CHERRY HILL, N.J. — Marcus & Millichap has brokered the $21.4 million sale of Cherry Hill Office Center, a five-building campus located outside of Philadelphia in Southern New Jersey. The buildings were constructed between 1968 and 1975 and total 183,731 square feet. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Cherry Hill Office Center was 90 percent leased at the time of sale.
WEST CALDWELL, N.J. — Locally based brokerage firm Jeffery Realty has negotiated the sale of a 3,800-square-foot retail building in the Northern New Jersey community of West Caldwell. The property at 559 Bloomfield Ave. currently houses an AAMCO auto repair shop. Bill Farkas of Jeffery Realty represented the seller in the transaction. Jon Corbiscello of Keller Williams represented the buyer, a private investor. Both parties requested anonymity.
FAIR LAWN, N.J. — NAI James E. Hanson has brokered the sale of a two-story, 25,944-square-foot medical office building in the Northern New Jersey community of Fair Lawn. Darren Lizzack and Randy Horning of NAI Hanson represented both the buyer, TYH Acquisitions LLC, and the seller, an entity doing business as 2300 RT 208 LLC, in the transaction. Additional terms of sale were not disclosed.
ALLENDALE, N.J. — Black Bear Capital Partners (BBCP) has arranged a $44 million permanent loan for Allendale Corporate Center, a 389,000-square-foot industrial complex in Northern New Jersey. The center comprises six buildings that are leased to tenants such as Martab Medical, Bosch/Syntegon Pharma Tech, Alan Baird Industries Inc, Acuitive and Collagen Matrix. Emil DePasquale of BBCP arranged the 10-year, fixed-rate loan, which carried a 65 percent loan-to-value ratio, through Morgan Stanley.
UNION, N.J. — JLL has arranged a $31 million loan for the refinancing of Liberty Hall Center I, a 210,000-square-foot office building located in the Northern New Jersey community of Union. The five-story building was originally designed in 1988 to house the headquarters of regional energy provider Elizabethtown Gas and features amenities such as a cafeteria, conference center and outdoor lounge areas. Jon Mikula, Max Custer and Michael Lachs of JLL arranged the loan through Knighthead Funding. The borrower, an entity doing business as Liberty Hall Joint Venture LLC, will use a portion of the proceeds to fund capital improvements.
CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed several new tenants to Cherry Mill Mall in metro Philadelphia. Apparel brands Psycho Bunny and Levi’s have signed leases for 2,390 and 3,000 square feet with plans to open in mid-2023 and late 2022, respectively. Seafood restaurant Eddie V’s has also committed to 8,685 square feet and is targeting a spring 2023 opening. Laura Pomerantz of Cushman & Wakefield represented Levi’s in the lease negotiations. Steve Gartner and Drew Schaul of CBRE represented Psycho Bunny, and David Orkin, also with CBRE, represented Eddie V’s.
HOLMDEL, N.J. — LT Apparel, a manufacturer of children’s clothing, has opened a 13,086-square-foot office within Campus, a 72,000-square-foot flexible workspace located within the Bell Works mixed-use development in the Central New Jersey community of Holmdel. Jeff Garibaldi, Tara Keating and Lindsey Florio of The Garibaldi Group represented the landlord, Inspired by Somerset Development, in the lease negotiations. Global cloud communications firm Vonage has also committed to an undisclosed amount of space at Campus, which houses breakout rooms and conference facilities.
PARAMUS, N.J. — Unibail-Rodamco-Westfield (URW), a shopping center owner-operator based in France, has unveiled plans to redevelop Westfield Garden State Plaza, a 2.1 million-square-foot regional mall in the Northern New Jersey community of Paramus. According to Forbes, Westfield Garden State Plaza remains one of the best-performing regional malls in the country. But about 10 years ago, URW began planning a long-term redevelopment to distinguish the property from and compete with American Dream, Triple Five Group’s entertainment-heavy mega-mall that is located within the Meadowlands sports complex in nearby East Rutherford. To that end, URW executive vice president Geoff Mason says that the redevelopment is about transitioning the mall into a mixed-use destination where living, working and leisure all come together. The first phase of the redevelopment will center on the construction of 550 luxury apartments that will be integrated with the existing shopping and dining establishments via open green space. Phase I will also introduce a “main street’ outdoor district featuring restaurants and everyday convenience- and services-oriented retailers. Ownership also plans to upgrade the existing infrastructure that connects to public transit services. Construction is scheduled to begin in 2024, with the first residential units becoming available for occupancy in 2026. The …
EWING, N.J. — JLL has arranged a $14.5 million loan for the refinancing of a 130,000-square-foot distribution center located in the Central New Jersey city of Ewing. The newly built property sits on 22.6 acres and features a clear height of 40 feet, 18 dock-high doors and 32 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the 11-year, fixed-rate loan through Nationwide Life Insurance Co. on behalf of the borrower, Herring Properties. At the time of the loan closing, the facility was fully leased to Binsky & Snyder, a provider of mechanical construction services.
POHATCONG, N.J. — Locally based developer Larken Associates has received approval from the Pohatcong Township Land Use Board for Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. Construction is expected to begin in mid-2023 and to be complete in early 2025.
