MIDLAND PARK, N.J. — Cushman & Wakefield has brokered the $11 million sale of two industrial buildings totaling 38,500 square feet in the Northern New Jersey community of Midland Park. The properties sit on a combined 3.8 acres and were recently upgraded. Gary Gabriel, Kyle Schmidt and Seth Zuidema represented the seller, VanRock Properties, in the transaction and procured the buyer, Bassen Properties.
PARSIPPANY, N.J. — Colliers has relocated its office in the Northern New Jersey community of Parsippany. The space spans 7,500 square feet and is located within Northpoint, a 225,000-square-foot development that is owned by Vision Real Estate Partners. The building underwent a multimillion-dollar renovation program in 2020. Colliers employs some 50 brokers and 25 dozen support team members across its four New Jersey offices.
NEWARK, N.J. — Greystone has provided $74.3 million in Fannie Mae financing for a portfolio of 17 affordable housing properties totaling 574 units in Newark. The financing comprises five separate loans, all of which carry 10-year terms and 30-year amortization schedules. The properties range in size from nine to 108 units. Some of the assets are reserved for renters earning 60 percent or less of the area median income (AMI), while others feature an income restriction threshold of 80 percent of AMI. Hope Curtis of Greystone originated the financing. The borrower(s) were not disclosed.
FAIRFIELD, N.J. — Chicago-based investment firm CenterPoint Properties has acquired a 57,731-square-foot industrial building in the Northern New Jersey community of Fairfield. The undisclosed tenant will continue to lease back the space, which is situated on a 4.3-acre site. Eric Lewin and Joe Manganaro of Team Resources brokered the deal, which traded off-market.
WILLINGBORO, N.J. — New Jersey-based brokerage firm Jeffery Realty has arranged the sale of Willingboro Town Center, a 30,000-square-foot shopping center in Southern New Jersey. The property was built in 2006 and is located at 4376 Route 130. Shane Wierks of Jeffery Realty represented the undisclosed seller and procured the buyer, a private investor, in the transaction.
EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a multifamily development site in the Northern New Jersey community of Orange that is fully entitled for 103 market-rate units. The five-story complex will be known as Orange Valley Lofts and will include onsite parking, a lobby, bike room, terrace and an amenity room. Julie Gralla of Kislak represented the seller, Tritop Realty, in the land deal. Joni Sweetwood, also with Kislak, represented the buyer, an affiliate of Reynolds Asset Management. The sales price and a construction timeline were not disclosed.
HOBOKEN, N.J. — JLL has arranged a $25 million loan for the refinancing of a 95,688-square-foot shopping center located at 900 Madison St. in the Northern New Jersey community of Hoboken. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Thomas Didio and Thomas Didio Jr. of JLL arranged the loan through an affiliate of Minnesota Life Insurance Co. on behalf of the borrower, an entity doing business as Northwest Redevelopment Supermarkets LLC. The loan carried a 10-year term and a fixed interest rate.
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.