EAST WINDSOR, N.J. — Marcus & Millichap Capital Corp. (MMCC) has placed a $13.5 million construction loan for a 121,500-square-foot industrial project in East Windsor, a suburb of Trenton, that is fully preleased to an undisclosed logistics firm. The loan was structured with a 3.75 percent interest rate and a 70 percent loan-to-cost ratio. The borrower was not disclosed. Construction is slated for a third-quarter completion. Gerald Kray of MMCC arranged the financing through an undisclosed lender.
LOGAN TOWNSHIP, N.J. — Freight company LaserShip Logistics has signed a 327,000-square-foot industrial lease at Building F at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. John Dingle & Dean Torosian of JLL represented the tenant in the negotiations for the full-building lease. Torosian also worked with Nate Demetsky and Matt Kemery of JLL to represent the landlord, a partnership between Advance Realty Investors and Greek Development.
MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood near the New York-New Jersey border. Located just off the Garden State Parkway, the three-story community will offer independent living and assisted living services, plus a small-house model senior living environment focused on memory care. The welcome center is currently open, and residents are scheduled to begin moving in this spring.
BRANCHBURG, N.J. — New Jersey-based multifamily developer Walters is underway on construction on Cornerstone at Branchburg, an affordable housing community that will be located about 50 miles west of Manhattan. Rental rates vary based on income, with priority given to renters earning 60 percent or less of the area median income. The property comprises two three-story buildings on an 11.7-acre site. Units come in one- and two-bedroom floor plans with an average size of about 800 square feet. Full completion is slated for next spring.
OLD BRIDGE, N.J. — Brokerage firm Hudson Atlantic Realty has negotiated the sale of two multifamily assets totaling 60 units in the Northern New Jersey community of Old Bridge. Old Bridge Town Center consists of 27 apartments and 19,000 square feet of commercial space. Geick Park Residency is a 33-unit age-restricted community that features a pool and a fitness center. An entity doing business as 502 Jersey Avenue LLC purchased the assets from an undisclosed seller for a combined price of $24.5 million.
LOGAN TOWNSHIP, N.J. — Global freight company SEKO Logistics has signed a 164,000-square-foot industrial lease at Building A at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented the tenant in the lease negotiations. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, a partnership between Advance Realty Investors and Greek Development.
JERSEY CITY, N.J. — Vision Properties and Hana Alternative Asset Management have acquired 70 Hudson Street, a 431,281-square-foot office building located on the Hudson River in Jersey City. A joint venture between Danish institutional investor PFA Pension and Spear Street Capital sold the 12-story asset for $300 million. Built in 2000 and recently renovated with a new lobby and elevators, the asset is less than a block away from both the Paulus Hook river taxi station offering passage to several locations in Manhattan and the PATH light rail stations offering transit to Manhattan and New Jersey. It is only 1.5 miles from the Holland Tunnel as well. There is a Citibike bicycle rental station onsite and its waterfront location grants panoramic views of Lower Manhattan as well. Ground-floor retail tenants include CVS/pharmacy, bakery and restaurant Maman and a gym. Three floors of parking above the lobby and retail areas provide 226 parking spaces. According to the property website, only one 26,650-square-foot suite is currently available to rent, while the rest of the building is fully leased. Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, along with local leasing …
BAYONNE, N.J. — JLL has negotiated the $49.6 million sale of 19 East, a 138-unit apartment community in the Northern New Jersey community of Bayonne. Built in 2018, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, game room and multiple business centers and terraces. Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce of JLL represented the seller, a partnership between Ingerman Group and Verde Capital, in the transaction. Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran of JLL arranged $35 million in fixed-rate acquisition financing through Kearny Bank on behalf of the borrower, locally based private equity firm KABR Group.
MOONACHIE, N.J. — Faropoint, a locally based investment firm, has acquired a 62,000-square-foot industrial property in the Northern New Jersey community of Moonachie for $17.7 million. David Schechtman, David Benharouch and Ikey Betesh of Meridian Capital Group brokered the sale, the seller in which was not disclosed. The deal follows Faropoint’s $132.5 million acquisition of a portfolio of 10 industrial buildings in Northern New Jersey from Kushner Cos.
NORWOOD, N.J. — Phoenix Aromas & Essential Oils has signed a 79,466-square-foot industrial lease renewal at 355 Chestnut St. in the Northern New Jersey community of Norwood. Owned and developed by Alfred Sanzari Enterprises, the property features six loading docks and a clear height of 20 feet. Mitch Helfman of MRH Real Estate Services represented the tenant in the lease negotiations. Steve Jennings represented the landlord on an internal basis.