NORTH HALEDON, N.J. — G.S. Wilcox & Co. has arranged a $52 million loan for the refinancing of a 180-unit multifamily asset located in the Northern New Jersey community of North Haledon. The four-building property features amenities such as a pool, pet park, fitness center, clubhouse and an outdoor entertainment area. Gretchen Wilcox, Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the 20-year loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.
NEWARK, N.J. — Global investment management firm Realterm has acquired a 33,500-square-foot industrial property located at 74 Avenue L in Newark. The facility sits on a 1.7-acre site near the Port of Newark and features 15 dock-high doors. The seller and sales price were not disclosed. Torsten Thaler, Steve Shoemaker and Tom Tucci at Cushman & Wakefield brokered the deal.
CEDAR GROVE, N.J. — Fort Worth-based investment firm MAG Capital Partners has acquired a 144,025-square-foot manufacturing facility in the Northern New Jersey community of Cedar Grove. Built on 13.9 acres in 1984 and renovated in 2020, the single-story facility features a clear height of 25 feet. MAG Capital Partners acquired the property from Contract Filling Inc. (CFI), a provider of fragrances, deodorants and cosmetic products. Harvey Pava and Jordan Shea of Walker & Dunlop advised the buyer on debt financing. A sale-leaseback transaction was completed with private equity firm CORE Industrial Partners’ portfolio company Arizona Natural Resources (ANR), which announced its acquisition of CFI in mid-August.
LAWRENCEVILLE, N.J. — Delaware Valley Retina Associates has signed a 5,938-square-foot healthcare lease renewal at Princess Road Office Park in Lawrenceville, a northern suburb of Trenton. Larken Associates owns the property, which comprises 47,094 square feet of office and medical office space across two buildings on a nine-acre site. Vinny DiMeglio of JLL represented the tenant in the lease negotiations.
VINELAND, N.J. — California-based investment firm Provender Partners has purchased a 217,540-square-foot food production and distribution facility located in the Southern New Jersey community of Vineland for $22.5 million. Built in the mid-1990s, the facility features clear heights of 28 feet, 23 dock-high doors, ample trailer parking and both freezer and cooler space. The 18-acre site also has the potential to be expanded. Provender Partners acquired the facility from the tenant, Safeway, in a sale-leaseback. Ryan Guittare and Kurt Montagano of Newmark brokered the deal.
CHERRY HILL, N.J. — Federal Realty Investment Trust has signed leases with three new tenants at Ellisburg Shopping Center, a 260,000-square-foot retail destination located outside of Philadelphia in Cherry Hill. Wren Kitchen will open a 14,346-square-foot store and showroom this winter. Childcare franchise Adventure Kids Playcare will debut its 8,564-square-foot facility this fall, and fast casual eatery BurgerFi will open a 3,000-square-foot restaurant in early September. Other tenants at Ellisburg Shopping Center include Whole Foods Market, Buy Buy Baby and Restoration Hardware Outlet.
DEPTFORD AND TOMS RIVER, N.J. — New Jersey-based brokerage firm Jeffery Realty has negotiated two retail leases totaling 3,400 square feet in the Southern New Jersey communities of Deptford and Toms River. Shane Wierks and Alan Walker of Jeffery Realty represented the tenant, health supplements provider GNC, in both sets of lease negotiations. Joe Allegro, Giorgio Vasilis and Justin Goodman of Sitar represented the landlord in the Deptford deal. Shane Hart and Joe Dougherty of Metro Commercial represented the landlord in the Toms River deal.
UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of customers, drive growth and profitability, and improve its balance sheet and cash flows. “We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” says Sue Gove, director and interim CEO. Bed Bath & Beyond has retained national firm Russell Reynolds in its search for a permanent CEO. The retailer is also readjusting its inventory, bringing back popular national brands. The company will discontinue three of its nine private brands, including Haven, Wild Sage and Studio 3B. In its second fiscal quarter that ended Saturday, Aug. 27, Bed Bath & Beyond reported comparable sales decline of approximately 26 percent compared …
CHERRY HILL, N.J. — Marcus & Millichap has brokered the $21.4 million sale of Cherry Hill Office Center, a five-building campus located outside of Philadelphia in Southern New Jersey. The buildings were constructed between 1968 and 1975 and total 183,731 square feet. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Cherry Hill Office Center was 90 percent leased at the time of sale.
WEST CALDWELL, N.J. — Locally based brokerage firm Jeffery Realty has negotiated the sale of a 3,800-square-foot retail building in the Northern New Jersey community of West Caldwell. The property at 559 Bloomfield Ave. currently houses an AAMCO auto repair shop. Bill Farkas of Jeffery Realty represented the seller in the transaction. Jon Corbiscello of Keller Williams represented the buyer, a private investor. Both parties requested anonymity.