SOMERSET, N.J. — Cushman & Wakefield has brokered the $12.9 million sale of Franklin Court, a 42,116-square-foot retail center located in the Northern New Jersey community of Somerset. Tenants at the property include Walgreens and KFC. Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard of Cushman & Wakefield represented the seller, Adoni Property Group, and procured the buyer, LJL Realty Co., in the transaction.
TEANECK, N.J. — Minnesota Life Insurance Co. has provided a $32 million loan for the refinancing of Glenpointe Centre East and Atrium at Glenpointe, two office buildings totaling 320,000 square feet that are located in the Northern New Jersey community of Teaneck. Glenpointe Centre East totals 240,000 square feet, and Atrium at Glenpointe spans 80,000 square feet. Tenants at both buildings, which were built in 1982 and were 94 percent leased at the time of the loan closing, have access to a 26,000-square-foot health club and both structured and surface parking areas. Thomas Didio Sr., Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the loan on behalf of the borrower, New Jersey-based Alfred Sanzari Enterprises. The debt was structured with a 10-year term and a fixed interest rate.
WOODLAND PARK, N.J. — City National Bank has provided a $60 million loan for the refinancing of a 205,000-square-foot industrial building located in the Northern New Jersey community of Woodland Park. The property at 1150 McBride Ave. features a clear height of 36 feet, two drive-in doors and ample trailer and employee parking. The borrower was a partnership between two New Jersey-based firms, The STRO Cos. and KRE Group.
BURLINGTON COUNTY, N.J. — JLL has arranged a $47 million construction loan for an undisclosed, 300-unit multifamily project that will be located in Southern New Jersey’s Burlington County. The community will offer one-, two- and three-bedroom units with an average size of 971 square feet. Amenities will include a pool, fitness center, business center, courtyard lounge, dog park, grilling stations and walking trails. Matthew Pizzolato, Michael Klein and Salvatore Buzzerio of JLL arranged the three-year, floating-rate loan through Wells Fargo on behalf of the undisclosed borrower. Completion is slated for the second quarter of 2024.
BROOKLAWN, N.J. — SRS Real Estate Partners has brokered the $8.8 million sale of a 1.5-acre retail property in the Southern New Jersey community of Brooklawn. The site houses a 4,950-square-foot structure that was built in 2019 and is leased to convenience store operator Wawa. Britt Raymond, Kyle Fant and Sabrina Kortlandt of SRS represented the seller, a New York-based hotelier, in the transaction. Winston Guest, also with SRS, represented the buyer, a California-based 1031 exchange investor.
WEEHAWKEN, N.J. — JLL has arranged a $19 million loan for the refinancing of 231WHK, a 60-unit, newly built multifamily project located in the Northern New Jersey community of Weehawken. The property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances and individual washers and dryers. Amenities include a gym, terrace and a common room. Matthew Pizzolato and Gerard Quinn arranged the five-year, fixed-rate loan through Columbia Bank on behalf of the undisclosed borrower.
HACKETTSTOWN, N.J. — A partnership between Kayne Anderson Real Estate and Remedy Medical Properties has purchased Patriot Plaza, a 65,658-square-foot medical office building in the Northern New Jersey community of Hackettstown. Brannan Knott, J.B. Bruno and Craig Parcells of JLL represented the undisclosed seller in the transaction. The property, which also houses conventional retail space, was 95 percent leased at the time of sale.
BAYONNE, N.J. — A joint venture between Cypress Equity Investments and Winter Properties has broken ground on Avenue G, a 354-unit multifamily project that will be located in the Northern New Jersey community of Bayonne. Residences at the transit-oriented community will feature stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets and individual washers and dryers. Amenities will include a fitness center, coworking areas, private courtyards and outdoor entertainment spaces. Minno & Wasko is the project architect, and ARC Building Partners is the general contractor. Completion is slated for the second half of 2024.
LINDEN, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 73,277 square feet in the Northern New Jersey community of Linden. The portfolio consists of a 46,674-square-foot industrial facility and a 26,603-square-foot industrial lab. The sale also included an adjacent 2.1-acre land site used as laydown yard. Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield represented the seller, Hub Realty, in the transaction and procured the buyer, Modlo.
BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.