NEWARK, N.J. — Wholesale discount merchandiser Costco has opened a 183,000-square-foot warehouse and distribution center roughly two miles from the Port of Newark. The facility sits on 12.6 acres and features a clear height of 40 feet, 36 exterior docks, 83 trailer parking spaces and 168 car parking spaces. RC Anderson served as the general contractor for the project, which was developed on a speculative basis by Illinois-based CenterPoint Properties.
BAYONNE, N.J. — Locally based developer Lincoln Equities Group has broken ground on Lincoln Logistics Bayonne, a 332,640-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 24-acre tract within a 153-acre waterfront site at which an 886,256-square-foot UPS shipping hub is currently under construction. Lincoln Logistics Bayonne will feature five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Cushman & Wakefield is marketing the project for lease. Construction is expected to be complete by the end of the year.
SOUTH AMBOY, N.J. — A partnership between Woodmont Industrial Partners and Joseph Jingoli & Son Inc. has broken ground on a 152,100-square-foot warehouse in South Amboy, located in the eastern part of the Garden State. The site spans 22 acres. Building features will include a clear height of 36 feet, 22 dock doors, ample trailer and car parking and the capacity to add 22 knock-out doors if desired by a tenant. Completion is slated for summer 2023.
NEWARK, N.J. — Los Angeles-based Parkview Financial has provided a $21.5 million loan for the acquisition and conversion of a 13-story vacant hotel located at 810 Broad St. in Newark. The borrower, a subsidiary of Winchester Equities LLC, plans to transform the property, which was originally constructed in 1912 as the headquarters of First National State Bank, into a multifamily complex. Upon completion, which is slated for late 2022, the property will house 106 apartments in studio and one-bedroom formats and a 7,500-square-foot restaurant.
PENNSVILLE, N.J. — A partnership between California-based CT Realty and PGIM Real Estate will develop Garden State Logistics Park, a 1.7 million-square-foot industrial park that will be located in Pennsville, about 40 miles south of Philadelphia. Garden State Logistics Park will consist of two buildings totaling roughly 1.2 million and 500,000 square feet. The buildings will be situated on 282 acres and will feature clear heights of 40 feet. Brian Fiumara of CBRE brokered the sale of the land. CBRE has also been tapped to lease the development. Completion is slated for the third quarter of 2023.
VOORHEES, N.J. — New Jersey-based First National Realty Partners (FNRP) has acquired Eagle Plaza, a 227,000-square-foot shopping center in Voorhees, located in the southern part of the Garden State. A 66,500-square-foot Acme grocery store anchors the center. Other tenants include Ross Dress for Less, Wine Warehouse, Mattress Firm, T-Mobile, Chipotle, H&R Block, Allstate, Sherwin-Williams and South Jersey Federal Credit Union. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
JERSEY CITY, N.J. — JLL has arranged a $25.5 million loan for the refinancing of Nest Micro Apartments, a multifamily complex in Jersey City. Built in 2021, Nest Micro consists of 122 studio apartments and 1,350 square feet of ground-floor retail space. Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio of JLL arranged the loan through Argentic Investment Management on behalf of the borrower, an entity doing business as 190 Academy Urban Renewal LLC.
SECAUCUS, N.J. — A partnership between New Jersey-based Woodmont Properties, Canoe Book Development and affordable/workforce housing owner-operator PIRHL has completed The Waterton, a multifamily project in the Northern New Jersey community of Secaucus. Of the property’s 116 units, 23 are reserved for households earning between 20 and 60 percent of the area median income. Residences are available in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, entertainment lounge, children’s playroom, coffee bar and outdoor grilling and dining areas. Rents start at $2,600 per month for a studio apartment.
EAST ORANGE, N.J. — Northmarq has provided a $16 million Fannie Mae permanent loan for The Harrison, a 103-unit apartment complex located in the Northern New Jersey community of East Orange. The newly built property offers studio, one- and two-bedroom units with private balconies, stainless steel appliances and walk-in closets. Robert Ranieri of Northmarq originated the loan on behalf of the undisclosed borrower.
JERSEY CITY, N.J. — A joint venture between Kushner Real Estate Group (KRE) and Northwestern Mutual has completed the lease up of 351 Marin, a 507-unit multifamily project in Jersey City’s Powerhouse Arts District. The property is now fully occupied. Designed by Hollwich Kushner and HLW Architects, the 38-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and Whirlpool washers and dryers. Amenities include a sky lounge, pool, fitness center with a yoga studio, outdoor grilling stations, community garden and a dog park.