CARLSTADT, N.J. — Cresa has negotiated a 249,640-square-foot data center lease in the Northern New Jersey community of Carlstadt. The tenant was not disclosed. The deal is for the entirety of the building at 600 Commerce Blvd., which was originally constructed in 2008 for a major banking institution. Michael Morris, Sumner Putnam, Kensey Gawne and Matt Deutsch of Cresa represented the landlord, local owner-operator Russo Development, in the lease negotiations.
RIDGEFIELD, N.J. — Marcus & Millichap has brokered the sale of a self-storage development site in the Northern New Jersey community of Ridgefield. The site at 1099 Hendricks Causeway is fully entitled and permitted, and the facility is planned to feature more than 73,000 net rentable square feet of space across approximately 1,200 climate-controlled units. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller, local owner-operator StorageBlue, in the transaction. The team also procured the buyer, Safely Store. Jim McGuckin of Marcus & Millichap assisted in closing the deal as the broker of record.
PALISADES PARK, N.J. — SAGE Investment Real Estate Advisors, a locally based brokerage firm, has arranged the $21.5 million sale of a 99-unit apartment building in the Northern New Jersey community of Palisades Park. The unnamed building offers studio, one- and two-bedroom units. Greg Pine and Steve Tragash of SAGE brokered the deal. The buyer and seller were not disclosed.
PARSIPPANY, N.J. — Colliers has brokered the $5.2 million sale of a vacant office building in the Northern New Jersey community of Parsippany. Automotive insurance company DOWC previously occupied the three-story building at 199 Pomeroy Road, which according to LoopNet Inc. was constructed in 1985 and renovated last year. Jacklene Chesler, Patrick Norris and Brittany Leventoff of Colliers represented the buyer and seller, both of which requested anonymity, in the transaction.
EAST ORANGE, N.J. — Local brokerage firm ICON Real Estate Advisors has negotiated the $7.9 million sale of a 58-unit apartment building in the Northern New Jersey community of East Orange. The two-story building at 223 Prospect St. was constructed in 1947 and exclusively offers two-bedroom units, according to Apartments.com. David Jarvis and David Oropeza of ICON brokered the deal on behalf of the buyer and seller, both of which were limited liability companies.
By Taylor Williams Much like the two major cities that border its northern and southern ends, New Jersey is, for retailers, restaurant groups and entertainment operators that are serious about establishing and growing national footprints, a market that checks every key box. Yet for all the similarities between the Manhattan or Center City Philadelphia retail markets that also apply to New Jersey — tight availability of space, high rents, time-consuming regulatory processes, strong residential density, healthy disposable incomes — brokers and owners that call the Garden State home also know that it’s a market unto itself. “Northern New Jersey is not the same as New York City,” confirms John Azarian, CEO of The Azarian Group, a longtime owner-operator of shopping centers in New Jersey and New York. “Retailers that want to venture into New York City want a different environment, and while we have a lot of density in Northern New Jersey, it’s just not the same as New York City. But if retailers are willing to do deals with different [store] formats, their businesses can do just as well here.” Kevin Pelio, Azarian’s executive vice president of leasing, says that tenants that started in other parts of the country …
BELMAR, N.J. — Cushman & Wakefield has arranged an undisclosed amount of construction financing for Mara by Vermella, a 198-unit multifamily project in Belmar, located along the Jersey Shore. Mara by Vermella will be situated on a 3.2-acre site and will include 20 affordable housing units, as well as 5,480 square feet of retail space. Amenities will include a pool, fitness center with a yoga studio, coworking and resident lounge and outdoor grilling and dining stations. John Alascio, Chuck Kohaut and Meredith Donovan of Cushman & Wakefield placed the loan through PNC Bank on behalf of the borrower, Russo Development.
NORTH BERGEN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.8 million sale of 2Six Apartments, an 18-unit multifamily building in North Bergen, located across the Hudson River from Manhattan. The three-story building houses six one-bedroom units and 12 two-bedroom units that were fully occupied at the time of sale. Davis Briones of Kislak brokered the deal. The buyer and seller were not disclosed.
WARREN, N.J. — Colliers has brokered the sale of a 45,800-square-foot office building in the Central New Jersey community of Warren. The building at 45 Technology Drive was vacant at the time of sale. Jacklene Chesler, Patrick Norris and Brittany Leventoff of Colliers represented the seller and procured the buyer and future occupant, both of which requested anonymity, in the transaction.
CHATHAM, N.J. — Local brokerage firm ICON Real Estate Advisors has negotiated the $11.2 million sale of a 31-unit apartment building in the Northern New Jersey community of Chatham. The building at 49 S. Passaic Ave. offers studio, one- and two-bedroom units and amenities such as a fitness center and onsite laundry facilities. David Jarvis and David Oropeza of ICON brokered the deal. The seller was undisclosed, and the buyer, an entity doing business as Cornerstone 2025 LLC, purchased the asset via a 1031 exchange.
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