EAST RUTHERFORD, N.J. — California-based Temco Logistics has signed a 57,076-square-foot industrial lease in the Northern New Jersey community of East Rutherford. The space features a clear height of 24 feet, two drive-in ramps and 4,700 square feet of office space. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the tenant in the lease negotiations. Monte Radfar and Eric Lewin of Team Resources represented the landlord, Safer Development & Management.
HACKENSACK, N.J. — Cushman & Wakefield has brokered the $7.3 million sale of the Burlews Industrial Portfolio, a collection of seven industrial buildings totaling 44,500 square feet in Hackensack. Andrew Schwartz, Jordan Sobel and André Balthazard of Cushman & Wakefield represented the seller, Brentwood Realty, and procured the buyer, private investor Dave Goldberg, in the transaction. The portfolio was fully leased to 11 tenants at the time of sale.
NEWARK, N.J. — Locally based mortgage banking and advisory firm Progress Capital has placed a $54.5 million construction loan for an educational project in Newark. The borrower, an entity doing business as 155 Jefferson LLC, plans to redevelop the site of the former St. James Hospital, which has been vacant for 15 years, into a 179,100-square-foot specialized higher learning center. Specifically, the new facility will support students studying architecture, computer-aided design and construction technology, as well as students who have opted for traditional trade programs. Completion is slated for July 2023. David May and Evan Boles of Progress Capital arranged the financing. The direct lender was not disclosed.
FAIRFIELD, N.J. — Custom metal products provider Showman Fabricators has signed a 78,000-square-foot industrial lease at 15 Law Drive in the Northern New Jersey community of Fairfield. The newly renovated facility features a clear height of 18 feet and four loading docks. Chuck Fern, Thomas Tucci, Torsten Thaler and Natalie Gorga of Cushman & Wakefield represented both Showman Fabricators and the landlord, The STRO Cos., in the lease negotiations.
HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.
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.
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.
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.
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.
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.