FORT MONMOUTH, N.J. — A joint venture between New Jersey-based Somerset Development and PulteGroup will undertake a multifamily redevelopment project at the Lodging Area, a 15-acre site in Fort Monmouth, located in the central coastal part of the Garden State. The Lodging Area currently houses eight buildings, two of which are listed on the National Register of Historic Places, that will be repurposed into 36 affordable housing units. The development team will demolish the other six buildings to develop 144 townhomes. Including infrastructure such as a waterfront walkway, the project represents a total capital investment of about $30 million and is expected to generate more than 200 new construction jobs.
TINTON FALLS, N.J. — Developer WinnCos. and nonprofit Soldier On are nearing completion of a $23 million affordable housing project in Tinton Falls, located in the northern coastal part of the state. The property is reserved for military veterans, including those transitioning from homelessness, and offers services such as telehealth, homeownership guidance, credit counseling and legal counseling. In addition to apartments for veterans up to 80 percent of the area median income (AMI), the community includes a mix of residences for those earning up to 30 and 50 percent of AMI. All 70 units feature a one-bedroom floor plan. The community is slated to open next month, and about 80 percent of the 70 residences have already been leased. Construction began last fall.
FLANDERS, N.J. — Rita’s Ice, a Pennsylvania-based concept that specializes in custard and Italian ice, has signed a 1,973-square-foot retail lease at ITC Crossing South Shopping Center in Flanders, about 50 miles west of New York City. The tenant will backfill a space previously occupied by Amy Murphy Salon, which is relocating to a 5,000-square-foot space within the 514,903-square-foot center. The opening is scheduled for the first quarter of 2022. Danielle Brunelli of R.J. Brunelli & Co. represented the landlord in the lease negotiations.
HOPEWELL, N.J. — BeiGene, a global biotech firm that develops cancer medicines, will open a 400,000-square-foot life sciences facility in Hopewell, a suburb of Trenton. The manufacturing and research facility will be situated on a 42-acre site within the Princeton West Innovation Campus that was previously owned by pharmaceutical giant Bristol Myers Squibb. Lincoln Equities Group owns Princeton West Innovation Campus. Construction is expected to begin in 2022 and to be complete in late 2023 or early 2024.
EAST BRUNSWICK, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. has negotiated the $4.9 million sale of a 25,000-square-foot retail property in East Brunswick, located in Middlesex County. A Jersey Strong health club occupies the freestanding building. R.J. Brunelli represented the seller, WOW Plaza III LLC, in the transaction. Ellen Quentzel of Jordan Baris Inc. Realtors represented the buyer, New York-based KHC Development Inc.
GARWOOD, N.J. — Locally based firm Russo Development has begun leasing Vermella at Garwood Station, a 296-unit apartment community located in the Northern New Jersey community of Garwood. Residences come in studio, one- and two-bedroom formats and feature 9-foot ceilings, individual washers and dryers and private balconies/patios in select units. The transit-served property offers 40,000 square feet of indoor and outdoor amenity space that houses a clubroom with game tables and media center, multi-sport simulator, business and coworking center, fitness center with yoga and spin studios, a juice bar and private dining space. Vermella at Garwood Station also houses 19,500 square feet of ground-floor retail space. Rents start at approximately $2,300 per month for a studio apartment.
LAWRENCEVILLE, N.J. — JLL has negotiated the sale of a 632-unit multifamily property in Lawrenceville, located outside of Princeton. Built between 1992 and 1996, the property consists of 19 buildings that house one-, two- and three-bedroom units with an average size of 1,120 square feet. Amenities include two pools, a fitness center, dog park, tennis court, racquetball court, playground and outdoor grilling areas. Jose Cruz, Michael Oliver, Steve Simonelli and Kevin O’Hearn of JLL represented the seller, AvalonBay Communities, in the transaction. The buyer and sales price were not disclosed.
HILLSIDE, ROCHELLE PARK AND CLIFTON, N.J. — Locally based firm Quinlan Development Group has sold a portfolio of three self-storage facilities totaling 3,606 units to New York City-based RXR Realty for $108.5 million. The properties, which were completed between fall 2019 and summer 2021 and total 422,609 gross square feet, are located in the Northern New Jersey communities of Hillside, Rochelle Park and Clifton. Additional terms of the sale were not disclosed.
EASTAMPTON TOWNSHIP, N.J. — New York City-based developer Rockefeller Group has broken ground on a 345,600-square-foot distribution center in Eastampton Township, located about 30 miles east of Philadelphia. Rockefeller Group Logistics Center Eastampton will feature a clear height of 36 feet, 96 trailer parking spaces, 384 auto parking spaces, 18-foot truck court depths and 4,000 square feet of office space. KSS Architects designed the project, and Menlo Engineering is the civil engineer. Blue Rock Construction is serving as the general contractor, and CBRE has been tapped to lease the development. Completion is slated for next fall.
FLEMINGTON, N.J. — New Jersey-based developer Larken Associates is underway on preliminary site work for Flemington Junction Business Park, a 150,000-square-foot industrial project in Northern New Jersey. The project will comprise four buildings on a 29-acre site that is located just one mile from U.S. Route 31. Building features will include clear heights of 32 feet and LED lighting, while the entire complex will feature 270 car parking spaces. Larken Associates’ in-house construction management team, Core Enterprises, is overseeing development of the project, which is slated for a fourth-quarter 2022 delivery.