New Jersey

Enburg Group Opens 378-Unit Apartment Community in Hackensack, New Jersey

by Taylor Williams December 13, 2021

HACKENSACK, N.J. — Enburg Group, a developer that was established in Taiwan in 1978 as a food manufacturer, has opened Brick of Hackensack, a 378-unit apartment community in the Northern New Jersey city’s downtown area. The 15-story building features studio, one- and two-bedroom units that are furnished with stainless steel appliances, marble quartz countertops and individual washers and dryers. Amenities include a pool, fitness center with a yoga studio and a clubhouse with a pool table and TVs. Rents start at $1,800 per month for a studio unit.

December 13, 2021

Acquisitions Loans Multifamily New Jersey Northeast

JLL Negotiates Sale of 163-Unit Apartment Community in Montclair, New Jersey

by Taylor Williams December 10, 2021

MONTCLAIR, N.J. — JLL has negotiated the sale of Montclair Residences at Bay Street Station, a 163-unit apartment community in Northern New Jersey. Built in 2008, the transit-oriented property features studio, one- and two-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, lounge and outdoor grilling areas. Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn of JLL represented the seller, New York-based Clarion Partners, in the transaction. Natixis, an international investment bank based in Paris, provided a $54 million, floating-rate acquisition loan to the buyer, a joint venture between Mill Creek Residential and Cigna Investment Management. Matthew Pizzolato, Andy Scott, Tom Didio Jr. and Gerard Quinn of JLL placed the debt.

December 10, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $17.6M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams December 10, 2021

PLAINFIELD, N.J. — Progress Capital has arranged a $17.6 million construction loan for a 104-unit multifamily project in the Northern New Jersey community of Plainfield. In addition to one commercial space, the property will offer 10 studio apartments, 61 one-bedroom units and 33 two-bedroom residences. Amenities will include a clubhouse, fitness center and outdoor grilling and recreational areas. Brad Domenico and Eddie Miro of Progress Capital arranged the three-year, interest-only loan through Trevian Capital on behalf of the borrower, West of Hudson Properties.

December 10, 2021

491-Edward-H.-Ross-Drive-Elmwood-Park-New-Jersey

Leasing Activity Life Sciences New Jersey Northeast

BioReference Laboratories Signs 160,000 SF Life Sciences Lease in Elmwood Park, New Jersey

by Taylor Williams December 8, 2021

ELMWOOD PARK, N.J. — BioReference Laboratories, an operator focused on the genetics, women’s health, oncology and urology fields, has signed a 160,000-square-foot life sciences lease renewal in the Northern New Jersey community of Elmwood Park. The tenant now operates three full-building labs totaling 209,904 square feet at 481, 487 and 491 Edward H. Ross Drive. Chris Olsen of Eagle Real Estate Group represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, New Jersey-based Alfred Sanzari Enterprises, on an internal basis.

December 8, 2021

First-Bordentown-Logistics-Center-New-Jersey

Development Industrial New Jersey Northeast

First Industrial to Develop 208,000 SF Spec Distribution Center in Bordentown, New Jersey

by Taylor Williams December 7, 2021

BORDENTOWN, N.J. — Chicago-based First Industrial Realty Trust will develop First Bordentown Logistics Center, a 208,000-square-foot speculative distribution center that will be located on the southern outskirts of Trenton. Building features will include a clear height of 36 feet, 45 trailer stalls, 42 dock doors, an ESFR sprinkler system and 2,950 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the undisclosed seller in the disposition of the 20-acre site on which the property will be located. Along with Cushman & Wakefield, NAI Mertz has also been tapped to market the facility for lease. Completion is slated for late 2022.

December 7, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges Two Loans Totaling $45.5M for Refinancing of New Jersey Apartments

by Taylor Williams December 7, 2021

NUTLEY AND PALISADES PARK, N.J. — JLL has arranged two loans totaling $45.5 million for the refinancing of a pair of multifamily properties totaling 321 units in Northern New Jersey. Village Manor is a 227-unit community in Nutley that was originally built in 1950 and features one- and two-bedroom units ranging in size from 659 to 910 square feet. Palisades Manor is a 94-unit complex that was originally constructed in 1935 and offers studio, one- and two-bedroom units with an average size of 946 square feet. John Hancock Financial provided the fixed-rate loans, which respectively total $31.5 million and $14 million, to the borrower, Tidewater Real Estate. Greg Nalbandian and Michael Lachs of JLL placed the loans.

December 7, 2021

100-Tice-Boulevard-Woodcliff-Lake-New-Jersey

Leasing Activity New Jersey Northeast Office

Party City to Relocate Corporate Headquarters to Woodcliff Lake, New Jersey

by Taylor Williams December 6, 2021

WOODCLIFF LAKE, N.J. — Accessories retailer Party City will relocate its corporate headquarters to 100 Tice Boulevard, a 208,911-square-foot office building located in the Northern New Jersey community of Woodcliff Lake. The company is consolidating its current headquarters offices in Rockaway and Elmsford, New York, into one location beginning next year. Ben Brenner of Cushman & Wakefield and Harlan Hollander of Savills represented Party City in the lease negotiations. Joe Sarno Sr., Jon Meisel and Jeff Babikian of CBRE represented the landlord, Signature Acquisitions.

December 6, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $44.3M Acquisition Loan for New Jersey Multifamily Portfolio

by Taylor Williams December 6, 2021

MAHWAH, WESTWOOD AND SHORT HILLS, N.J. — Progress Capital has arranged a $44.3 million acquisition loan for a portfolio of three multifamily properties totaling 175 units in Northern New Jersey. Rolling Gardens is a 76-unit complex in Mahwah that consists of four buildings on a 5.3-acre site. Westview Apartment Complex totals 48 units across nine buildings and is located in Westwood. Short Hills Village comprises 51 units across three buildings and is located in Short Hills. Brad Domenico and Eddie Miro of Progress Capital arranged the loan in collaboration with Eric Regenbogen of Arbor Commercial Mortgage. The borrower was not disclosed.

December 6, 2021

Development Multifamily New Jersey Northeast

Urby Begins Leasing 381-Unit Apartment Community in Harrison, New Jersey

by Taylor Williams December 2, 2021

HARRISON, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing its namesake multifamily property in the Northern New Jersey community of Harrison. The community consists of 381 units with studio, one-, two- and three-bedroom floor plans. Amenities include a pool, community garden, grilling areas, fitness center with a basketball court, rentable chef’s kitchen, dog run and an onsite café. Dutch architectural firm Concrete designed the community. Rents start at $1,935 per month for a studio apartment.

December 2, 2021

Acquisitions New Jersey Northeast Retail

Irgang Group Acquires 393,000 SF Union Lake Crossing Shopping Center in Millville, New Jersey

by Taylor Williams December 2, 2021

MILLVILLE, N.J. — New York-based investment and management firm Irgang Group has acquired Union Lake Crossing, a 393,000-square-foot grocery-anchored shopping center in Millville, located in the southern part of the state. Built on 43.3 acres in 2006, the property houses tenants such as Shoprite, Kohl’s, Ross Dress for Less, Staples and PetSmart. Restaurant users include Buffalo Wild Wings, Moe’s Southwest Grill and Sonic. Ben Bruner of Bruner Group represented Irgang Group in the transaction. Chris Munley, James Galbally and Colin Behr of JLL represented the seller, Goodman Properties.

December 2, 2021

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