MATAWAN, N.J. — Pentaurus Properties, a New Jersey-based family office, has purchased a 124-unit apartment complex in Matawan, located in Central New Jersey. Marc Hampton Apartments is a garden-style complex that was built in the 1960s and offers one- and two-bedroom units across 11 buildings. Nat Gambuzza and Trevor Fiebel of Berkadia represented Pentaurus, which plans to implement a value-add program, in the transaction. Joseph Garibaldi, Thomas Walsh and Nick Vanderslice of Colliers represented the undisclosed seller.
SOUTH RIVER, N.J. — Locally based developer CrownPoint Group has broken ground on an 854-unit self-storage facility in South River, located roughly midway between Newark and Trenton. The three-story facility at 696 Old Bridge Turnpike will span 105,487 net rentable square feet of climate-controlled space. According to NJ.com, the site formerly housed a car dealership, and the facility will have an average unit size of 90 square feet and will include 15 exterior access units. The local publication also reports that JLL arranged construction financing for the project. ExtraSpace Storage will operate the facility, which is expected to be complete before the end of the year.
CHERRY HILL, N.J. — Club Studio Fitness will open a 30,240-square-foot gym in the Southern New Jersey community of Cherry Hill. The space is located within Ellisburg Shopping Center and will include training areas, a juice bar and recovery facilities. The opening is slated for spring 2027. Federal Realty Investment Trust owns Ellisburg Shopping Center, which is anchored by Whole Foods Market and Restoration Hardware Outlet.
NEW CITY, N.Y. AND WASHINGTON TOWNSHIP, N.J. — A partnership between Bain Capital Real Estate and Capitol Seniors Housing has received a $48 million loan for the refinancing of two seniors housing communities in the Tri-State area. The communities include The Chelsea at New City, located about 40 miles north of New York City, and The Chelsea at Washington Township, about 75 miles west of New York City. The properties were built in 2021 and 2023, respectively, and both offer memory care and assisted living services, as well as various onsite amenities. JLL arranged the three-year, floating-rate loan through an undisclosed regional bank on behalf of the partnership.
SOUTH AMBOY, N.J. — Wingtat Cargo has signed a 96,000-square-foot industrial lease in South Amboy, about 30 miles south of New York City. The shipping company is taking space within the newly constructed, 152,100-square-foot warehouse and distribution building at 111 Main St. Gary Politi and Michael Viera of JLL represented the landlord, a partnership between Woodmont Industrial Partners and Joseph Jingoli & Son Inc., in the lease negotiations. Jimo Liu of Cushman & Wakefield represented the tenant.
MILLSTONE, N.J. — JLL has arranged an undisclosed amount of acquisition financing for a roughly 1 million-square-foot industrial property in Millstone, about 55 miles south of New York City. Millstone 8 Logistics Park was built in 2022 and features a cross-dock configuration, clear height of 40 feet, 170 loading doors and parking for 458 cars and 273 trailers. The facility was fully leased at the time of the loan closing to an undisclosed provider of third-party logistics services. Jim Cadranell, Jon Mikula, John Cumming and Caleb Henry of JLL arranged the loan through Northwestern Mutual on behalf of the buyer, institutional investment firm BGO.
VAUXHALL, N.J. — Ameritas Investment Corp. has provided a $13.5 million loan for the refinancing of Millburn Village, a 71,177-square-foot shopping center in the Northern New Jersey community of Vauxhall. Millburn Village is home to 19 tenants, many of which are long-term users, with Walgreens and Staples serving as the anchors. Ryan Carroll, Tyler Caricato and Caleb Henry of JLL arranged the three-year, fixed-rate loan on behalf of the borrower, New York City-based Lightstone, which acquired the center in 2003.
BELLEVILLE, N.J. — Connecticut-based SYM Investments has purchased SilverLake Apartments, a 232-unit multifamily complex in Belleville, about 10 miles west of New York City, for $80 million. Completed in early 2022, SilverLake Apartments consists of two five-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a fitness center, dog park, game room, entertainment lounge with a kitchen, rooftop terrace, business center and package lockers, as well as 17,024 square feet of commercial space that is fully leased. Mike Oliver, Steve Simonelli, Jose Cruz, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Baltimore-based developer Klein Enterprises, in the transaction. Michael Klein, Thomas Didio Jr., Gerard Quinn and Joseph Gruber, also with JLL, originated a $56 million Freddie Mac acquisition loan on behalf of SYM Investments.
EAST ORANGE, N.J. — Regional brokerage firm Hudson Atlantic Realty Advisors has arranged the $9.3 million sale of a 50-unit apartment complex in East Orange, about 15 miles west of New York City. The five-story building at 22-30 S. Munn Ave. was gut-renovated in 2008 and features one-, two- and three-bedroom units with an average size of 917 square feet. Nick Favorito of Hudson Atlantic represented the seller in the transaction and collaborated with Hudson Atlantic’s Adam Zweibel to source the buyer. Both parties requested anonymity.
MONROE TOWNSHIP, N.J. — WPT Capital Advisors has acquired a 603,092-square-foot industrial property in Monroe Township, located outside of Trenton in Central New Jersey. The two-building development at 130 Interstate Blvd., which was fully leased at the time of sale, was constructed in 1999 and expanded in 2014. Building features include clear heights of 28 to 32 feet, 66 loading doors, two drive-in doors and parking for 83 trailers and 243 cars. The seller was not disclosed. Jim Cadranell, Ryan Carroll and Caleb Henry of JLL arranged an undisclosed amount of acquisition financing for the deal through PGIM Real Estate.
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