LINDEN, N.J. — SRS Real Estate Partners has negotiated the $14.3 million sale of a 41,000-square-foot retail building in the Northern New Jersey community of Linden that is leased to LA Fitness. The building sits on a five-acre site within Legacy Square Shopping Center, and the gym opened last November. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS represented the seller, a partnership between Dallas-based Cypress Equities and San Francisco-based Stockbridge Capital Group, in the transaction. Josh Kanter and Tony D’Ambrosia of NNN Pro represented the undisclosed buyer. Chris Marks and Steve Filippo of Marcus & Millichap Capital Corp. arranged an $8 million acquisition loan for the deal that carried a five-year term and 7.73 percent interest rate.
MADISON, N.J. — Locally based intermediary G.S. Wilcox & Co. has arranged a $5.4 million loan for the refinancing of a 28,645-square-foot retail property in the Northern New Jersey community of Madison. The property is fully leased to an undisclosed national grocer. Bridget Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule, through an undisclosed life insurance company.
HARRISON AND KEARNY, N.J. — NAI James E. Hanson has brokered the $156.3 million sale of a portfolio of six industrial outdoor storage (IOS) properties totaling 48.7 acres in Northern New Jersey. Four of the properties are located in Harrison, and the other two are located in Kearny. Scott Perkins, Christopher Todd, and William Ericksen of NAI Hanson represented the buyer, Chicago-based Ambient Capital Partners, in the transaction. The seller was not disclosed.
WOODLAND PARK, N.J. — Locally based development and investment firm Prism Capital Partners will undertake a multifamily redevelopment project in the Northern New Jersey community of Woodland Park. The project will convert a 33-acre former corporate office campus at 385 Rifle Camp Road into a 400-unit apartment community. Twenty percent (80 residences) will be reserved as affordable housing. Jose Cruz, Jeremy Neuer and Ryan Robertson of JLL represented the undisclosed seller in the disposition of the site. Demolition work is underway, but a target completion date has not yet been established.
LYNDHURST, N.J. — Nemo Tile has signed a 30,046-square-foot industrial lease in the Northern New Jersey community of Lyndhurst. The lease term is 65 months. The building at 2 Terminal Road was recently renovated and features a clear height of 18 feet, seven truck parking spaces and 1,800 square feet of office space. Michael Schaible and Troy Wisse of Lee & Associates represented the landlord, Woodmont Industrial Properties, in the lease negotiations. Daniel Reider of Newmark represented the tenant.
VOORHEES, N.J. — New York City-based investment firm Montana Property Group has purchased Echelon Village Plaza, an 84,933-square-foot shopping center located in the Southern New Jersey community of Voorhees. The center was 92 percent leased at the time of sale to tenants such as Edge Fitness, Dollar Tree and Buffalo Wild Wings. Ohio-based REIT Site Centers sold the property for $8.5 million. Boston-based Atlantic Retail brokered the deal.
HACKENSACK, N.J. — Cole Schotz PC has signed a 61,582-square-foot office lease renewal in the Northern New Jersey community of Hackensack. The law firm will remain at Court Plaza North, a 335,000-square-foot complex located in the city’s downtown area, where it has been a tenant since 1986, for an undisclosed period of time. New Jersey-based investment firm Alfred Sanzari Enterprises owns Court Plaza North. No third-party brokers were involved in the lease negotiations.
LIVINGSTON, N.J. — Delivery-first food hall concept Wonder has opened a new, 4,544-square-foot venue in the Northern New Jersey community of Livingston, marking its eighth location in the state. Wonder Livingston features more than 30 restaurants, including Alanza, Bellies, Bobby Flay Steak, Chai Pani, Di Fara Pizza, Fred’s Meat & Bread, Tejas Barbecue and Wing Trip. Patrons can order through a proprietary app, with pick-up and limited dine-in options also available.
MULLICA HILL, N.J. — Regional provider Inspira Health has broken ground on a $240 million medical center project in Mullica Hill, located outside of Philadelphia in Southern New Jersey. Designed by Array Architects, the five-story building will house 102 beds, boosting the hospital’s overall bed count by nearly 50 percent and increasing Inspira’s footprint to more than 600,000 square feet at the 100-acre Gloucester County campus. The development also includes a separate, one-story overbuild to house Inspira’s maternal health services practice. Other project partners include O’Donnell & Naccarato (structural engineer), Pure PM (project manager), TorconReisz (general contractor) and Highland Associates (MEP engineer). Completion is slated for early 2027.
HAMILTON, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $116.5 million sale of Hamilton Marketplace, a 485,094-square-foot shopping center located in Central New Jersey. A 65,155-square-foot ShopRite grocery store anchors the property, which was built in phases beginning in the early 2000s. Other tenants at the center include Kohl’s, Ross Dress for Less, Staples, Barnes & Noble, Michaels, Old Navy, Ulta Beauty, Burlington and PetSmart. Paramount Realty acquired the property from SITE Centers. Brad Nathanson and JP Colussi of IPA brokered the deal.