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.
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.
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.
READINGTON, N.J. — New Jersey-based developer Larken Associates is nearing completion of The Ridge at Readington, a 254-unit multifamily project located about 50 miles southwest of Manhattan. The Ridge at Readington will feature a mix of market-rate and affordable units in one- and two-bedroom formats across nine buildings. Residences will be furnished with stainless steel appliances and quartz countertops. Amenities will include a pool, fitness center, lounge and wet bar, outdoor pavilion, dog park and walking trails. The first move-ins are scheduled for the fourth quarter.
HOBOKEN, N.J. — Northmarq has arranged a $26.4 million acquisition loan for the Hudson Tea Parking Garage in Hoboken. Built in 2004 by multifamily developer Toll Brothers (NYSE: TOL), the eight-story structure spans 389,984 square feet and houses 1,250 parking spaces. Daniel Karp of Northmarq arranged the fixed-rate financing on behalf of the borrower, Boston-based LAZ Parking Realty Investors. The loan carried a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule.
HACKENSACK, N.J. — Law firm Archer & Greiner PC has signed a 22,382-square-foot office lease renewal at Court Plaza, a 335,000-square-foot office complex located at 35 Main St. in Hackensack. Amenities at the three-building complex include a fitness center, cafeteria and a conference room, as well as an onsite bank, dry cleaning service and car detailing shop. Stephen Jennings internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Jack Fatigati of Morford & Dodds Realty represented the tenant.
PASSAIC, N.J. — Seven Hills Realty Trust (NASDAQ: SEVN), an affiliate of The RMR Group, has provided a $47 million acquisition loan for a 330,000-square-foot industrial property located at 153 Linden St. in the Northern New Jersey community of Passaic. JLL arranged the financing on behalf of the borrower, Thor Equities, which will use a portion of the proceeds to fund capital improvements.
NEPTUNE, N.J. — KPOT Korean BBQ & Hot Pot has signed a 10,000-square-foot restaurant lease at Neptune Plaza Shopping Center in coastal New Jersey. The restaurant now has 10 locations throughout the Tri-State area. Kevin Pelio of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Stephan Miller of Welco Realty represented the tenant.
BORDENTOWN, N.J. — Larken Associates has completed The Reserve at Crosswicks, a 272-unit multifamily project in the Southern New Jersey community of Bordentown. The garden-style property consists of seven buildings that house one- and two-bedroom units. Residences are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park, children’s play area, game room, lounge and package handling services. Rents start at $1,840 per month for a one-bedroom apartment.
NEWARK, N.J. — Cushman & Wakefield has negotiated the sale of a portfolio of five industrial buildings totaling 113,743 square feet in Newark. The portfolio, which comprises spaces ranging in size from 2,500 to 13,500 square feet, is currently leased to 22 tenants. Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin of Cushman & Wakefield represented the seller, Sitex Group, in the transaction. A joint venture between affiliates of Westbrook Partners and Camber Real Estate Partners acquired the portfolio for an undisclosed price.