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AcquisitionsMultifamilyNew JerseyNortheastWalker & Dunlop

Walker & Dunlop Arranges $85.4M Refinancing of Two Jersey City Apartment Complexes

by Taylor Williams

JERSEY CITY, N.J. — Walker & Dunlop has arranged an $85.4 million bridge loan for the refinancing of City Line East and City Line West, two adjacent apartment complexes totaling 342 units in Jersey City. Both properties are located within the University Place mixed-use development and feature studio, one- and two-bedroom units and Class A amenities. John Banas, Kris Wood, Christopher Philipps, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop arranged the two-year, fixed-rate loan through an undisclosed debt fund on behalf of the New Jersey-based borrower.

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Leasing ActivityNew JerseyNortheastRetail

Total Wine & More Opens 32,000 SF Store in Totowa, New Jersey

by Taylor Williams

TOTOWA, N.J. — Total Wine & More has opened a 32,000-square-foot store at Totowa Square, a 258,000-square-foot retail power center in Northern New Jersey. The retailer is backfilling a space formerly occupied by Babies ‘R’ Us. Brian Katz and Amy Staats of Katz & Associates represented the landlord in the lease negotiations. Brian Schuster of Ripco Real Estate represented the tenant.

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AcquisitionsIndustrialNew JerseyNortheast

Sitar Realty Negotiates $7.7M Sale of Warehouse in Lakewood, New Jersey

by Taylor Williams

LAKEWOOD, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has negotiated the $7.7 million sale of a 38,762-square-foot warehouse in Lakewood, about 70 miles northeast of Philadelphia. The two-story building sits on 3.5 acres. Manasquan Bank sold the property to a locally based limited liability company. Douglas Sitar and Robert JanTausch of Sitar Realty brokered the deal.

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AcquisitionsMultifamilyNew JerseyNortheast

B6 Real Estate Arranges $4.5M Sale of Jersey City Apartment Building

by Taylor Williams

JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $4.5 million sale of a 25-unit apartment building in Jersey City’s West Bergen neighborhood. The property comprises 20 one-bedroom units and five two-bedroom units. Titanium Capital Partners purchased the asset for an undisclosed price. Yanni Marmarou led the B6 Real Estate team that brokered the deal.

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Leasing ActivityNew JerseyNortheastRetail

Marshalls Opens 50,000 SF Store in Totowa, New Jersey

by Taylor Williams

TOTOWA, N.J. — Marshalls has opened a 50,000-square-foot store at Totowa Square, a 258,000-square-foot retail power center in Northern New Jersey. The discount retailer is backfilling a space formerly occupied by Toys ‘R’ Us. Brian Katz and Amy Staats of Katz & Associates represented the landlord in the lease negotiations. Jerry Welkis of Welco Realty represented the tenant. The center is now 97 percent leased.

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One-Westfield
Affordable HousingDevelopmentMixed-UseMultifamilyNew JerseyNortheastOfficeRetailSeniors HousingTop Stories

HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey 

by Katie Sloan

WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City.  The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …

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83-Broad-Avenue-Fairview-New-Jersey
AcquisitionsIndustrialNew JerseyNortheast

Realterm Acquires 66,504 SF Warehouse in Fairview, New Jersey

by Taylor Williams

FAIRVIEW, N.J. — Global investment management firm Realterm has acquired a 66,504-square-foot warehouse located at 83 Broad Ave. in the Northern New Jersey community of Fairview. The property sits on 4.7 acres and features 10 dock-high doors. Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield brokered the deal, the seller of which was not disclosed.

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IndustrialLeasing ActivityNew JerseyNortheast

MGT Foods Signs 19,567 SF Industrial Lease in Oceanport, New Jersey

by Taylor Williams

OCEANPORT, N.J. — MGT Foods, a New Jersey-based food manufacturer and distributor, has signed a 19,567-square-foot industrial lease at The Commissary at Baseline in the coastal community of Oceanport. Owned by Denholtz Properties, The Commissary at Baseline is a redevelopment of the historic Fort Monmouth site. MGT Foods will be the second tenant at the property, following Birdsmouth Beer, which will open a craft brewery this fall.

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151-Tornillo-Way-Tinton-Falls-New-Jersey
IndustrialLoansNew JerseyNortheast

Denholtz Properties Refinances Two Northern New Jersey Industrial Facilities Totaling 50,923 SF

by Taylor Williams

TINTON FALLS, N.J. — New Jersey-based Denholtz Properties has refinanced two industrial facilities located in the Northern New Jersey community of Tinton Falls. The newly constructed properties at 150 and 151 Tornillo Way total 50,923 square feet and were 100 percent leased to five tenants at the time of the loan closing. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the fixed-rate financing, the amount of which was not disclosed, through Spencer Savings Bank on behalf of Denholtz Properties.

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Leasing ActivityNew JerseyNortheastOffice

Lexicon Pharmaceuticals Signs 20,000 SF Office Lease in Bridgewater, New Jersey

by Taylor Williams

SOMERSET, N.J. — Lexicon Pharmaceuticals has signed a 20,000-square-foot office lease at Somerset Corporate Center I in Bridgewater, located in the northern part of the Garden State. Gregg Najarian and Slava Vaynberg of Savills represented Lexicon, which is relocating from Basking Ridge in the first quarter of 2023, in the lease negotiations. Other tenants at Somerset Corporate Center, which is owned by SJP Properties, include Qualcomm, Oracle and Merrill Lynch.

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