PISCATAWAY, N.J. — New York City-based Ready Capital has closed a $3.7 million loan for the acquisition, renovation and stabilization of a 100,000-square-foot industrial property in the Northern New Jersey community of Piscataway. The nonrecourse, interest-only loan was structured with a 48-year term, floating interest rate and one extension option. The borrower was not disclosed.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.
SADDLE BROOK, N.J. — ReadySpaces, a provider of warehousing and logistics services for small businesses, has signed a 164,500-square-foot industrial lease at 575 N. Midland Ave. in Saddle Brook, located outside of New York City in Bergen County. According to LoopNet Inc., the property sits on 7.3 acres and features clear heights of 14 to 28 feet. A supplier of corrugated boxes most recently occupied the facility. Mike Davis and Noah Balanoff of Colliers represented ReadySpaces in the lease negotiations.
NEW YORK CITY — New York City-based Ready Capital has closed a $22 million loan for the acquisition, renovation and stabilization of a portfolio of six industrial properties that are located in various parts of New Jersey and Pennsylvania. The nonrecourse, interest-only loan carried a 48-month term and a floating interest rate, an extension option and a facility to fund capital improvements. The borrower was not disclosed.
By Taylor Williams Northern New Jersey is teeming with new multifamily projects, many of them transit-oriented, that mesh suburban locations with urban lifestyles, making the region a desirable alternative to living in New York City. But more housing product is unquestionably needed. According to the U.S. Census Bureau, the Garden State’s population grew by 5.7 percent from approximately 8.8 million to 9.3 million in 2020. New Jersey is the 11th-most populous state and the fifth-smallest state by area, and thus has the highest level of population density in the country. The combination of a growing population and a very limited supply of land means that infill development sites that provide direct access to major cities, most notably New York City and Philadelphia, are highly coveted by developers of all property types. But developers that can deliver the right kind of housing on those sites play central roles in helping municipal leaders bring new jobs, retailers and restaurants to their communities. CENTURION Union Center, a mixed-use project which includes nearly 300 new homes and approximately 27,000 square feet of retail space, is just one such project that ties together a basic need for housing with a larger revitalization of the community. …
ROCKAWAY, N.J. — CBRE has negotiated the $19.6 million sale of a 121,038-square-foot industrial property in the Northern New Jersey community of Rockaway. The property sits on 13.7 acres and formerly served as an office building for Party City. Charles Berger, Mark Silverman, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. CBRE has also been tapped to market the complex for lease on behalf of the undisclosed buyer.
NEWARK, N.J. — JLL has arranged the sale of a 131,205-square-foot industrial warehouse and distribution center located on a five-acre site at 241 Oraton St. in Newark. The property features a clear height of 25- to 28-feet, nine loading docks and 9,789 square feet of office space. Jordan Avanzato, Marc Duval, Jose Cruz, Nick Stefans and Josh Stein of JLL represented the seller, Jewels Transportation, in the transaction. David Sitt, Peter Rotchford, Matthew Pizzolato and Jake Moore of JLL arranged acquisition financing for the deal through National Life Group on behalf of the borrower, Thor Equities. The nonrecourse loan was structured with an 11-year term and a fixed interest rate.
PASSAIC, N.J. — A partnership between locally based investment firm STRO Cos. and The Millstein Family Office has acquired a 90,000-square-foot warehouse and manufacturing building located at 147 Falstrom Court in Passaic, about 30 miles northwest of Manhattan. James McNerney of McBride Corporate Real Estate represented the buyer in the transaction. Additional terms of sale were not disclosed.
LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.
MAHWAH, N.J. — CBRE has negotiated the $17.5 million sale of an industrial development site located at 1000 MacArthur Blvd. in the Northern New Jersey community of Mahwah. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Patrick Cavanagh of CBRE represented the seller, TD Bank, in the transaction. The team also procured the buyer, a partnership between Russo Development and PGIM. The new ownership has secured approvals to develop a 200,000-square-foot building. Demolition of the existing 60,000-square-foot structure on site is set to begin in the coming days.