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505-Summit-Jersey-City
DevelopmentMultifamilyNew JerseyNortheastUncategorized

Panepinto Properties Begins Leasing 53-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Locally based developer Panepinto Properties has begun leasing 505 Summit, a 53-story apartment tower in the Journal Square area of Jersey City. The building offers 605 units in studio, one-, two- and three-bedroom floor plans. The property also features 4,000 square feet of street-level retail space, a landscaped public plaza, parking garage and 304 bicycle storage spaces. Residential amenities include an outdoor terrace with a pool, grilling stations, a resident lounge, coworking spaces, sports simulator and a fitness center. Pacific Life financed construction of the project, which began in the third quarter of 2023 and topped out last summer. Rents start at $3,350 per month for a studio apartment.

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DevelopmentIndustrialNew JerseyNortheast

IDI Logistics Breaks Ground on 154,387 SF Industrial Project in Piscataway, New Jersey

by Taylor Williams

PISCATAWAY, N.J. — IDI Logistics has broken ground on a 154,387-square-foot industrial project in the Northern New Jersey community of Piscataway. The building at 1551 S. Washington Ave. will feature a rear-load configuration, clear height of 40 feet, 24 dock doors, two drive-in doors, 130-foot truck court depths and parking for 144 cars and 20 trailers. CBRE is marketing the building for lease. A tentative completion date was not announced.

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Leasing ActivityNew JerseyNortheastOffice

TRAC Intermodal Signs 31,000 SF Office Lease in Princeton, New Jersey

by Taylor Williams

PRINCETON, N.J. — TRAC Intermodal has signed a 31,000-square-foot office lease in Princeton. The provider of logistics services is taking space on the third floor of the building at 600 College Road, which is part of the Princeton Point campus. Todd Elfand and Kevin Carton of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. The tenant representative was not disclosed.

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Eastpoint-at-Exit-8A-Monroe-Township-New-Jersey
AcquisitionsIndustrialNew JerseyNortheast

CBRE Brokers Sale of 450,330 SF Industrial Building in Monroe Township, New Jersey

by Taylor Williams

MONROE TOWNSHIP, N.J. — CBRE has brokered the sale of Eastpoint at Exit 8A, a 450,330-square-foot industrial building in Monroe Township, located in Central New Jersey. Built in 2018, the facility features a cross-dock configuration, clear height of 36 feet and 11,000 square feet of office space. Brian Fiumara and Brad Ruppel of CBRE represented the seller, Morgan Stanley, in the transaction, and procured the buyer, Property Reserve Inc. The building was fully leased at the time of sale to Iron Mountain Information Management.

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AcquisitionsNew JerseyNortheastOffice

Kislak Negotiates $10M Sale of Northern New Jersey Office Building

by Taylor Williams

PARSIPPANY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $10 million sale of a 131,346-square-foot office building in the Northern New Jersey community of Parsippany. The building sits on an eight-acre site at 959 U.S. Route 46. Tom Scatuorchio and Matt Weilheimer of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

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349-389-New-Brunswick-Ave.-Rahway-New-Jersey
DevelopmentIndustrialLoansNew JerseyNortheast

Cushman & Wakefield Arranges $56M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams

RAHWAY, N.J. — Cushman & Wakefield has arranged a $56 million construction loan for a 277,818-square-foot industrial project in the Northern New Jersey community of Rahway. The 25.6-acre development will consist of two buildings totaling 201,616 and 76,202 square feet. Building features will include clear heights of 40 feet, 49 dock doors, three drive-in doors and parking for 230 cars and six trailers. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan through BMO on behalf of the developer, a partnership between Sagard Real Estate and Woodmont Industrial Partners.

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AcquisitionsData CentersIndustrialNew JerseyNortheast

Cresa Negotiates 249,640 SF Data Center Lease in Carlstadt, New Jersey

by Taylor Williams

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.

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1099-Hendricks-Causeway-Ridgefield-New-Jersey
AcquisitionsIndustrialNew JerseyNortheastSelf-Storage

Marcus & Millichap Brokers Sale of Self-Storage Development Site in Ridgefield, New Jersey

by Taylor Williams

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.

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AcquisitionsMultifamilyNew JerseyNortheast

SAGE Arranges $21.5M Sale of Northern New Jersey Apartment Building

by Taylor Williams

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.

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AcquisitionsNew JerseyNortheastOffice

Colliers Brokers $5.2M Sale of Vacant Office Building in Parsippany, New Jersey

by Taylor Williams

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.

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