New Jersey

PGIM Provides $87.1M Loan for Refinancing of Multifamily Asset in Montclair, New Jersey

by Taylor Williams June 27, 2022

MONTCLAIR, N.J. — PGIM Real Estate has provided an $87.1 million loan for the refinancing of Valley & Bloom, a 258-unit multifamily property located in the Northern New Jersey community of Montclair. Valley & Bloom features studio, one-, two- and three-bedroom units with stainless steel appliances and full-size washers and dryers, as well as roughly 20,000 square feet of both office and retail space. Residential amenities include two fitness centers, two rooftop decks, two courtyard lounges, a resident clubhouse and a children’s playroom. Jim Cadranell, Jon Mikula and Michael Lachs of JLL arranged the seven-year, floating-rate loan on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty.

June 27, 2022

Leasing Activity New Jersey Northeast Restaurant Retail

Triple Five Group to Open 10,000 SF Food Hall at American Dream in East Rutherford, New Jersey

by Taylor Williams June 24, 2022

EAST RUTHERFORD, N.J. — Triple Five Group, the owner of the 3 million-square-foot American Dream shopping, dining and entertainment destination in Northern New Jersey, will soon open a 10,000-square-foot food hall. The food hall will feature seven concepts, including Van Leeuwen Ice Cream, Best Pizza and Vanessa’s Dumpling House, as well as wine bar Vinoteca and confectionary Lady M. The space will include seating and game areas and will be located near the live music and performance stage. A grand opening with a cornhole tournament, kids’ game and live music will take place on Wednesday, July, 13.

June 24, 2022

Development Industrial New Jersey Northeast

2020 Acquisitions Underway on 610,000 SF Distribution Center in Mansfield, New Jersey

by Taylor Williams June 23, 2022

MANSFIELD, N.J. — Developer 2020 Acquisitions is underway on construction of a 610,000-square-foot distribution center in the Central New Jersey city of Mansfield. The site spans 47 acres and is located at 5206 Route 130. The facility will feature 123 loading docks, four drive-in ramps, a clear height of 40 feet, an ESFR sprinkler system and parking for 95 trailers and 173 cars. Delivery is slated for this summer. JLL has been tapped to lease the project.

June 23, 2022

Development Multifamily New Jersey Northeast

Garden Communities Completes Lease-Up of 198-Unit Apartment Community in Basking Ridge, New Jersey

by Taylor Williams June 22, 2022

BASKING RIDGE, N.J. — Locally based developer Garden Communities has completed the lease-up of the initial phase of The Enclave at Dewy Meadows, a 198-unit apartment community in the Northern New Jersey community of Basking Ridge. Construction of the second phase is underway and expected to be complete by the end of the year. The Enclave at Dewy Meadows features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a leasing office, business center, fitness center, clubrooms with kitchen areas and a children’s playroom. Information on starting rents was not disclosed.

June 22, 2022

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 54,000 SF Industrial Building in Mahwah, New Jersey

by Taylor Williams June 22, 2022

MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 54,000-square-foot industrial building in Mahwah, located on the New York-New Jersey border. The building sits on six acres and features a clear height of 16 feet. Russ Verducci and Eric Demmers of NAI Hanson represented the seller, Hendon Realty Associates LLC, in the transaction. The name and representative of the buyer were not disclosed.

June 22, 2022

Arsenal-Trade-Center-Sayreville-New-Jersey

Development Industrial New Jersey Northeast

Joint Venture to Develop 1 MSF Industrial Project in Sayreville, New Jersey

by Taylor Williams June 21, 2022

SAYREVILLE, N.J. — A joint venture between Trammell Crow Co. (TCC) and CBRE Investment Management will develop Arsenal Trade Center, a roughly 1 million-square-foot industrial project in the Central New Jersey community of Sayreville. The site spans 74 acres and is located four miles from the New Jersey Turnpike. Arsenal Trade Center will consist of three rear-load buildings spanning 284,341, 341,833 and 451,602 square feet. Each building will feature clear heights of 40 feet and ample car and trailer parking. KSS Architects is designing the project, and RC Anderson is the general contractor. Construction is slated to begin later this summer and to be complete in late 2023.

June 21, 2022

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Arranges $15.6M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams June 21, 2022

EAST ORANGE, N.J. — Hudson Atlantic Realty has arranged the $15.6 million sale of a portfolio of four multifamily properties totaling 96 units in the Northern New Jersey community of East Orange. The sales price equates to $162,500 per unit. All four properties are located near the city’s downtown area and recently received renovations to their unit interiors, including new floors, upgraded kitchens and onsite laundry facilities. The buyer and seller were not disclosed.

June 21, 2022

Development Industrial New Jersey Northeast

Crow Holdings Breaks Ground on 1.2 MSF Spec Industrial Complex in Northern New Jersey

by Taylor Williams June 20, 2022

CARTERET, N.J. — Crow Holdings has broken ground on a 1.2 million-square-foot speculative industrial project in Northern New Jersey. Carteret Crow Holdings will be located on a 126-acre site just off Exit 12 of the New Jersey Turnpike and will consist of three buildings ranging in size from 335,000 to 480,000 square feet. Building features will include clear heights of 40 feet and a total of 179 car parking spaces, 174 dock doors and six drive-in ramps. Crow Holdings expects to deliver the first building in September, with full completion slated for the first quarter of 2023. Cushman & Wakefield is marketing the development for lease.

June 20, 2022

Development Mixed-Use New Jersey Northeast Top Stories

Kushner Breaks Ground on 2 MSF One Journal Square Mixed-Use Project in Jersey City

by Taylor Williams June 20, 2022

JERSEY CITY, N.J. — New York City-based developer Kushner has broken ground on One Journal Square, a 2 million-square-foot mixed-use project in Jersey City. The site is adjacent to Journal Square PATH Station, and the neighborhood name stems from the area’s history as a media and publishing hub. The centerpiece of the development will be two 64-story towers that will house a combined 1,723 apartments, 45,000 square feet of indoor and outdoor amenity space and a 40,000 square feet of ground-floor retail space that is fully preleased to an undisclosed tenant. One Journal Square will also include a new public plaza at its base facing John F. Kennedy Boulevard that will feature green space and seating areas for residents and visitors. Woods Bagot is the project architect, and AJD Construction is the general contractor. Phase I will center on the construction of 900 residential units and is expected to take approximately three years. Full completion of the project is scheduled for 2026. One Journal Square will feature an array of amenities that promote health and wellness. These will include an indoor and outdoor pool; fitness center with a yoga studio, sauna and spa; full-size basketball court; squash court; and a …

June 20, 2022

Development New Jersey Northeast Office

Columbia Property Trust Completes Redevelopment of 680,000 SF Office Building in Jersey City

by Taylor Williams June 17, 2022

JERSEY CITY, N.J. — Columbia Property Trust has completed the redevelopment of 95 Columbus, a 680,000-square-foot office building in Jersey City. The project centered on the revamping of the lobby to allow more natural light and provide more efficient seating and meeting areas. Columbia Property Trust also augmented the landscaping at the building’s entrance and upgraded the lobby’s windows and flooring, among other features. The developer also modernized various building systems to promote health and wellness, including the installation of touchless doors, bipolar ionization air filtration and destination dispatch elevators. Lastly, Columbia added a bike storage room, additional shower facilities and a 500-space attached garage. Cushman & Wakefield is leasing the building post-renovation.

June 17, 2022

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