ROSELAND, N.J. — Invesco Real Estate Income Trust has acquired a majority interest in Everly Roseland, a 360-unit apartment community in Northern New Jersey. The percentage was not disclosed. The garden-style property was built in 1980 and was 95 percent leased at the time of sale. Invesco plans to implement a capital improvement program to unit interiors, building exteriors and common areas.
Sansone Group, Crow Holdings Near Completion of 702,450 SF Industrial Project in Palmyra, New Jersey
PALMYRA, N.J. — A partnership between St. Louis-based Sansone Group and a fund advised by Crow Holdings Capital is nearing completion of Tac Pal Logistics Center, a 702,450-square-foot industrial project located in the Southern New Jersey community of Palmyra. The facility will feature a clear height of 40 feet, 107 loading docks, 240 trailer stalls and 499 car parking spaces. Tac Pal Logistics Center also offers proximity to Route 130, Interstate 95 and the New Jersey Turnpike. Cushman & Wakefield and Avison Young have been tapped as co-leasing agents for the development, which is slated for a September 2022 delivery.
HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged a $16 million permanent loan for Mansfield Commons, a 272,046-square-foot retail center in the Northern New Jersey community of Hackettstown. Built in 1999, Mansfield Commons houses a 123,519-square-foot Walmart an 88,830-square-foot Kohl’s and a 21,674-square-foot Marshalls, as well as Harbor Freight Tools, Jersey Mike’s Subs and Dunkin’. Occupancy was 97 percent at the time of the loan closing. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year loan on behalf of the borrower, a subsidiary of National Realty & Development Corp.
NEWARK, N.J. — Wholesale discount merchandiser Costco has opened a 183,000-square-foot warehouse and distribution center roughly two miles from the Port of Newark. The facility sits on 12.6 acres and features a clear height of 40 feet, 36 exterior docks, 83 trailer parking spaces and 168 car parking spaces. RC Anderson served as the general contractor for the project, which was developed on a speculative basis by Illinois-based CenterPoint Properties.
BAYONNE, N.J. — Locally based developer Lincoln Equities Group has broken ground on Lincoln Logistics Bayonne, a 332,640-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 24-acre tract within a 153-acre waterfront site at which an 886,256-square-foot UPS shipping hub is currently under construction. Lincoln Logistics Bayonne will feature five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Cushman & Wakefield is marketing the project for lease. Construction is expected to be complete by the end of the year.
SOUTH AMBOY, N.J. — A partnership between Woodmont Industrial Partners and Joseph Jingoli & Son Inc. has broken ground on a 152,100-square-foot warehouse in South Amboy, located in the eastern part of the Garden State. The site spans 22 acres. Building features will include a clear height of 36 feet, 22 dock doors, ample trailer and car parking and the capacity to add 22 knock-out doors if desired by a tenant. Completion is slated for summer 2023.
NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $21.5 million loan for the acquisition and conversion of a 13-story vacant hotel located at 810 Broad St. in Newark. The borrower, a subsidiary of Winchester Equities LLC, plans to transform the property, which was originally constructed in 1912 as the headquarters of First National State Bank, into a multifamily complex. Upon completion, which is slated for late 2022, the property will house 106 apartments in studio and one-bedroom formats and a 7,500-square-foot restaurant.
PENNSVILLE, N.J. — A partnership between California-based CT Realty and PGIM Real Estate will develop Garden State Logistics Park, a 1.7 million-square-foot industrial park that will be located in Pennsville, about 40 miles south of Philadelphia. Garden State Logistics Park will consist of two buildings totaling roughly 1.2 million and 500,000 square feet. The buildings will be situated on 282 acres and will feature clear heights of 40 feet. Brian Fiumara of CBRE brokered the sale of the land. CBRE has also been tapped to lease the development. Completion is slated for the third quarter of 2023.
VOORHEES, N.J. — New Jersey-based First National Realty Partners (FNRP) has acquired Eagle Plaza, a 227,000-square-foot shopping center in Voorhees, located in the southern part of the Garden State. A 66,500-square-foot Acme grocery store anchors the center. Other tenants include Ross Dress for Less, Wine Warehouse, Mattress Firm, T-Mobile, Chipotle, H&R Block, Allstate, Sherwin-Williams and South Jersey Federal Credit Union. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
JERSEY CITY, N.J. — JLL has arranged a $25.5 million loan for the refinancing of Nest Micro Apartments, a multifamily complex in Jersey City. Built in 2021, Nest Micro consists of 122 studio apartments and 1,350 square feet of ground-floor retail space. Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio of JLL arranged the loan through Argentic Investment Management on behalf of the borrower, an entity doing business as 190 Academy Urban Renewal LLC.