New Jersey

Halpern Real Estate Breaks Ground on 337-Unit Multifamily Project in Jersey City

by Taylor Williams November 8, 2021

JERSEY CITY, N.J. — New York City-based Halpern Real Estate Ventures has broken ground on 49 Fisk Street, a 337-unit multifamily project that will be located near the Hackensack River in Jersey City. Designed by Minno & Wasko Architects and Planners, the community will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Specifically, amenities will include a rooftop terrace, a speakeasy-style bar, landscaped courtyard, fitness center and coworking space. Completion is slated for the fourth quarter of 2023. The Corcoran Group will handle leasing of the property.

November 8, 2021

Acquisitions Company News Industrial Massachusetts New Jersey Top Stories

ILPT Agrees to Acquire Monmouth Real Estate for $4B

by Julia Sanders November 5, 2021

NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …

November 5, 2021

Development New Jersey Northeast Office

Opal Holdings to Renovate 452,133 SF Office Building in Iselin, New Jersey

by Taylor Williams November 5, 2021

ISELIN, N.J. — Opal Holdings LLC will renovate Metropark194, a 452,133-square-foot office building in the Northern New Jersey community of Iselin. Capital improvements to the nine-story, transit-served building will include an upgraded lobby, renovations to the café and the addition of a new fitness center. Avison Young will provide construction management services for the project. Construction is scheduled to begin before the end of November and to last about five months.

November 5, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $113M Sale of Northern New Jersey Workforce Housing Portfolio

by Taylor Williams November 4, 2021

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.

November 4, 2021

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires 299-Bed Seniors Housing Facility in Allendale, New Jersey

by Taylor Williams November 4, 2021

ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.

November 4, 2021

Acquisitions Industrial New Jersey Northeast

OPEX Buys 115,422 SF Industrial Building in Moorestown, New Jersey

by Taylor Williams November 4, 2021

MOORESTOWN, N.J. —OPEX, a manufacturer of automated machines, has purchased a 115,422-square-foot industrial building at 1224 N. Main St. in the Southern New Jersey city of Moorestown. Situated on eight acres, the property features a clear height of 22 feet and 12 loading docks, as well as proximity to Interstate 295, the New Jersey Turnpike and State Route 38. Scott Mertz of NAI Mertz represented the buyer, which will also occupy the building, in the transaction. The seller was Northbridge Partners.

November 4, 2021

Acquisitions Development Multifamily New Jersey Northeast Office

AvalonBay Buys Princeton Office Buildings, Plans Multifamily Conversion

by Taylor Williams November 3, 2021

PRINCETON, N.J. — Virginia-based AvalonBay Communities (NYSE: AVB) has purchased two office buildings totaling approximately 110,000 square feet in Princeton with plans to redevelop the site into a 221-unit apartment community and an 80-unit affordable seniors housing property. The future development will feature a four-story apartment building with an elevator, as well as three-story walk-up buildings and high-end luxury rental townhomes. A construction timeline was not disclosed. Jeffrey Dunne, Jeremy Neuer, Steven Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the previous owner and seller buildings, KABR Group, which bought the property in 2018 and shortly thereafter executed a sales contract with AvalonBay.

November 3, 2021

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 400,000 SF Industrial Facility in Middlesex, New Jersey

by Taylor Williams November 3, 2021

MIDDLESEX, N.J. — Cushman & Wakefield has brokered the sale of a 400,000-square-foot industrial facility in Middlesex, about 40 miles southwest of New York City. Built on 30.3 acres in 2021, the property offers a clear height of 36 feet, 38 loading positions, 334 car and 281 van parks and 130-foot truck court depths. Gary Gabriel, Kyle Schmidt, David Bernhaut, Ryan Larkin, Jules Nissim and Kimberly Bach of Cushman & Wakefield represented the seller, Rockefeller Group, in the transaction. A fund sponsored by CBRE Investment Management acquired the asset for an undisclosed price.

November 3, 2021

Development Industrial New Jersey Northeast

Duke Realty Breaks Ground on 267,575 SF Cold Storage Project in Woodbridge, New Jersey

by Taylor Williams November 2, 2021

WOODBRIDGE, N.J. — Indianapolis-based Duke Realty Corp. (NYSE: DRE) has broken ground on a 267,575-square-foot, build-to-suit cold storage project in the Northern New Jersey community of Woodbridge for FreezPak Logistics. The facility will consist of roughly 209,500 square feet of freezer space, a 45,760-square-foot cool dock and another 12,000 square feet of office space. The construction plan includes a clear height of 67 feet in the freezer and 30 feet in the cool dock area, as well as 34 dock doors, 70 trailer spaces and 167 automobile parking spaces. David Gheriani, William Waxman, Mindy Lissner and Kevin Dudley with CBRE, along with internal representative Ben Rosen, represented Duke Realty in the lease negotiations with FreezPak.

November 2, 2021

Acquisitions Industrial New Jersey Northeast

EverWest Acquires Industrial Property in Somerset, New Jersey for $27.7M

by Taylor Williams November 2, 2021

SOMERSET, N.J. — Denver-based EverWest Real Estate Investors has acquired a 125,790-square-foot industrial property in the Northern New Jersey community of Somerset for $27.7 million. Joel Lubin, John Buckley and Gary Politi of JLL, along with internal agent Stephen Feinberg, negotiated the deal on behalf of EverWest. The seller was Citgen Realty LLC. The Class A property was fully leased to drug developer Rising Pharma Holdings Inc. at the time of sale.

November 2, 2021

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