WHARTON, N.J. — New Jersey-based developer Diversified Properties has broken ground on a 60-unit multifamily project in the Northern New Jersey community of Wharton. Irondale at Wharton will feature studio, one- and two-bedroom apartments that will be furnished with stainless steel appliances, quartz countertops and full-sized washers and dryers, as well as a gym and underground parking. Construction is expected to be complete in late 2023.
TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has begun construction on a 40-unit affordable seniors housing community in the Northern New Jersey community of Teaneck. The site of the five-story building, which will primarily offer one-bedroom units for renters over age 62 that meet certain income requirements, currently houses a vacant municipal facility. Completion is slated for late 2023.
MONTCLAIR, N.J. — A joint venture between two locally based developers, Bijou Properties and Accurate, has purchased a site in the Northern New Jersey community of Montclair that is fully approved for multifamily redevelopment. The joint venture plans to develop a 74-unit building, primarily with one- and two-bedroom units, as well as 3,873 square feet of retail space, at 65 Church St. Jose Cruz, Kevin O’Hearn, Ryan Robertson, Michael Oliver, Steve Simonelli and Michael Zlotnick of JLL worked on behalf of Bijou Properties to arrange Accurate’s $10 million equity investment.
BERNARDSVILLE, N.J. — Cushman & Wakefield has brokered the sale of a 54,845-square-foot office building located at 150 Morristown Road in Bernardsville, about 45 miles west of New York City. David Bernhaut, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, Denholtz Properties, and procured the buyer, an entity doing business as 150 Morristown Road LLC, in the transaction.
NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has topped out the Jack and Sheryl Morris Cancer Center, a $750 million treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as research labs and retail space. HOK Architects designed the project, and Jingoli is serving as the general contractor. Construction of the 12-story, 520,000-square-foot building is slated for completion in 2024.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.2 million sale of Winfield Scott Tower, a 48-unit apartment complex located in the Northern New Jersey community of Elizabeth. The 10-story building, which includes 26,000 square feet of retail space, was originally constructed in 1927 as a hotel and banquet hall and converted to residential use in the 1990s. Jeff Squires of Kislak represented the seller, a private lender that previously acquired the property out of foreclosure, in the transaction. Squires also procured the buyer, Magill Real Estate.
PLAINSBORO, N.J. — Cushman & Wakefield has brokered the sale of a 44,400-square-foot life sciences facility located at 107 Morgan Lane in Plainsboro, a suburb of Princeton. At the time of sale, the single-story building was leased to a subsidiary of global pharmaceutical firm WuXi AppTec. Frank DiTommaso, David Bernhaut and Andy Merin of Cushman & Wakefield represented the seller, XBL Realty, in the transaction. The buyer was undisclosed.
EAST RUTHERFORD, N.J. — Maryland-based industrial investment firm Realterm has acquired two buildings totaling 41,500 square feet in the Northern New Jersey community of East Rutherford. The adjacent buildings at 880 and 890 Paterson Plank Road sit on a combined 4.4 acres and respectively total 5,000 and 36,500 square feet. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented Realterm in the transaction. The seller was not disclosed.
JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $15.1 million sale of a 67,158-square-foot development site in Jersey City. The transit-served parcel at 100 Forrest St. is located in the city’s Bergen-Lafayette neighborhood. Yanni Marmarou, Jack Drillock and Andrea Nestico of B6 Real Estate represented the undisclosed seller in the transaction. The buyer and plans for the site were also not disclosed.
BRANCHBURG, N.J. — Progress Capital has arranged a $23 million construction loan for a 1,000-unit self-storage project in Branchburg, about 50 miles west of New York City. The site, which is also zoned to support the future development of 160 multifamily units, will house three two-story buildings with units of varying sizes. Kathy Anderson and Caillin Boles of Progress Capital arranged the three-year, interest-only loan, which also featured an option to convert to permanent financing, through Valley Bank. The borrower was Cyzner Properties. Construction is expected to last 18 to 24 months.