JERSEY CITY, N.J. — JLL has placed a $10.2 million acquisition loan for the Nestlé Waters Building, a 65,715-square-foot warehouse in Jersey City. An affiliate of the Swiss food supplier has utilized the entirety of the property, which was originally built in 1971, since 2008 as a distribution outlet for its bottled water products. Building features include a clear height of 24 feet, 11 dock-high doors and 15,000 square feet of office space. Jon Mikula of JLL arranged the five-year, fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, Cohen Asset Management.
ROCKAWAY, N.J. — A joint venture between Ivy Realty, an investment firm with three offices along the East Coast, and an institutional investment fund advised by J.P. Morgan Asset Management has purchased a 352,461-square-foot industrial property in Rockaway, about 40 miles west of New York City. The property sits on 45.8 acres and serves as a printing, assembly and distribution facility for media giant Gannett. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Chris Koeck of Newmark represented the undisclosed seller and procured the buyer in the transaction.
Houlihan-Parnes Arranges $22.7M Loan for Refinancing of Shopping Center in Lawrenceville, New Jersey
LAWRENCEVILLE, N.J. — Houlihan-Parnes Realtors LLC has arranged a $22.7 million loan for the refinancing of a 393,430-square-foot shopping center in Lawrenceville, a suburb of Trenton. Tenants at the property include Lidl, Starbucks, AutoZone, Five Below and Aspen Dental. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, JJ Operating Inc., a family-owned investment and management firm based in New York City. An undisclosed local bank provided the debt.
EDISON, N.J. — JLL has arranged three loans totaling $16.1 million for the refinancing of a portfolio of four industrial properties totaling 389,501 square feet in Northern New Jersey. The buildings, which were 93 percent leased at the time of the loan closing, are situated within Raritan Center Business Park in Edison. Michael Klein, Max Custer and Ryan Carroll of JLL placed the fixed-rate, nonrecourse loans with two different life insurance companies on behalf of the borrower, Summit Associates Inc.
JERSEY CITY, N.J. — Cleveland-based developer The NRP Group has opened The Sawyer, a 131-unit apartment complex in Jersey City. Units come in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a children’s playroom, outdoor grilling and dining areas and a pet spa. NRP Group developed the project in partnership with Hoboken Brownstone Co. Monthly rents start at approximately $2,150 for a studio unit.
PENNSAUKEN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in Southern New Jersey. Anchored by convenience store Wawa, the property was 100 percent leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties Inc.
JERSEY CITY, N.J. — Greystone has arranged a $30 million construction loan for 40 Center, a six-sttory, 80-unit multifamily project in Jersey City that will include 3,200 square feet of ground-floor commercial space. White Oak Real Estate Capital provided the loan to the developer, affiliates of The Manhattan Building Co. Drew Fletcher, Matthew Hirsch and Bryan Grover of Greystone arranged the debt. Completion is slated for 2024.
HOBOKEN, N.J. — JLL has arranged a $35.9 million loan for the refinancing of Hudson Square North, a 150-unit apartment complex located outside of New York City in Hoboken. The transit-oriented property offers one-, two- and three-bedroom units that average 890 square feet and are furnished with washers and dryers, stainless steel appliances and quartz countertops, as well as 2,739 square feet of retail space. Thomas Didio, Thomas Didio Jr., Carlos Silva and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Minnesota Life Insurance Co. on behalf of the owner, Ironstate Development.
NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.
SOMERSET, N.J. — CBRE has brokered the $30.7 million sale of a 15-acre site in Somerset, located in the northern-central part of the Garden State, that currently houses a 209,000-square-foot office building. The undisclosed buyer plans to redevelop the property, which was built in 1986, into a warehouse and distribution center. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer in the transaction. The seller was also not disclosed.