NEW YORK CITY — Cushman & Wakefield has arranged a $367.8 million in financing for a portfolio of 23 industrial properties totaling approximately 3 million square feet in the Mid-Atlantic region. Specifically, the properties are located in Pennsylvania, Maryland and New Jersey and were fully leased to 41 tenants at the time of sale. Tenant footprints range in size from 7,238 to 478,715 square feet. John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Ares Management.
JERSEY CITY, N.J. — JLL has brokered the $31.9 million sale of Solaris Lofts, a 72-unit apartment complex located within the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the property features one-, two- and three-bedroom units and amenities such as a fitness center, dog park, resident lounge, coworking areas and an onsite grocery store and deli. Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Josh Stein of JLL represented the seller, PERE Holdings, in the transaction. The buyer was New York City-based Beachwold Residential.
PASSAIC, N.J. — Atlanta-based IDI Logistics has signed a 111,111-square-foot, full-building industrial lease with an undisclosed home improvement retailer at 26 Jefferson St. in the Northern New Jersey community of Passaic. The facility sits on 7.5 acres and features a clear height of 40 feet, 27 docks, two drive-in doors and parking for 61 cars and eight trailers. David Knee and Chris Hile of JLL represented IDI Logistics in the lease negotiations.
NUTLEY, N.J. — Global investment firm Cantor Fitzgerald has acquired 200 Metro Boulevard, a 300,000-square-foot office building in the Northern New Jersey community of Nutley, for $131.7 million. The building is located within Prism Capital Partners’ 116-acre ON3 campus, which is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. The building also serves as the U.S headquarters of Japanese pharmaceutical giant Eisai Inc., which relocated some 1,200 employees to the ON3 campus in 2020. Eastdil Secured represented Prism Capital Partners in the sale. Other tenants at ON3 include Quest Diagnostics, Ralph Lauren Corp., the Hackensack-Meridian School of Medicine and Seton Hall University’s Graduate College of Nursing & School of Health & Medical Sciences.
FRANKLIN PARK, N.J. — Oklahoma-based brokerage firm Stan Johnson Co. has arranged the $56 million sale of Franklin Towne Center, a 138,000-square-foot shopping center in Central New Jersey. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1990. Isaiah Harf of Stan Johnson Co. represented the seller, a New York-based developer, in the transaction. The buyer was a New Jersey-based investment firm. Both parties involved in the deal requested anonymity.
NORTH ARLINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $8.4 million sale of three multifamily properties totaling 43 units in North Arlington, located in Bergen County. All structures were originally built more than 100 years ago and include four office spaces and three retail units. Scott Davidovic, Michael Kossak and Andrew Scheinerman of Kislak brokered the deals. The sellers were family partnerships that sold the assets to a single buyer, with all parties involved requesting anonymity.
MOUNT LAUREL, N.J. — Philadelphia-based investment firm Regal Ventures has sold a quintet of office buildings totaling 398,460 square feet in Mount Laurel, about 20 miles east of Philadelphia. California-based Top Terraces Inc. purchased the portfolio for $51 million. Each of the buildings totals 79,692 square feet, with four of the buildings currently occupied by affiliates of defense contractor Lockheed Martin and one currently vacant. Illinois-based brokerage firm The Boulder Group negotiated the deal. Regal Ventures originally purchased the properties in September 2021 for $35 million.
HOBOKEN, N.J. — Northern New Jersey-based investment firm Faropoint has sold a national portfolio of 109 industrial properties totaling approximately 6.8 million square feet of $481 million. The properties are largely concentrated in Atlanta, Houston, Philadelphia and Memphis and feature an average building size of 62,000 square feet. At the time of sale, the portfolio was 98 percent leased to roughly 200 local, regional and national tenants. The buyer was not disclosed. Eastdil Secured served as Faropoint’s financial advisor on the deal.
FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.
FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.