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New Jersey

400-Atrium-Drive-Franklin-Township
DevelopmentIndustrialNew JerseyNortheastOffice

Woodmont Begins Office-to-Industrial Conversion Project in Franklin Township, New Jersey

by Taylor Williams

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.

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DevelopmentHospitalityNew JerseyNortheast

Hotels Unlimited Completes $5M Renovation of Hilton-Branded Hotel in Lakewood, New Jersey

by Taylor Williams

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.

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DevelopmentMultifamilyNew JerseyNortheast

Joint Venture Underway on 80-Unit Multifamily Project in West New York, New Jersey

by Taylor Williams

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.

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Leasing ActivityNew JerseyNortheastOffice

B&G Foods Signs 46,000 SF Office Headquarters Lease in Parsippany, New Jersey

by Taylor Williams

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.

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AcquisitionsNet LeaseNew JerseyNortheastRetail

Marcus & Millichap Brokers $4.3M Sale of BrightPath Childcare Center in Parsippany, New Jersey

by Taylor Williams

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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Leasing ActivityNew JerseyNortheastRetail

Dick’s Sporting Goods to Open 120,000 SF ‘House of Sport’ Store in Cherry Hill, New Jersey

by Taylor Williams

CHERRY HILL, N.J. — Dick’s Sporting Goods will open an approximately 120,000-square-foot store under its “House of Sport” brand at Cherry Hill Mall in metro Philadelphia. The store will feature a climbing wall, multiple golf bays with TrackMan simulators, an outdoor track and field and a multi-sport cage that can be used for baseball, softball, lacrosse and soccer. The opening is slated for some time next year. PREIT owns Cherry Hill Mall.

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Ora-Hackensack
LoansMultifamilyNew JerseyNortheast

G.S. Wilcox Arranges $68M Permanent Loan for Ora Apartments in Hackensack

by Taylor Williams

HACKENSACK, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $68 million permanent loan for Ora, a 270-unit, newly completed apartment building in Hackensack. The property features studio, one- and two-bedroom apartments and 9,000 square feet of retail space. Amenities include a fitness center, coworking lounge and a rooftop clubroom with a wet bar and billiards, as well as fire pits and lounge seating. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through an undisclosed life insurance company. A partnership between two New Jersey-based developers, The Hampshire Cos. and Russo Development, and Riverbank Management LLC owns Ora.

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Boulevard-East-Apartments-Avenel-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

Cushman & Wakefield Brokers $14.3M Sale of Apartment Building in Avenel, New Jersey

by Taylor Williams

AVENEL, N.J. — Cushman & Wakefield has brokered the $14.3 million sale of Boulevard East, a 39-unit apartment complex in Avenel, about 30 miles south of New York City. The newly constructed, three-story building was fully occupied at the time of sale. Each unit has two bedrooms and features premium finishes, including stainless steel appliances, designer bathrooms and assigned parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Adoni Property Group, in the transaction and procured the buyer, FM Ferrari Investments. Both parties are locally based investment firms.

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Cornerstone-at-Galloway
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Underway on 66-Unit Affordable Housing Project in Galloway, New Jersey

by Taylor Williams

GALLOWAY, N.J. — Locally based developer Walters is underway on construction of Phase I of Cornerstone at Galloway, a project in southern coastal New Jersey that will deliver 66 affordable housing units to the local supply. Residences will be furnished with full-size washers and dryers and fully equipped kitchens, and amenities will include a multipurpose clubhouse with a fitness center, as well as a children’s tot lot, basketball court and computer workstations. Cornerstone at Galloway will ultimately offer 198 units in one-, two- and three-bedroom floor plans that will be developed across two phases and will be reserved for households earning 60 percent or less of the area median income.

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Two-South-Willow-Montclair-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

Tishman Speyer Buys Northern New Jersey Apartment Building for $96.1M

by Taylor Williams

MONTCLAIR, N.J. — New York City-based real estate giant Tishman Speyer has purchased Two South Willow, a 200-unit apartment building located in the Northern New Jersey community of Montclair, for $96.1 million. Completed in 2021, Two South Willow consists of 180 market-rate units and 20 affordable housing units in studio, one- and two-bedroom floor plans. Amenities include a fitness center, roof deck, resident lounge, interior courtyard and barbecue grills. Tishman Speyer plans to undertake a series of targeted enhancements to the lounge, roof deck, common areas and mechanical systems, as well as to re-orient the lobby and add a coworking lounge and pet washing station. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction.

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