EAST RUTHERFORD, N.J. — Denver-based EverWest Real Estate Investors has purchased a 117,000-square-foot warehouse in the Northern New Jersey community of East Rutherford for $37.1 million. Building features include a clear height of 26 feet, 10 dock-high doors, one drive-in door and 16,000 square feet of office space. The seller, cleaning and sanitizing products provider Diamond Chemical, will continue to lease the space as the building’s sole occupant.
PATERSON, N.J. — Kirker Enterprises Inc., a manufacturer that serves the fashion industry, has sold a 152,000-square-foot industrial building located in the Northern New Jersey community of Paterson. The building sits on three acres and features four drive-in doors, 12 loading docks and clear heights of 14 to 22 feet. Russell Verducci and Eric Demmers of NAI James E. Hanson teamed with Hanna Commercial Real Estate to represent the seller in the transaction. The buyer was an entity doing business as 55 East 6 LLC.
METUCHEN, N.J. — Locally based investment firm Seagis Property Group has purchased a 158,641-square-foot industrial facility located in the Northern New Jersey community of Metuchen. The front-load building features a clear height of 21 feet, 20 tailgate doors, two drive-in ramps and parking for 25 trailers. The seller was New Jersey-based trucking company P&V Warehouse Distribution. Steve Bussel of Bussel Realty Corp. represented both parties in the transaction. Seagis plans to implement a multimillion-dollar value-add program.
EAST RUTHERFORD, N.J. — California-based Temco Logistics has signed a 57,076-square-foot industrial lease in the Northern New Jersey community of East Rutherford. The space features a clear height of 24 feet, two drive-in ramps and 4,700 square feet of office space. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the tenant in the lease negotiations. Monte Radfar and Eric Lewin of Team Resources represented the landlord, Safer Development & Management.
HACKENSACK, N.J. — Cushman & Wakefield has brokered the $7.3 million sale of the Burlews Industrial Portfolio, a collection of seven industrial buildings totaling 44,500 square feet in Hackensack. Andrew Schwartz, Jordan Sobel and André Balthazard of Cushman & Wakefield represented the seller, Brentwood Realty, and procured the buyer, private investor Dave Goldberg, in the transaction. The portfolio was fully leased to 11 tenants at the time of sale.
NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.
FAIRFIELD, N.J. — Custom metal products provider Showman Fabricators has signed a 78,000-square-foot industrial lease at 15 Law Drive in the Northern New Jersey community of Fairfield. The newly renovated facility features a clear height of 18 feet and four loading docks. Chuck Fern, Thomas Tucci, Torsten Thaler and Natalie Gorga of Cushman & Wakefield represented both Showman Fabricators and the landlord, The STRO Cos., in the lease negotiations.
HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.
MONTCLAIR, N.J. — PGIM Real Estate has provided an $87.1 million loan for the refinancing of Valley & Bloom, a 258-unit multifamily property located in the Northern New Jersey community of Montclair. Valley & Bloom features studio, one-, two- and three-bedroom units with stainless steel appliances and full-size washers and dryers, as well as roughly 20,000 square feet of both office and retail space. Residential amenities include two fitness centers, two rooftop decks, two courtyard lounges, a resident clubhouse and a children’s playroom. Jim Cadranell, Jon Mikula and Michael Lachs of JLL arranged the seven-year, floating-rate loan on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty.
EAST RUTHERFORD, N.J. — Triple Five Group, the owner of the 3 million-square-foot American Dream shopping, dining and entertainment destination in Northern New Jersey, will soon open a 10,000-square-foot food hall. The food hall will feature seven concepts, including Van Leeuwen Ice Cream, Best Pizza and Vanessa’s Dumpling House, as well as wine bar Vinoteca and confectionary Lady M. The space will include seating and game areas and will be located near the live music and performance stage. A grand opening with a cornhole tournament, kids’ game and live music will take place on Wednesday, July, 13.