KEARNY, N.J. — Locally based direct lender Procida Funding has provided a $20 million construction loan for The Helio, a 69-unit multifamily project that will be located in the Northern New Jersey community of Kearny. The property will house 15 studios, 38 one-bedroom units and 16 two-bedroom apartments, as well as a 130-space parking garage, a fitness center, lounge and a rooftop deck. The borrower is an affiliate of New York City-based HA Capital Corp.
By Taylor Williams From an investment perspective, the New Jersey industrial market has plenty going for it: residential density throughout, proximity to major ports, high barriers to new development — but not even those fundamentals could shield the sector from macroeconomic variables that have caused deal volume and velocity to drop in recent years. Given the benefit of hindsight, the decline in industrial investment sales activity between late 2022 and early 2024 is not really surprising. Like most major industrial markets, those of both Northern and Southern New Jersey saw explosive demand for space in the early months of the pandemic as Americans sheltered in place and did their shopping online. Rents soared to record highs; cap rates compressed to historic lows. Institutional capital planted its flag in the Class A trophy space, and investors of all types duked it out for everything else. It was a hell of a party, but it couldn’t last. And when the lights began to come back on in the form of rising interest rates, sellers that didn’t have to sell generally chose not to. “Cap rates leveled off with the pricing discovery that went on when interest rates started rising,” explains Marc Isdaner, …
WEST WINDSOR, N.J. — Brookfield Properties will develop a 326,087-square-foot industrial project in West Windsor, a northeastern suburb of Trenton. Known as Windsor 8 Logistics Center, the building will feature a clear height of 37.5 feet, 57 dock doors, two drive-in doors and parking for 163 cars and 73 trailers. Macgregor Associates Architects is designing the project, and Peak Construction Corp. is serving as the general contractor. Completion is slated for late 2025.
Fields Grade, Alpine Residential Complete Two Multifamily Projects Totaling 208 Units in Jersey City
JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has completed Atlas and Starling, two multifamily projects totaling 208 units in Jersey City’s Bergen-Lafayette neighborhood. Designed by MHS Architecture and GRT Architects, respectively, Atlas totals 169 units, and Starling totals 39 units. Residences at both properties come in studio, one-, two- and three-bedroom floor plans, and both buildings also house ground-floor retail space. Monthly rents at both buildings start at about $2,700.
SPARTA, N.J. — Admiral Metals has signed a 12,290-square-foot industrial lease in Sparta, about 50 miles west of New York City. The processor and distributor of various metallic elements will relocate to a newly constructed, 27,000-square-foot building within White Lake Commerce Park. John Schilp of NAI James E. Hanson represented the owner, Berardi Building Co., and Admiral Metals in the lease negotiations.
NORTH BERGEN, N.J. — JLL has arranged a $28 million permanent loan for a 215,000-square-foot industrial property located in the Northern New Jersey community of North Bergen. Originally built in the 1960s and renovated in the early 2000s, the shallow-bay building was 96 percent leased to seven tenants at the time of the loan closing. Building features include 16- to 22-foot clear heights, 14 dock doors, five drive-in doors and 81 car parking spaces. Jon Mikula, Max Custer and John Cumming arranged the fixed-rate loan through Nuveen Real Estate on behalf of the undisclosed borrower.
JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income multifamily project in Jersey City. The property is located in the McGinley Square area and offers studio, one-, two- and three-bedroom units, more than half of which (50) are subject to income restrictions. Amenities include a children’s playroom, community lounge with a kitchenette and screening area, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed the project, and Sisca Northeast Associates served as the general contractor.
MOUNT OLIVE, N.J. — JLL has arranged a $9 million permanent loan for a 161,000-square-foot industrial building in the Northern New Jersey community of Mount Olive. Constructed in 1982, the building features clear heights of 19 to 22 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors. Greg Nalbandian and Ben Morgenthal of JLL arranged the 10-year, fixed-rate loan through life insurance company TruStage on behalf of the borrower, Commercial Realty Group. The building was fully leased at the time of the loan closing to UnCommon Logistics.
EAST HANOVER, N.J. — Locally based developer KRE Group has begun leasing Valley View Park, a 239-unit apartment community in East Hanover, about 30 miles west of Manhattan. The property, which is named for a golf course that occupied the site from 1937 to 1973, consists of five four-story buildings. Units come in one- and two-bedroom floor plans, and 34 residences are subject to income restrictions. The amenity package comprises a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. Rents start at approximately $2,700 per month for a one-bedroom apartment. Construction began in April 2023.
BAYONNE, N.J. — Locally based developer Lincoln Equities Group has completed a 332,640-square-foot speculative industrial project in Northern New Jersey. Lincoln Logistics Bayonne sits within a 153-acre waterfront site that also houses an 886,256-square-foot UPS shipping hub. In addition to a clear height of 40 feet and 66 dock doors, the property features five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Construction began in May 2022. Cushman & Wakefield is marketing the project for lease.