CLIFTON, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $13.2 million sale of Oak Ridge Gardens, a 78-unit apartment complex in the Northern New Jersey community of Clifton. Kevin McCrann of Redwood Realty Advisors represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership plans to make capital improvements to the property.
OCEANPORT, N.J. — Birdsmouth Beer will open a 12,080-square-foot brewery in the coastal New Jersey community of Oceanport on Saturday, Oct. 15. The craft beer provider will operate out of The Commissary, a 53,000-square-foot food hall that is part of the redevelopment of the former Fort Monmouth military base. Gary Krauss of Pierson Commercial represented Birdsmouth Beer in the lease negotiations. Suzanne Macknow of CBRE represented the owner, Denholtz Properties, which also recently inked a 19,567-square-foot lease with MGT Foods.
NORTH HALEDON, N.J. — A partnership between two locally based firms, Tulfra Real Estate and The Hampshire Cos., has sold Molly Brook on Belmont, a 180-unit multifamily property in the Northern New Jersey community of North Haledon, for $89 million. Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the partnership and procured the buyer, JLL Income Property Trust, in the transaction. Amenities at the property include a pool, fitness center, dog park and a clubhouse. Molly Brook on Belmont was fully occupied at the time of sale. G.S. Wilcox & Co. arranged acquisition financing for the deal.
BOUND BROOK, N.J. — Citizens Bank has provided a $32.4 million construction loan for The Rail at Bound Brook, a 143-unit multifamily project in Northern New Jersey. The property will house studio, one- and two-bedroom units with an average size of 811 square feet, as well as 650 square feet of ground-floor retail space. Amenities will include a clubhouse, game room, yoga studio, courtyard and coworking space. Michael Klein, Jon Mikula and Michael Lachs of JLL arranged the three-year, floating-rate loan on behalf of the borrower, a joint venture between Denholtz Properties and Redwood Real Estate Group.
JERSEY CITY, N.J. — Veris Residential Inc. (NYSE: VRE), a publicly traded REIT with offices in New Jersey and Massachusetts, has agreed to sell Harborside 1, 2 and 3, a trio of adjacent office buildings in Jersey City. The unnamed buyer will purchase the properties for an aggregate price of $420 million, subject to closing adjustments. The three office buildings anchor Harborside, a 25-acre development that fronts the Hudson River and also houses five apartment communities, a Whole Foods Market, shops, eateries, the Harborside 5 and Harborside 6 office buildings, onsite daycare, urgent care and primary care medical space, and two parking garages. Veris recently signed Collectors Holdings, parent company of Professional Sports Authenticator, to a 130,000-square-foot lease at Harborside 3. Veris recently also closed on its $346 million sale of 101 Hudson Street, a 42-story office tower in Jersey City spanning nearly 1.3 million square feet of space. With sale of this and the Harborside portfolio, Veris is taking a big step toward the corporate goal of being a “pure-play multifamily REIT.” With these office sales and the stabilization of Haus25, a 750-unit apartment community underway in Jersey City, multifamily will represent 98 percent of Veris’ net operating income, …
JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.
UNION, N.J. — CBRE has negotiated the sale of Canter Green, a 153-unit apartment complex located in the Northern New Jersey community of Union. The property was built on six acres in 2021 and offers one-, two- and three-bedroom units. Amenities include a pool, lounges, fitness center, sport simulator, game room and a dog run. Jeff Dunne, Stuart MacKenzie, Zach McHale and Travis Langer of CBRE represented the seller, RMS Cos., in the transaction. The team also procured the buyer, Atlanta-based Invesco Real Estate.
NEWTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of a portfolio of three multifamily properties totaling 115 units in the Northern New Jersey community of Newton. Swartswood Gardens totals 32 units in one- and two-bedroom formats; Stonewood Apartments comprises 32 apartments in studio, one- and two-bedroom floor plans; and Mill Street Manor offers 51 residences in one-, two- and three-bedroom configurations. Joseph Keenan and Justin Lupo of Kislak represented the sellers, Red Knight Properties, in the transaction. The duo also procured the undisclosed buyer, which completed the purchase via a 1031 exchange.
CLIFTON, N.J. — Cushman & Wakefield has brokered the $16 million sale of a 62,535-square-foot medical office building located in the Northern New Jersey community of Clifton. Frank DiTommaso, David Bernhaut, Gary Gabriel and Max Helfman of Cushman & Wakefield represented the seller, First Equity Development Co., in the transaction. The buyer was a joint venture between Florida-based Rendina Healthcare Real Estate and Artemis Partners. At the time of sale, the property was fully leased to 10 tenants.
WESTWOOD, N.J. — Lakeland Bank has provided a $12 million loan for the refinancing of an 830-unit self-storage facility located in the Northern New Jersey community of Westwood. The property spans 113,800 net rentable square feet of space across 783 climate-controlled units and 47 drive-up units. Greg Nalbandian led a JLL team that arranged the loan on behalf of the borrower, Maxim Realty Trust, which developed the facility in 2017. Extra Space Storage operates the property.