrees to Acquire Two Casinos in Mississippi and New Jersey, Forms Ilitch Gaming

by Matthew Auchincloss

DETROIT — Ilitch Cos., which owns and operates the Detroit Red Wings, the Detroit Tigers, pizza chain Little Caesar’s and Olympia Entertainment, has agreed to acquire Scarlet Pearl Casino Resort in D’Iberville, Miss., as well as the remaining 50 percent ownership interest in Ocean Casino Resort in Atlantic City, N.J.  In conjunction, Ilitch Cos. CEO Chris Ilitch has also announced the formation of Ilitch Gaming, a new enterprise that will oversee the company’s gaming businesses, including the two new casinos. Detroit-based Ilitch Cos. also owns MotorCity Casino Hotel, located in Detroit, which will also now come under Ilitch Gaming’s operating umbrella.   Scarlet Pearl Casino Resort is a 300-key hotel with a gaming floor containing more than 800 slots and video poker machines and 30 table games. The property also features multiple amenities and a 36-hole miniature golf course. The purchase of Scarlet Pearl Casino Resort marks the third market Ilitch Cos. has expanded into.  Ocean Casino Resort features 1,860 rooms with a 135,000-square-foot casino floor, a 4,500-seat concert venue and 160,000 square feet of meeting and convention space. The beachfront property spans than 20 acres and offers proximity to the Atlantic City Boardwalk. In addition, Ocean Casino Resort offers a …

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AcquisitionsNew JerseyNortheastRetail

Joint Venture Acquires 348,742 SF Retail Power Center in Ramsey, New Jersey

by Taylor Williams

RAMSEY, N.J. — A joint venture between New York City–based alternative asset manager Wafra and local owner-operator Crossroads Cos. has acquired a 348,742-square-foot retail power center in Ramsey, located near the New York-New Jersey border. Interstate Shopping Center is a grocery-anchored (Shoprite) center that comprises seven buildings and 42 suites. Other tenants include T.J. Maxx, Burlington, Ulta Beauty, Michaels and DSW. Chris Munley, Colin Behr, David Gavin, Ryan Sciullo and Casey Benson Smith of CBRE structured the joint venture. Axiom Capital arranged acquisition financing for the deal. The seller and sales price were not disclosed.

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DevelopmentNew JerseyNortheastRetail

Target Opens 150,000 SF Store at West Orange Plaza in Northern New Jersey

by Taylor Williams

WEST ORANGE, N.J. — Target has opened a 150,000-square-foot store in the Northern New Jersey community of West Orange. The store, which is ultimately expected to employ about 280 people, is located within West Orange Plaza, a 298,000-square-foot center that is anchored by Whole Foods Market and is currently in the midst of a redevelopment. The store is the Minneapolis-based retailer’s 55th in New Jersey and third to open in the state in the past 12 months. Levin Management Corp. is the leasing agent for West Orange Plaza.

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DevelopmentMultifamilyNew JerseyNortheast

Partnership Breaks Ground on 78-Unit Multifamily Project in Long Branch, New Jersey

by Taylor Williams

LONG BRANCH, N.J. — A partnership between two local companies, Downeaster Development and TANTUM Real Estate, has broken ground on The Elbie, a 78-unit multifamily project in the Northern New Jersey community of Long Branch. Designed by Rotwein + Blake Associates, the four-story building will house one- and two-bedroom units, as well as 4,000 square feet of ground-floor retail space. Amenities will include a fitness center, clubroom, game room, recording and podcast studio and outdoor grilling and dining stations. The first units are expected to be available for occupancy in late spring 2027.

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LoansMultifamilyNew JerseyNortheast

CBRE Arranges $31M Permanent Loan for Central New Jersey Apartment Complex

by Taylor Williams

MONTGOMERY TOWNSHIP, N.J. — CBRE has arranged a $31 million permanent loan for The Somerset at Montgomery, a 115-unit apartment complex in Central New Jersey. Completed in 2024, the two-building complex houses 92 market-rate units and 23 affordable apartments that are furnished with in-unit washers and dryers and private balconies. Amenities include a fitness center, business center and outdoor grilling and dining stations. Matthew Pizzolato, Josh Stein, Jason Gaccione, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan through New York Life on behalf of the developer, County Classics.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $3.9M Sale of Retail Strip Center in Pennington, New Jersey

by Taylor Williams

PENNINGTON, N.J. — Marcus & Millichap has brokered the $3.9 million sale of Cornerstone Court, an 18,284-square-foot retail strip center located in the Northern New Jersey community of Pennington. The two-story center was 77 percent leased at the time of sale to 11 tenants, with Dunkin’ and Subway serving as the anchors. The center’s second level also includes office space. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller in the transaction and worked with Marcus & Millichap’s David Cafiero and Damien Rance to procure the buyer. Both parties were New Jersey-based private investors that requested anonymity.

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AcquisitionsIndustrialNew JerseyNortheast

NAI DiLeo-Bram Arranges $4.7M Sale of Industrial Building in Somerset, New Jersey

by Taylor Williams

SOMERSET, N.J. — Locally based brokerage firm NAI DiLeo-Bram has arranged the $4.7 million sale of a 20,269-square-foot industrial building in the Northern New Jersey community of Somerset. The building sits on a 3-acre site at 85 Commerce Drive and features a clear height of 19 feet. Kyle Gerace, Chris Chiusolo and Sweemit Goswami of NAI DiLeo-Bram represented the buyer, Approved Fire Protection, in the transaction. The seller was PepsiCo Inc./Frito Lay.

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