New Jersey

CBRE Negotiates $18.7M Sale of Office, Warehouse Building in Ewing, New Jersey

by Taylor Williams January 10, 2022

EWING, N.J. — CBRE has negotiated the sale of a 310,000-square-foot office and warehouse building in the Trenton suburb of Ewing for $18.7 million. The property was originally built in 1995 as a build-to-suit for the seller and occupant, Educational Testing Service (ETS). Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Alec Monaghan of CBRE represented ETS in the transaction. The team also procured the undisclosed buyer, which will temporarily lease the space back to ETS.

January 10, 2022

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Negotiates $49.8M Sale of ITC Crossing South Shopping Center in Northern New Jersey

by Taylor Williams January 7, 2022

MOUNT OLIVE, N.J. — Locally based brokerage firm R.J. Brunelli & Co. has negotiated the $49.8 million sale of ITC Crossing South, a 373,612-square-foot shopping center located on 46 acres in Mount Olive, for $49.8 million. The property is home to retailers such as Lowe’s, Michaels, PetSmart, Old Navy, T.J. Maxx, Panera Bread, McDonalds, Longhorn Steakhouse and Bed, Bath & Beyond. The buyer, California-based Black Lion Investment Group, plans to implement a capital improvement program.

January 7, 2022

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $235M Refinancing for Distribution Center in Linden, New Jersey

by Taylor Williams January 5, 2022

LINDEN, N.J. — Cushman & Wakefield has arranged a $235 million loan for the refinancing of Buildings E and G at Linden Logistics Center in Northern New Jersey. The two buildings total approximately 1.3 million square feet. Northwestern Mutual provided the 10-year, fixed-rate loan to the borrower, a partnership between two New Jersey-based firms, Advance Realty Investors and Greek Development. John Alascio, Chuck Kohaut, T.J. Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev of Cushman & Wakefield arranged the financing. Construction of the three-building, 1.6 million-square-foot second phase of Linden Logistics Center is currently underway and expected to be complete in the third quarter.

January 5, 2022

Acquisitions Industrial New Jersey Northeast

Nuveen, Taconic Acquire Northern New Jersey Warehouse for $55M

by Taylor Williams January 5, 2022

MORRISTOWN, N.J. — A partnership between global investment management firm Nuveen Real Estate and New York City-based Taconic Partners has acquired a 296,000-square-foot warehouse in the Northern New Jersey community of Morristown for $55 million. The property was built on 17 acres in 1986 and was fully leased at the time of sale. Cushman & Wakefield brokered the deal. The seller was not disclosed.

January 5, 2022

Acquisitions Industrial New Jersey Northeast

Faropoint Acquires Industrial Portfolio in Northern New Jersey for $132.5M

by Taylor Williams January 4, 2022

HOBOKEN, N.J. — Locally based investment firm Faropoint has acquired a portfolio of 10 industrial buildings totaling 654,633 square feet in Northern New Jersey for $132.5 million. The portfolio was 98 percent leased at the time of sale. Four of the properties are located in Whippany, and four are located in Oakland. The other two are located in Fair Lawn. Marc Duval, Jose Cruz, Michael Oliver, Jordan Avanzato and Nick Stefans of JLL represented the seller, Kushner Cos., in the transaction. Faropoint will implement a capital improvement program that will include fresh paint jobs, replaced roofs and new lighting and sustainable features.

January 4, 2022

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Buys 198,000 SF Warehouse in Dayton, New Jersey

by Taylor Williams January 4, 2022

DAYTON, N.J. — Chicago-based investment firm CenterPoint Properties has purchased a 198,000-square-foot warehouse in the Northern New Jersey community of Dayton. The property sits on a 14-acre site and features a clear height of 31 feet and a separate two-acre parking lot. Bunny Escava and Isaac Setton of Kassin Sabbagh Realty brokered the transaction. The seller and sales price were not disclosed.

January 4, 2022

Affordable Housing Development Multifamily New Jersey Northeast

Walters Opens 70-Unit Affordable Housing Community in Lumberton, New Jersey

by Taylor Williams January 4, 2022

LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.

January 4, 2022

Acquisitions New Jersey Northeast Office

CBRE Negotiates $16M Sale of Office Building in Roseland, New Jersey

by Taylor Williams December 23, 2021

ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.

December 23, 2021

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 53-Unit Apartment Complex in Toms River, New Jersey

by Taylor Williams December 23, 2021

TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.

December 23, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $17.5M Sale of Multifamily Property in Plainfield, New Jersey

by Taylor Williams December 22, 2021

PLAINFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the sale of Stony Brook Gardens, a 70-unit multifamily property located in the Northern New Jersey community of Plainfield. The sales price equates to roughly $250,000 per unit. The two-story, garden-style property was built in 1961. Joni Sweetwood and Julie Gralla of Kislak represented the seller and the buyer, both of which requested anonymity, in the transaction.

December 22, 2021

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