HACKENSACK, N.J. — Sterling Organization has purchased Riverfront Plaza, a 129,000-square-foot retail center in the Northern New Jersey community of Hackensack. Grocer ShopRite anchors the property, which was 96 percent leased at the time of sale. Other tenants include Sherwin-Williams and Leslie’s Pool Supplies. Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the seller, a partnership between Regency Centers and LaSalle Investment Management, in the deal.
NEW JERSEY — PGIM Real Estate, in conjunction with global asset management firm AXA IM Alts, has provided a $350 million acquisition loan for a portfolio of 29 industrial properties totaling roughly 4.9 million square feet in Southern New Jersey. The specific names and locations of the properties were not disclosed, but the assets are located in Burlington and Gloucester counties. The borrower was an undisclosed institutional investor.
KEYPORT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $29 million sale of a 132-unit multifamily property located at 251 Atlantic St. in the Northern New Jersey community of Keyport. The property consists of six buildings that house 22 studios, 78 one-bedroom units, 30 two-bedroom residences and two three-bedroom apartments. Amenities include a fitness center and onsite laundry facilities. Robert Holland and Barry Waisbrod of Kislak represented the seller, an entity doing business as Keyport Village Apartments DE LLC, in the transaction. Joni Sweetwood, also with Kislak, procured the undisclosed buyer.
WAYNE, N.J. — NAI James E. Hanson has brokered the sale of a 117,340-square-foot industrial building in the Northern New Jersey community of Wayne. Situated on 10.5 acres and fully leased at the time of sale, the property features a clear height of 26 feet. Scott Perkins, Chris Todd and William Ericksen of NAI Hanson represented the buyer, Chicago-based CenterPoint Properties, in the transaction. The seller was an entity doing business as 100 Demarest Drive LLC.
FAIR LAWN, N.J. — Locally based developer Kushner has begun construction on a 307-unit apartment community that will be reserved for renters age 55 and over in the Northern New Jersey community of Fair Lawn. The community will offer one- and two-bedroom units, with 46 residences reserved as affordable housing. Amenities will include a pool, fitness center, spa, salon, massage room, clubhouse, game room, movie theater, putting green, library and a pet spa. The site currently houses a vacant office building. Completion is slated for the second quarter of 2025.
FLORHAM PARK, N.J. — CBRE has negotiated the $24.5 million sale of a two-building, 132,737-square-foot office complex in the Northern New Jersey community of Florham Park. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Fahri Ozturk, Rich Gatto, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, The Silverman Group, in the transaction. The team also procured the undisclosed buyer. The complex was fully leased at the time of sale.
MIDLAND PARK, N.J. — Cushman & Wakefield has brokered the $11 million sale of two industrial buildings totaling 38,500 square feet in the Northern New Jersey community of Midland Park. The properties sit on a combined 3.8 acres and were recently upgraded. Gary Gabriel, Kyle Schmidt and Seth Zuidema represented the seller, VanRock Properties, in the transaction and procured the buyer, Bassen Properties.
PARSIPPANY, N.J. — Colliers has relocated its office in the Northern New Jersey community of Parsippany. The space spans 7,500 square feet and is located within Northpoint, a 225,000-square-foot development that is owned by Vision Real Estate Partners. The building underwent a multimillion-dollar renovation program in 2020. Colliers employs some 50 brokers and 25 dozen support team members across its four New Jersey offices.
NEWARK, N.J. — Greystone has provided $74.3 million in Fannie Mae financing for a portfolio of 17 affordable housing properties totaling 574 units in Newark. The financing comprises five separate loans, all of which carry 10-year terms and 30-year amortization schedules. The properties range in size from nine to 108 units. Some of the assets are reserved for renters earning 60 percent or less of the area median income (AMI), while others feature an income restriction threshold of 80 percent of AMI. Hope Curtis of Greystone originated the financing. The borrower(s) were not disclosed.
FAIRFIELD, N.J. — Chicago-based investment firm CenterPoint Properties has acquired a 57,731-square-foot industrial building in the Northern New Jersey community of Fairfield. The undisclosed tenant will continue to lease back the space, which is situated on a 4.3-acre site. Eric Lewin and Joe Manganaro of Team Resources brokered the deal, which traded off-market.